Rental Increases?!!?! :(

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
Post Reply
User avatar
MblSH
Regular
Regular
Posts: 57
Joined: Sat, 14 Apr 2007 2:12 pm
Location: Simei
Contact:

Re: Singapore more expensive than NYC???

Post by MblSH » Mon, 15 Oct 2007 9:48 pm

remersonh wrote:Having just moved from NYC, here's the breakdown from a professional income level perspective (In Sing $):

Rent
NYC - $3K
Sing - $2.1K (for better accomodations -- about 2x the space!)
Just curious, what are you renting here for 2.1? Is it an HDB flat or a faraway condo? Just took a quick look on craigslist, and NY one definitely has cheaper apts. than the one in SG

As for food/utilities - it's probably personal; I'm spending a lot more on familiar food here than I did in US, and the bills are higher

Taxes are definitely better though :)

Singapore Property Search

 

snehalnagar
Newbie
Newbie
Posts: 2
Joined: Tue, 18 Dec 2007 5:39 pm
Location: Singapore

Harassment by landlords in returning the deposit

Post by snehalnagar » Tue, 18 Dec 2007 5:49 pm

This has been a growing concern these days... landlords and brokers have been exploiting tenants by giving refunds late... many a times not refunding the security deposit in full. The concept of "fair wear and tear" doesn't hold good since the landlords generally use up tenants money to get any sort of repairs done... I handed over the apartment more than a week back and still do not find a satisfying response from my landlord or the broker. The broker has also stopped taking calls now... everytime I send a message, I will find a curt response to the same... Its such a painful thing to see people losing their "integrity" to this extent... The potential immigrants to Singapore should definitely think of moving to Australia or US or Europe where professionalism still prevails...
German_Expat wrote:Coming to the subject of security deposit.... we just moved out of a place because our landlord wanted to sell the place. They asked for an increase from $1800 to $3000 and we declined. After that we were harassed to give a moving out date because the owner wanted to sell the apartment. Eventually we did agree to move before the end of our agreement. When it came to refund our security deposit they withheld an amount which they called pro-rated brokerage fee for the remaining days of our agreement. It was us who accomodated them and this is what we received in return. We gave them no excuse whatsoever for withholding any amount at all, we painted teh whole apartment, we polished all the marble floor and re-varnished the parket floors, we newly varnished all bathroom furniture.

Lesson learnt: if I intend to move out of a place I stop paying rent in time to recover my security deposit. There is a clause of 'normal wear and tear' in any rental agreement, use it. Dont do unnecessary work, it will not be appreciated.

Starman
Newbie
Newbie
Posts: 6
Joined: Sat, 12 Jan 2008 12:14 pm

Post by Starman » Sat, 12 Jan 2008 1:01 pm

In case anyone forgets, there are plenty of choices for renting a plcae in Singapore. You can rent a 2 bedroom HDB flat 15 minutes from the city for about a $1000 monthly or pay $35,000 rent to rent a penthouse in Ardmore.

It's basic economics - there's more demand than supply. If more tenants don't give in to the greedy landlords. rent will come down.

User avatar
ksl
Governor
Governor
Posts: 6005
Joined: Mon, 19 Jul 2004 8:52 pm
Location: Singapore
Contact:

Post by ksl » Sun, 13 Jan 2008 12:35 am

Anyone seen my post! :???:

Anyway I have a solution to the problem, so that both sides are happy, Landlord & Tenant, although my post may have been deleted, because it did criticise agents a little hard, when in fact, It's not really there job, their job, is just to bring tenants to landlords or buyers, to sellers, get contracts signed, and that's it basically...

It's a shame that far too many landlords are not returning deposits, although i guess it must be s very small number, when one thinks of how many expats are in Singapore..

User avatar
Superglide
Chatter
Chatter
Posts: 449
Joined: Fri, 17 Aug 2007 2:56 pm
Location: In a spacious appartment

Post by Superglide » Sun, 13 Jan 2008 7:02 pm

Starman wrote:It's basic economics - there's more demand than supply. If more tenants don't give in to the greedy landlords. rent will come down.
Absolute bollocks, there is enough supply.

Take a cab and drive around east coast, watch all condos half empty.

I could call any agent of any condo and view an empty appartment instantly.

But in case you're a magician, please do share your knowledge on the crystal ball that told you it really is basic economics in Singapore.

As someone told me in this thread a few months ago: If you don't like it, move out.

A bit crude, but there is a truth in it. I got totally fed up after 9 years in total in Singapore and decided to move out. Back in Europe, back to civilisation.

No regrets, not a minute.

