Singapore property rental market

[Wd40]

I was just searching . and it is very strange, there are almost zero availability of HDBs in many areas. There are lots of condos available though, but not HDBs. Any reason for this?

[PNGMK]

Price

[tt1973]

HDB rental units are always snapped up first.

Price price price ...

[Wd40]

Nope. This was not the case earlier. There is a sudden huge divergence between number of HDBs available and number of condos available. Anyways, I found out the reason. Apparently, after Malaysia closed down its borders, there is a huge demand from people who used to commute up and down the borders. Those people are now clubbing 5 people in one 3 bedder HDBs and paying 2500 rent. So suddenly HDB demand and rents have shot up.

[PNGMK]

Nope. This was not the case earlier. There is a sudden huge divergence between number of HDBs available and number of condos available. Anyways, I found out the reason. Apparently, after Malaysia closed down its borders, there is a huge demand from people who used to commute up and down the borders. Those people are now clubbing 5 people in one 3 bedder HDBs and paying 2500 rent. So suddenly HDB demand and rents have shot up.

Makes sense oily one.

[rajagainstthemachine]

hi guys how are you doing ?

[PNGMK]

hi guys how are you doing ?

Holy craps... there's a name from the past... how is Miss Ukraine? Have you managed to keep your job. Last time I bumped into was in KL in that funky hotel!

[Wd40]

hi guys how are you doing ?

Hey! How are you! Nice to see you.

[Wd40]

Right now in Jurong west area hardly any HDBs available for rent. Its amazing, never saw such a dynamic play out before. This article explains how Malaysians working here are causing havoc in the HDB rental market.

https://www.channelnewsasia.com/news/si ... 9-13040596

[Max Headroom]

Our aircon guy, a Malaysia chap, is one of their tenants. He told me he's paying $500 for a room; makes me wonder how many peeps they're cramming in these HDBs...

[Max Headroom]

Our aircon guy, a Malaysian chap, is one of their tenants. He told me he's paying $500 for a room; makes me wonder how many peeps they're cramming in these HDBs...

Edit: "n".

[malcontent]

This article explains how Malaysians working here are causing havoc in the HDB rental market.

https://www.channelnewsasia.com/news/si ... 9-13040596

Reading this article takes me back to when I first arrived on these sunny shores. Before I arrived, I had a nice car and was renting a whole apartment for $300/mo in Michigan. For the same amount of money here, I could only rent a room in an HDB and take the bus... the drop in standard of living took some
adjusting.

To this day, I find it strange that you must either pay thousands for your own apartment or hundreds to rent a room - nothing in between. I guess that is why unmarried young people here just stay with their parents.

I still remember in my early years an encounter with a property agent who wanted to find me a rental... they asked me, what is your budget? I had to laugh, because he must have mistaken me for an expat with a housing budget. What I wanted was a whole apartment to myself for under $1000/mo, even if it was tiny. No surprise, I never heard from the agent again.

[Wd40]

This article explains how Malaysians working here are causing havoc in the HDB rental market.

https://www.channelnewsasia.com/news/si ... 9-13040596

Reading this article takes me back to when I first arrived on these sunny shores. Before I arrived, I had a nice car and was renting a whole apartment for $300/mo in Michigan. For the same amount of money here, I could only rent a room in an HDB and take the bus... the drop in standard of living took some
adjusting.

To this day, I find it strange that you must either pay thousands for your own apartment or hundreds to rent a room - nothing in between. I guess that is why unmarried young people here just stay with their parents.

I still remember in my early years an encounter with a property agent who wanted to find me a rental... they asked me, what is your budget? I had to laugh, because he must have mistaken me for an expat with a housing budget. What I wanted was a whole apartment to myself for under $1000/mo, even if it was tiny. No surprise, I never heard from the agent again.

I had done a lot of research before coming here, most of it on this forum. I came here in 2009 soon after the GFC and rents had fallen but they rose very quickly. A 2 bedroom HDB was like $1500 in June 2009 but soon exploded to $1900 by Oct. Then rents just kept shooting up until 2013 at peak 2 bedroom HDB had reached $2300.

Right now I am renting a 3 bedroom HDB in Jurong near lakeside MRT for $1800. So things are much better now. I think this Malaysia tenants surge is a short term thing. By next year this time I think lots of expats are goingt to leave Singapore as lot of the stimulus wanes away and companies start actually making layoffs.

[Max Headroom]

Yeah, typically, the market gets real sticky on the way down here, courtesy al kinds of "free" incentives and other sleight of hand. But this Covid thing looks like it's going to unleash a SARS-esque property rout.

Mind you, that's a good thing, because it's high time the flippers here get what they deserve. They've been doing Singapore a real disservice inflating the property market. No added value, just inflation.

A home will go back to what it's meant to be: a place to live in.

[malcontent]

The property rout during SARS was actually a continuation of a bubble that had burst during the Asian crisis. I arrived here at the peak of that bubble in late 1996. Back then, people thought that property could only go higher and they lacked sufficient holding power, which snowballed the situation. By the time the 2008 crisis came along, people had far more holding power and less drop occurred. During the recovery we had waves of hot money flowing here, which prompted cooling measures and artificially suppressed the property market. We now have a new tsunami of hot money being unleashed and a property market that has been held back. I just don’t see great potential for a serious market rout, but I could be wrong.