Rents are peaking!

[NYY1]

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

Sorry to hear, what a joke. I did find their negotiating strategy odd (dropping such a large amount all at once) but wasn't sure what's going on with the building. Good luck finding something else.

[Lisafuller]

I look at negotiating rent a bit like our annual appraisal, just that the aim here is to lose as less as possible. If you really think about it, anything extra you pay in rent for the same house, is like getting that much lesser in terms of salary hike. There is no value add in paying extra rent. My rent has gone up by 1k inspite of my best effort.This is like 1k I didn't receive in my appraisal. Hence I treat this rent negotiation like a big deal. If you get your rental costs right, then it sets everything else on course.

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

How disappointing! When does your lease end?

[Lisafuller]

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

Sorry to hear, what a joke. I did find their negotiating strategy odd (dropping such a large amount all at once) but wasn't sure what's going on with the building. Good luck finding something else.

Found it a little weird too but thought they had gotten desperate.

[Lisafuller]

I look at negotiating rent a bit like our annual appraisal, just that the aim here is to lose as less as possible. If you really think about it, anything extra you pay in rent for the same house, is like getting that much lesser in terms of salary hike. There is no value add in paying extra rent. My rent has gone up by 1k inspite of my best effort.This is like 1k I didn't receive in my appraisal. Hence I treat this rent negotiation like a big deal. If you get your rental costs right, then it sets everything else on course.

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

Ouch! That's painful man. Yeah just tell her same rent or you are moving out and start looking for houses. This is a bit like a game of poker. The more options you have the more confident you will be to stand up to the agent and refuse to pay. Also tell the agent there are lots of houses now vacant and rental market is crashing. Forward her the article I pasted in the 1st page and give her notice. I am pretty sure she would rather want to renew with you for same rent rather than go through the hassle of finding new tenants.

Also I would suggest expand your horizon and look for places where you can get a good deal. I noticed every micro market is different. Sengkang and Punggol rents have really crashed compared to Jurong. In Sengkang and Punggol 3 bedder HDB asking is now 3.6k while Jurong they are still sticking to 4.2k. Good luck to them.

Here is the golden rule: The agents will just point out to other listings which are all same high asking rents, but that means shit. What matters is how many tenants are actually looking for a new place at this time of the year in your area. If there are 100 houses all asking 4k but there are only 3 prospective tenants whom those 100 houses are fighting for, you know who has the upper hand here. So go and see as many houses as possible and talk to the other prospective tenants and get their feedback. I am pretty sure the agents are trying keep up the farse and bluff, but it won't last long, the whole thing will come crashing down.

You're right, it's exactly like poker. Both parties try to fool one another, but you have to dare to call their bluff.

[Wd40]

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

Sorry to hear, what a joke. I did find their negotiating strategy odd (dropping such a large amount all at once) but wasn't sure what's going on with the building. Good luck finding something else.

It just tells you how grossly incompetent some people are. They had just one job and the most crucial part the rent amount and they got that wrong.

[truthhurts1]

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

Sorry to hear, what a joke. I did find their negotiating strategy odd (dropping such a large amount all at once) but wasn't sure what's going on with the building. Good luck finding something else.

Yes sir truth hurts LOL..
Yes need to start looking for a new one, It will be completely unacceptable and a joke if I would accept 3800K for a shoe box even if I can afford..

Probably they are trying to target the high income westerners to rent the apartment

[truthhurts1]

I look at negotiating rent a bit like our annual appraisal, just that the aim here is to lose as less as possible. If you really think about it, anything extra you pay in rent for the same house, is like getting that much lesser in terms of salary hike. There is no value add in paying extra rent. My rent has gone up by 1k inspite of my best effort.This is like 1k I didn't receive in my appraisal. Hence I treat this rent negotiation like a big deal. If you get your rental costs right, then it sets everything else on course.

In comical turn of events yesterday my agent come back to me again and said that she made an error and that the rental will be 3800$ for one year and 3700$ for 2 years, LMFAO
So I will start looking at new places soon…

Ouch! That's painful man. Yeah just tell her same rent or you are moving out and start looking for houses. This is a bit like a game of poker. The more options you have the more confident you will be to stand up to the agent and refuse to pay. Also tell the agent there are lots of houses now vacant and rental market is crashing. Forward her the article I pasted in the 1st page and give her notice. I am pretty sure she would rather want to renew with you for same rent rather than go through the hassle of finding new tenants.

Also I would suggest expand your horizon and look for places where you can get a good deal. I noticed every micro market is different. Sengkang and Punggol rents have really crashed compared to Jurong. In Sengkang and Punggol 3 bedder HDB asking is now 3.6k while Jurong they are still sticking to 4.2k. Good luck to them.