When reading this thread and the same old situation in Singapore, I now laugh at it, worth a chuckle, that's all.
If only we could pull out our brain and use only our eyes.
Pablo Picasso

User avatar
ksl
Governor
Governor
Posts: 6005
Joined: Mon, 19 Jul 2004 8:52 pm
Location: Singapore
Contact:

Post by ksl » Sun, 13 Jan 2008 11:57 pm

My own research at the moment is pulling out some interesting figures in Singapore, and I would agree, that there are hundreds, possibly a few thousand empty places, but it is also possible, they are not to rent out..

I think what we have is controlled to a certain extent....the system here leaves much to be desired, and signing a contract is no guarantee, you get the place either..I believe there is a clash of ethics, and a lack of standards, because there is no real leagal protection, however, the agents seem pretty well screwed too, if the landlord changes his mind, after the agent has spent cash advertising. Its very cut throat business and its here and now, they want the cash, they are not interested in the future or having good tenants.

SMS was also right, that landlords are trying to recover losses from the late 90's...agents...are caught in between, and can easy be closed down, by landlords, just pulling out of deals, to increase the price..agents are footing the bills.

Alot of gazumping is going on, like the highest bidder wins, so the agents are not really client friendly..because they will close on the highest priice.

nickoffworld
Newbie
Newbie
Posts: 1
Joined: Fri, 18 Apr 2008 1:44 pm
Location: ORCHARD

Post by nickoffworld » Fri, 18 Apr 2008 2:29 pm

Recently started to take an interest in all of this as after 2 years, my notice of renewal this July shows a 67% increase. Human nature obviously plays a part in a tenants reaction to something like this, and after 10 years in Singapore I'm starting to question my future here. Malaysia and Thailand are becoming natural competitors in terms of a base of operations for the region. Bigger appartments in both countries can be found in prime areas at considerably less than Singapore. Anybody remember the rental crash in Singapore around 1996..My personal opinion is that in the last 2 years that the Singapore market has sensed "blood in the water" relative to Supply Vs demand and the prices have gone crazy...As previously the rush to make money means huge condo developments going up everywhere and then the crash comes as suddenly theres hundreds or even thousands of empty places.
Unfortunately any down turn unlikely to help me in time for July renewal

User avatar
ksl
Governor
Governor
Posts: 6005
Joined: Mon, 19 Jul 2004 8:52 pm
Location: Singapore
Contact:

Post by ksl » Fri, 18 Apr 2008 4:45 pm

nickoffworld wrote:Recently started to take an interest in all of this as after 2 years, my notice of renewal this July shows a 67% increase. Human nature obviously plays a part in a tenants reaction to something like this, and after 10 years in Singapore I'm starting to question my future here. Malaysia and Thailand are becoming natural competitors in terms of a base of operations for the region. Bigger appartments in both countries can be found in prime areas at considerably less than Singapore. Anybody remember the rental crash in Singapore around 1996..My personal opinion is that in the last 2 years that the Singapore market has sensed "blood in the water" relative to Supply Vs demand and the prices have gone crazy...As previously the rush to make money means huge condo developments going up everywhere and then the crash comes as suddenly theres hundreds or even thousands of empty places.
Unfortunately any down turn unlikely to help me in time for July renewal
Maybe not, but what you could do, is research how many empty apartments, there are...then approach your landlord...and say, do you really want the apartment to remain empty for months....because rents are dropping....agree to a 10 or 15 % rise...to make him happy. Although that also depends what you are paying now!

User avatar
durain
Director
Director
Posts: 3666
Joined: Thu, 23 Aug 2007 8:15 pm
Location: Location: Location: Location:

Post by durain » Fri, 18 Apr 2008 5:29 pm

it's a tenant market at the moment. rental should be coming down! i would say during the property boom, people were paying for the asking price, but not now. you can haggle, and if the price is not good, walk away. there are a lot more apartments waiting for tenants.

familyof5
Chatter
Chatter
Posts: 168
Joined: Sun, 26 Aug 2007 7:23 am

Post by familyof5 » Fri, 18 Apr 2008 7:07 pm

ksl wrote:
nickoffworld wrote:Recently started to take an interest in all of this as after 2 years, my notice of renewal this July shows a 67% increase. Human nature obviously plays a part in a tenants reaction to something like this, and after 10 years in Singapore I'm starting to question my future here. Malaysia and Thailand are becoming natural competitors in terms of a base of operations for the region. Bigger appartments in both countries can be found in prime areas at considerably less than Singapore. Anybody remember the rental crash in Singapore around 1996..My personal opinion is that in the last 2 years that the Singapore market has sensed "blood in the water" relative to Supply Vs demand and the prices have gone crazy...As previously the rush to make money means huge condo developments going up everywhere and then the crash comes as suddenly theres hundreds or even thousands of empty places.
Unfortunately any down turn unlikely to help me in time for July renewal
Maybe not, but what you could do, is research how many empty apartments, there are...then approach your landlord...and say, do you really want the apartment to remain empty for months....because rents are dropping....agree to a 10 or 15 % rise...to make him happy. Although that also depends what you are paying now!
i recently learned that ours was untennanted for about 12 months. simply because the owner refused to budge on the price. i've been told this is not unusual. the whole 'losing face' thing.....

