Rental Increases?!!?! :(

[huggybear]

i agree with you ... you can't blame agents / developers...otherwise then you can blame all the people listening to them and not doing their homework on their own (are you going to really rely on someone to do the right thing for you???). then you can blame owners for being greedy...at that point well...everyone is at fault then...

anyways, london is truly a beast on its own but it's also from super wealthy foreigners from Middle East / India coming in and bidding things up in a frenzy ...

US equity market looks set to tank 20-25% ... so that will alleivate property prices in the short term here as people move assets back to cash.

[dumbovader]

Dont believe everything you hear .

http://www.yawningbread.org/arch_2007/yax-762.htm

[German_Expat]

someone in this thread has once asked me 'do you ever read the papers?' 'obviously not.....' he answered that same question with..

[EastCoaser]

It seems that the Global Stock Market Collapse that we are seeing in the Markets may lead to the property Market Collpase in Singapore.

I hope that this Artificial Demand collpses by the end of the year which is when i have to renew my lease with the Owner.

I hope that the Rentals for 2 BD condos come down to 1600. I am currently paying 2000.

Lets hope that the misery of all Expat Tenents is over soon.

We will then teach these owners a RIFE LESSON.

-- They became too greedy. They dont know what will hit them ----

[rhino]

It seems that the Global Stock Market Collapse that we are seeing in the Markets may lead to the property Market Collpase in Singapore.
Lets hope that the misery of all Expat Tenents is over soon.

We will then teach these owners a RIFE LESSON.

And if the stock market absolutely tanks and economic growth falters, lots of expats might not need to worry about a Singapore rental if they are recalled home or find themselves without a job.

Be careful what you wish for!!

[German_Expat]

There seems to be so much hostile feelings built up against apartment owners, they seem to have successfuly built a similar reputation to secondhand car salesmen in the UK....

Teaching a 'RIFE LESSON' is not really the objective, more like achieving a reasonable and stable rental level would be more constructive. Bust and boom situations are very troublesome, steady growth in line with salary rises are more beneficial. Most foreigners working here are on local contracts with no housing allowance and they are the ones who will eventually be forced to leave. I am here with my wife and two young children and we are now at breakeven point. Any further increase for us would very certainly mean the same as Singapore saying 'get out, make way to the rich'....

[muratkorman]

I also observed how rental prices boomed just when I arrived in Singapore. Many colleagues of mine who arrived a few months earlier could find better deals. Luckily I could find some reasonable condo at the end. Then the rise continued and I felt even luckier that I didn't arrive recently. But I must admit that some comments in this thread are so harsh and I feel like some hatred against landlords is created.

I am a tenant myself and I would be angry with my landlord when he wants a 50% rise at the end of my contract. But some of you seem to forget the basic principle : supply and demand. When your contract is about to end, landlord will try to get the best rate. If there are people willing to pay that money he asks, why do you complain? You either negotiate and agree somewhere in the middle or evacuate the place. If you were a landlord, you would try to get the best rate rather than renting your apartment to the same tenant who pays 30-40% less than the avarage rates.

I believe this increase will stabilize and rent prices will even fall, but it is not easy to guess when. I also find it very expensive to live here, but this is the fact and I prepare myself for a worse situation rather than hoping the global economic crisis hits also here and affects the rent prices. I find that approach very narrow-minded as there will be more serious consequences.

[Left Wing]

It seems Singapore is following the Dubai trend....and condo owners going crazy for higher rents.....

Is really a case of supply and demand.........

[gmail]

Hi,

Finally there's is someone like Muratkorman, an expats who talk sense.
Who feels for the poor house owner who have to endure low rental but high interest rate for the last few year! Be realistic, lower your expectation and move to a cheaper location. I am sure there are many out there.

[MblSH]

Who feels for the poor house owner who have to endure low rental but high interest rate for the last few year! Be realistic, lower your expectation and move to a cheaper location. I am sure there are many out there.

We should also feel for all poor folks who bought IT stocks in 2000, right? And for the ones that suffered from nigerian 419 scams, while we're at it.