Here is the golden rule: The agents will just point out to other listings which are all same high asking rents, but that means shit. What matters is how many tenants are actually looking for a new place at this time of the year in your area. If there are 100 houses all asking 4k but there are only 3 prospective tenants whom those 100 houses are fighting for, you know who has the upper hand here. So go and see as many houses as possible and talk to the other prospective tenants and get their feedback. I am pretty sure the agents are trying keep up the farse and bluff, but it won't last long, the whole thing will come crashing down.

Thanks bro for giving me the material and information to deal with this,
In no way will i accept another 30% hike when the rent till october 2022 for the same space was 2350$
This shows the greed or maybe the delusion of these home owners / agents.
, let me see how it goes .

[Wd40]

I just came across this article in my feed. This is completely conflicting with the SBR article I post in the original post.
https://www.straitstimes.com/singapore/ ... its-leased

I just feel there is a cartel like behaviour among the agents here to try and keep the rents as high as possible. Thats why conflicting information. Based my own research, the demand is just not there and there is a lot of supply. Now it depends on the holding power of the landlords.

[nelyanne]

I monitor the offers from my condo closely. Not only have the prices dropped, but the number of free units in my block is high. In the past (like, the beginning of 2022), they would be snapped in a day, now I keep seeing the same offers being renewed for weeks.

2 important factors:
- Malaysians who were forced to rent in SG while the borders were closed are back to commuting arrangements
- fewer job openings, more layoffs --> fewer foreigners moving to Singapore

And as WD40 mentioned, Jurong is really overpriced compared to other locations at a similar distance from the city center.

[Wd40]

I monitor the offers from my condo closely. Not only have the prices dropped, but the number of free units in my block is high. In the past (like, the beginning of 2022), they would be snapped in a day, now I keep seeing the same offers being renewed for weeks.

2 important factors:
- Malaysians who were forced to rent in SG while the borders were closed are back to commuting arrangements
- fewer job openings, more layoffs --> fewer foreigners moving to Singapore

And as WD40 mentioned, Jurong is really overpriced compared to other locations at a similar distance from the city center.

I was just randomly looking in the property G website and came across Estella gardens in flora road. I saw listing of 969sqft 1 bedder for 3k. There are lots of 2 bedders in that condo for under 4k. The east side traditionally has been high demand among expats due to CBP and east is generally sought after compared to the west. West is like general expression from people Haiya so far.

So I find it fascinating how east side property prices are way more cheaper now than west. Something crazy is going on.

[Mom_In_SG]

Hi all, is the rental price is still on its peak nowadays? After 2 years of calm live we are now having to face LL's request for a sigfinicant jump in rental.

Could forum member share latest insights for our reference?

[rajagainstthemachine]

Hi all, is the rental price is still on its peak nowadays? After 2 years of calm live we are now having to face LL's request for a sigfinicant jump in rental.

Could forum member share latest insights for our reference?

can you elaborate more? how much is your landlord asking you for ?

[Wd40]

Hi all, is the rental price is still on its peak nowadays? After 2 years of calm live we are now having to face LL's request for a sigfinicant jump in rental.

Could forum member share latest insights for our reference?

From my research Punggol and Sengkang rents are really crashing. There ar lots of vacancies there and asking rents are coming down to even 3.4k for 3 bedroom hdb. Jurong on the other hand similar flat owners are asking 4-4.2k, there are lots of vacancies here also. Maybe owners ar trying their best keep the charade going. I think a huge wall of supply is coming and these rents are not sustainable at all. So just tahan for some more time if you can and negotiate like crazy.

[Mom_In_SG]

Hi all, is the rental price is still on its peak nowadays? After 2 years of calm live we are now having to face LL's request for a sigfinicant jump in rental.

Could forum member share latest insights for our reference?

From my research Punggol and Sengkang rents are really crashing. There ar lots of vacancies there and asking rents are coming down to even 3.4k for 3 bedroom hdb. Jurong on the other hand similar flat owners are asking 4-4.2k, there are lots of vacancies here also. Maybe owners ar trying their best keep the charade going. I think a huge wall of supply is coming and these rents are not sustainable at all. So just tahan for some more time if you can and negotiate like crazy.

Thanks, i hope so and we do have some time to monitor the price in our preferred area.

From LL preference for 2 year lease, i guess it's fair to assume that it is in their interest to secure a long term commitment by the end of the peak.

[rajagainstthemachine]

Thanks, i hope so and we do have some time to monitor the price in our preferred area.

From LL preference for 2 year lease, i guess it's fair to assume that it is in their interest to secure a long term commitment by the end of the peak.

why do you sound so secretive about your preferred area? what is it ? and how much are you paying currently?
are you staying in a hdb or condo or landed ?