User avatar
Forks
Chatter
Chatter
Posts: 299
Joined: Mon, 04 Feb 2008 12:41 am
Location: in the draw
Contact:

Post by Forks » Sun, 20 Apr 2008 3:18 pm

i recently learned that ours was untenanted for about 12 months. simply because the owner refused to budge on the price. i've been told this is not unusual. the whole 'losing face' thing.....
I have seen places go untenanted for over 2 years in my old condo because the owner refused to lower the price (granted this was during the low times) but even now in my condo (way out in the boonies of the west coast) there are apartments that are empty coz the owner will not budge.

I figure one of two things.

A. The owner is better off waiting to get a higher rent which will make up the loss rather than rent "cheap". (which seems insane as doing the basic math for an untenanted Condo for 2 years shows a loss of 40 to 60K in revenue.

or

B. the owners are bloody idiots who are greedy and would rather cut off their nose to spite their "face" as some $$$ is better than no $$$ when you have a mortgage.

in Asia its called face in the West its called pride before the fall.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 39549
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 10
Location: Retired on the Little Red Dot

Post by sundaymorningstaple » Sun, 20 Apr 2008 6:35 pm

So true! :-|
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

User avatar
durain
Director
Director
Posts: 3666
Joined: Thu, 23 Aug 2007 8:15 pm
Location: Location: Location: Location:

Post by durain » Mon, 21 Apr 2008 5:41 pm

if next door tenant is paying x amount, then the landlord also want to get x amount and nothing less than that. the way they think is... if next door getting more, why should i lower mine? i still can get one. i just wait la. and so they twiddle their thumbs waiting for the magic numbers.

andy21
Regular
Regular
Posts: 66
Joined: Fri, 18 Apr 2008 1:53 pm

Post by andy21 » Wed, 23 Apr 2008 10:47 am

durain wrote:if next door tenant is paying x amount, then the landlord also want to get x amount and nothing less than that. the way they think is... if next door getting more, why should i lower mine? i still can get one. i just wait la. and so they twiddle their thumbs waiting for the magic numbers.
That's because Singapore property owners are generally very ill-advised by their agents.

Agents know they are in a competitive field. The landlord says he or she knows her neighbour is getting x amount a month for a similar property, reads about rocketing rents in the papers and expects to get the same.

The agents actually in the field (ie those who know their markets, the ones who don't profess to being specialists in buying, selling and renting of HDB, private, landed and commercial properties everywhere) know that price is no longer achievable (how long can rents keep going up? Logic dictates reversion to the mean at some point, and we've past it already, but that's the way humans are, just look at stockmarkets everywhere).

These knowledgeable agents decline to do their business on their terms, knowing it's a futile exercise. Who steps in? Some lesser agent, eager to do business, no real experience in the field eager to snag a client (maybe on the 'good' advice of their sucker, maybe mentor) promises the landlord whatever terms he / she desires. And these landlords happily take their word for it, simply because they don't know better, that their agent has absolutely no ability to rent their property out at that price.

Then reality sinks in, slowly at first, then like a tusnami soon after. The herd panics, and the reverse of what happens in 2007 occurs.

Landlords, 'investors' are greedy everywhere, no point blaming Singapore landlords. It smacks of something I won't say really, ascribing to a whole group of disparate people an unpleasant personality trait.

Just that in Singapore, the property agency industry is expecially odious. It's rotten, self-serving and has structured itself to work against its clients. Any property agent who works in the interest of the client is doing so in his or her own personal capacity, and out of personal willingness. God-forbid the industry makes such it requirement for employment, it would throw thousands of bad agents out of the very lucrative job of screwing the poor and ignorant in many cases. Come to think of it, sounds like US mortgage brokers, hmm...

At least most other industries in SIngapore are well run. Not including customer service though, even though that's improving. But the government conveniently thinks all it needs to do is improve 'skills and training'. What about looking at the shitty wages these people get for standing 10 hours a day 6 days a week or more? No wonder they're such a sullen lot.

Apart from pandering to corporations and their bottom lines, a head-in-the-sand approach seems the preferred solution for everything.

Boy have I really gone-off tangent. Apologies.

Edited: minor grammatical correction

besito
Newbie
Newbie
Posts: 19
Joined: Sun, 13 Apr 2008 3:54 pm

Post by besito » Fri, 25 Apr 2008 11:10 am

We are moving to Singapore from HK soon... however, it looks like it will be better for us to wait till end of the year.... hhmmm... does anybody think 3bedroom average private condo will go down to about S2500/month by end of the year?

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Property Talk, Housing & Rental”

Who is online

Users browsing this forum: No registered users and 9 guests