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Rental prices going up

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Chris10
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Rental prices going up

Post by Chris10 » Sat, 12 Feb 2022 1:40 pm

Is it me or are rental price increases at condos this year bit crazy? I get the usual percentage points... But my friends landlord wants to increase by 40% for example (from 5k to 7k)

I am looking at new places potentially in August but prices seem high compared to last year. Also worried my landlord will want over 30% more or so.

I don't get who is taking places at these prices when people move out due to rent increase. Is there a massive influx of new renters at the moment who can and want to afford this?

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abbby
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Re: Rental prices going up

Post by abbby » Sat, 12 Feb 2022 7:57 pm

Yup rents have typically gone up mainly due to the delay of BTO flats and more couples have to rent in order to time themselves their for flat delays. Also more Singaporeans are renting...Also more people are finding buying quite out of reach therefore they have to rent.

And more Malaysians are also staying put here thus the demand for rentals have gone up resulting in the increase of rental demand. I understand from my friends that many places are just on the market for a week and gone.
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Re: Rental prices going up

Post by the observer » Sun, 13 Feb 2022 10:50 am


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malcontent
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Re: Rental prices going up

Post by malcontent » Sun, 13 Feb 2022 12:45 pm

In line with this, I have increased the “rent” that I pay my wife for our condo by around 20% this year, so that I can take a higher foreign housing exclusion when I file my US taxes for 2022.

Under the US tax code, the foreign housing exclusion was intended to be used by companies, to offset the exorbitant rent they pay (currently up to a maximum of US$82,900 in Singapore). Without the exclusion, it would be considered fully taxable compensation to the employee.

For employees who foot their own housing bill, the housing exclusion is often overlooked because it was never designed for them. In my mind, that makes it all the more important to claim it (if you need it) or else you are doubly-disadvantaged, not getting any employer help, nor any IRS help!
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

sxsw
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Re: Rental prices going up

Post by sxsw » Fri, 08 Apr 2022 2:54 am

malcontent wrote:
Sun, 13 Feb 2022 12:45 pm
In line with this, I have increased the “rent” that I pay my wife for our condo by around 20% this year, so that I can take a higher foreign housing exclusion when I file my US taxes for 2022.

Under the US tax code, the foreign housing exclusion was intended to be used by companies, to offset the exorbitant rent they pay (currently up to a maximum of US$82,900 in Singapore). Without the exclusion, it would be considered fully taxable compensation to the employee.

For employees who foot their own housing bill, the housing exclusion is often overlooked because it was never designed for them. In my mind, that makes it all the more important to claim it (if you need it) or else you are doubly-disadvantaged, not getting any employer help, nor any IRS help!
Interesting one. Yeah try to find that balance of high rent to maximize the exclusion but still enough within your budget. I wish they would just let you claim the maximum being abroad

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