If you buy on the peak in hopes of making a quick buck, you deserve what you get, so I, personally, don't feel anything for poor owners. Whoever feels different may start feeling for the current new crop of homeowners who are busy buying flats off one another at exorbitant prices in new developments that aren't even built yet.

'Endure low rental', exactly. They had to endure their own greed and shortsightedness; there's no sure foolproof way to make money in any kind of business, real estate included, otherwise everybody would be flying around in private jets

As for cheaper location, there aren't any, and it's understandable. No matter what you have paid originally as a homeowner, you'd be a fool to rent out lower than everybody else.

Sorry if that came out harsh, but I don't see anybody feeling for me as a tenant

Max

[Superglide]

There seems to be so much hostile feelings built up against apartment owners, they seem to have successfuly built a similar reputation to secondhand car salesmen in the UK....

Teaching a 'RIFE LESSON' is not really the objective, more like achieving a reasonable and stable rental level would be more constructive. Bust and boom situations are very troublesome, steady growth in line with salary rises are more beneficial. ....

And that is the crux.

Your rationale is the right way and sustainable, but in this country confucianism rules, material wealth is a goal in life itself and hence there are no morals, ethics or long term vision: Grab the money and don't give a hoot is the way to go.

[Superglide]

I also observed how rental prices boomed just when I arrived in Singapore. Many colleagues of mine who arrived a few months earlier could find better deals. Luckily I could find some reasonable condo at the end. Then the rise continued and I felt even luckier that I didn't arrive recently. But I must admit that some comments in this thread are so harsh and I feel like some hatred against landlords is created.

I am a tenant myself and I would be angry with my landlord when he wants a 50% rise at the end of my contract. But some of you seem to forget the basic principle : supply and demand. When your contract is about to end, landlord will try to get the best rate. If there are people willing to pay that money he asks, why do you complain? You either negotiate and agree somewhere in the middle or evacuate the place. If you were a landlord, you would try to get the best rate rather than renting your apartment to the same tenant who pays 30-40% less than the avarage rates.

I believe this increase will stabilize and rent prices will even fall, but it is not easy to guess when. I also find it very expensive to live here, but this is the fact and I prepare myself for a worse situation rather than hoping the global economic crisis hits also here and affects the rent prices. I find that approach very narrow-minded as there will be more serious consequences.

You sound so sweet and naive Murat.

How long have you been here?

Wait a few more years and let's discuss this once again.

It is nowhere a matter of supply and demand, bollocks my friend. It is an airbubble, created with hoax criteria such as the IR, the growth towards a 6.5 million people population, competitiveness in the region and so forth.

When certain high end projects, that were completely hyped, hit record prices of 3k psqf and above, the market got way overheated and speculation rules.

Supply and demand, so you're saying there is a shortage?

Show me where. Have a look at several condos with absurd prices, they are still half empty.

As said, let's wait a few years when you have experienced a few leases and landlords.

[Superglide]

Hi,

Finally there's is someone like Muratkorman, an expats who talk sense.
Who feels for the poor house owner who have to endure low rental but high interest rate for the last few year! Be realistic, lower your expectation and move to a cheaper location. I am sure there are many out there.

Well, if you play with fire, you get burnt, isn't it?

Poor house owner, my ass!

[nickyt30]

Hello Everyone:

There has been a lot of interesting discussion surrounding the rental increases in Singpaore recently. I moved here 8 months ago and already I am considering moving on becuase I am unsure as to whether I will be able to financially keep up with the extravagant rental increases. condos in my building are rented from $8000 per month and recently, all the people whose leases were up were faced with increases of 100% and in some instances more. One neighbour indicated to me recently, that greed is at the root of the increases. I thought that her response was fairly myopic. While greed may have something to do with the increases, the current market will allow landlords to charge that kind of money and have their properties rented. I have decided that I will move on because paying that kind of money, does not allow me to save much and live a comfortable lifestyle.

The long waiting lists at International Schools is also a huge cause for concern at the moment and I am puzzled as to why the government is not addressing these issues, given their invitation to foreigners to move to Singapore with the big "move to singapore" drive that is currently on.

Oh well! Again, rather than complain, it may be best to just move on.

[MblSH]

Poor house owner, my ass!

Exactly!