Is it even worth living in SG anymore as a foreigner?

[tiktok]

It’s a free world.
You can always walk away.

Though if someone else is willing to pray that price, that defines the new market.

If your salary is 10k, whilst your equivalent position in other companies are getting 13-15k, what would you do.

Last time I checked it wasn't a free world at all. Most people can't internationally relocate to any country they choose. And definitely not at short notice.

To take your example, if your salary is 10k and someone offers to do your job for 5k, what would you do?

[the observer]

It’s a free world.
You can always walk away.

Though if someone else is willing to pray that price, that defines the new market.

If your salary is 10k, whilst your equivalent position in other companies are getting 13-15k, what would you do.

Last time I checked it wasn't a free world at all. Most people can't internationally relocate to any country they choose. And definitely not at short notice.

To take your example, if your salary is 10k and someone offers to do your job for 5k, what would you do?

As I am not the boss, there’s nothing I would do.

But if the boss can hire someone for half, good on him. Which is exactly what’s been happening in Sg all the time. Juniorization.

And that’s exactly what’s happening at my work place. Retrench the old, fill in with the new and cheaper. Hence the buzz word, transient.

Even my bosses don’t last long. Lol.
Average span of 4 years in the role as the head, before they are asked to go, themselves.

Also, by free, I meant you can choose a cheaper place to rent.

[Lisafuller]

There is no price elasticity for rents. People must have a place to live and new supply takes years to create. So sure leave it to market forces, it will sort itself out eventually, in the meantime enriching landlords and draining everyone else. If you want to blindly follow market forces you end up with US healthcare.

Rent is price elastic - obviously the need is there, but if you don't find a home at a price that you like, you're always free to look elsewhere.

[Lisafuller]

Look, there are always two sides to every exchange. Prices going up or down impact the two parties differently.

Unfortunately, rising prices impact people everywhere. Even people in their home countries (all over the world) are getting squeezed by whatever; could be rents, school fees, food, fuel, etc. We either deal with it, lower our standard where we are, or move somewhere cheaper (could be another city or country depending on the circumstances).

I have empathy for people that are feeling a squeeze; it's not ideal and some will be able to adjust easier than others. But it's not "greed" just because it is unfavourable to you (you being anyone and not any particular person individually).

Completely agree, it's important to be empathetic for those who are affected, but we also need to consider the landlords themselves who are probably facing the same pressures, and therefore feel the need to raise the rent.

[Lisafuller]

If they really wanted more foreign visitors/spending, they’d fixed the causeway jam decades ago.

Easier said than done, and also that's a 2 way street (literally). Though it's undeniable that the jam on the Malaysian end is MUCH worse.

They can start by opening up more counters instead. More often than not, I was told half the counters are closed.

And then I heard they have been drumming up ideas on a 3rd bridge. Possibly to be able to siphon more money out via such projects.

It's true, I've gone in by bus and car. Driving in, while generally more comfortable, takes a lot longer than entering by public transport. Many of the counters are closed so you see long lines forming.

[Lisafuller]

It’s a free world.
You can always walk away.

Though if someone else is willing to pray that price, that defines the new market.

If your salary is 10k, whilst your equivalent position in other companies are getting 13-15k, what would you do.

Last time I checked it wasn't a free world at all. Most people can't internationally relocate to any country they choose. And definitely not at short notice.

To take your example, if your salary is 10k and someone offers to do your job for 5k, what would you do?

Free will refers to the fact that you are welcome to make a choice on where to rent. If you can't afford a place in Orchard due to rising rents, you don't have to live there. You can move somewhere else.

[tiktok]

Yishun is a bit cheaper, it's true.

In reality jobs, schools, relatives and other factors make it hard to move far.

Anyway as a foreigner I have absolutely no right to complain. But my ll has just come back with an 88% increase. That's a rental yield of around 4.5%. It just looks like pure greed.

[the observer]

Yishun is a bit cheaper, it's true.

In reality jobs, schools, relatives and other factors make it hard to move far.

Anyway as a foreigner I have absolutely no right to complain. But my ll has just come back with an 88% increase. That's a rental yield of around 4.5%. It just looks like pure greed.

You should sack your landlord then, by moving out.

[tiktok]

I will gladly do so!

[jwoods1864]

I feel people could be more sympathetic to renters here. Many are basically forced to rent and a 30/60% or more rise in rent so quickly is very difficult.


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[Wd40]

Yeah quite disappointing, maybe the locals and the expat turned locals here in this forum have no idea because it doesn't impact them at all.

I think Singapore is increasingly becoming like Hong Kong where singles can live easily. Until now Singapore it was a great location for families, but now you will have mostly single expats moving here or those with dual income. Maybe there will also be a change in demographics going forward as typical Indian expats are family oriented single income and 1 or 2 school going kids. So lesser Indians and more other expats. Reduces the collateral damage also which is preferred now as the demand for International Schools at the low end reduces too. So Singapore turn more white yellow and less brown.

It was great for us while it lasted.

[NYY1]

Don't be so sure people aren't aware. Locals could be renting while waiting for a BTO or holding down a school registration. COEs, food, fuel increases are impacting everyone here. Generally, a lot of people here (on this board) are in better shape than (many) others around the globe. Ask a retiree on a fixed income how things are going? Or an hourly wager earner in any large metro area. It's tough, but people find a way and learn to be content with what they have.

[jalanjalan]

WFH pushed a lot of locals into considering the rental market, so I think there is more awareness these days. We rented while waiting for our hdb back in the 90s, and it was very unusual then for young local couples to rent. It also absorbed half our joint income. Rental has always been painful.

[the observer]

New money inflows to Singapore jump 59% to a record S$448b in 2021

https://www.businesstimes.com.sg/govern ... 8b-in-2021

He acknowledged that North Asia’s affluent contribute a large portion of asset flows into Singapore.

[PNGMK]

Personally I've been a landlord for 6 properties at different times. I've always known my tenants, and while I wanted to make a profit, hitting them with a 60% increase would have been the moral equivalent of putting dog shit in the mail box. The only justification might be if my costs had gone up my that amount, but there's no way that's the case here.

Interest rates have doubled for some property investors (those on variable loans or those needs to reprice their current fixed interest rate loans). If interest is your major cost and it doubles, well, that's where it's coming from. Also a shortage of properties and 'catching up' on depressed rents is coming into play. I am relieved as we plan to rent out our place in a few years and it's starting to look like a good retirement income stream (maybe 5k per month after costs?).