Rental Contract expires in June - What to do?

[sierra2469alpha]

Ah we're all careful here AAM - it's a fatastic forum that helped both Ms C. (my wife) and myself, and a number of friends, aquaintences, and colleagues.

Now, back on track - any other news from this LL of yours?

Mr. P

[AngryAngMo]

Well no, and i actually don't expect anything from him soon, we had the meeting where he clearly pointed out his intentions of rerenting "my" flat as soon as possible again, and i clearly pointed out that i will stay there at least until my contract ends, which is in June...

So for the moment there is nothing to discuss anymore...I just hope that he doesnt start to bother me every week now with any meetings and new suggestions of why i should leave the flat...

[jfd]

Just my thoughts, as a thoroughly uninformed Singaporean Expat to be. Seems you are happy with the place you are in, and seems there is also some concern about your job security. I certainly can't see the global economy improving at all before June, and may in fact get worse.

I would first ask yourself if you are ok with the rent level being what it is, and then try to get an idea what it could be for places similar to the one you have in the area you are staying - what is the difference? Assuming you can get a further discount from advertised rent prices.

Then how worried are you actually about your work stability? Reason for asking this is if you have this kind of "Diplomat Clause" in your contract that allows you to cut the lease short if you have to leave the country, but only after a minimum 12 mths, and even then a 2 mth notice period is required, well, would this clause be back in full force if you signed another 2 year lease? If yes, my thinking then goes like this, if there is true concern over job stability, then negotiate with the LL to offer to keep paying the current rent level (which would now be above mkt price), if he agrees to drop the min 12 mth piece from the Diplomat Clause, and possibly even drop the notice period from 2 mths to 1.

My comments may be totally irrelevant, or possibly something to think about.

[Guowei58]

Ok, lets see..
I guess no one really can predict whats going to happen, but reading through other posts and your advise here, it at least seems as if the rental prices would go down more.

Considering all the other events that may have impact on this market i guess it "should" be a clear thing. But i remember a post by SMS, where he mentioned that some home owners even would their flats stay empty until the market has recovered (from their point of view) then renting them out for lower prices.

Yet, my landlords intentions would only be another indication of what they expect to happen.

Some people are highly leveraged in this recession and can not afford to have their investment property sit empty. The whole market is not dictated by a couple of hold outs, but by the landlords who hit the bid on lower rental. As soon as you have some landlords accept lower rent, then the whole market drops. Rent has already dropped 20-30%, so the market is adjusting. It will probably drop further. My guess is as good (or bad) as any, but I think the market is not going to bottom until 2010/2011 due to the large supply of properties coming onto the market in 2009 and 2010. All of those condos need to find tenants as they're mostly investment properties and not owner-occupied.

[topnut]

reviving this thread because, next month, i'm set to renew my lease. last night, i saw a couple of friends who advised me that i should negotiate with my landlord since rental prices have dropped since i moved in. just a brief background, i'm renting a master's bedroom in novena for SG$1,200/mo (inclusive of all utilities). i moved in july '08.

tips? suggestions? help, please.

[jpatokal]

Definitely nego, rental prices and even utility bills have fallen quite a bit since last year.

[sundaymorningstaple]

Actually Utility bills are going up this month again as the new 3 month average fuel prices have risen. You must have missed in the the local birdcage liner about 2 or 3 weeks ago.

[jpatokal]

Actually Utility bills are going up this month again as the new 3 month average fuel prices have risen. You must have missed in the the local birdcage liner about 2 or 3 weeks ago.

The new rate is 0.1928 $/kwH, up from 0.1803 -- but that's still less than the 0.2293 it was last year.

[sundaymorningstaple]

I didn't say HOW much it went up. Just noting that it had done so.

[Saint]

Definitely nego, rental prices and even utility bills have fallen quite a bit since last year.

I've just agreed renewal rental on our place, lease up in 2 months, very civil conversation between us, agent and LL and a 20% decrease agreed and all parties happy. It does happen here in Singapore!

[jpatokal]

I didn't say HOW much it went up. Just noting that it had done so.

...and all I said was that utility bills have fallen quite a bit since last year, which they have, despite that increase.

Looks like we're both correct