Is rent still going down?

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wailingbanshee
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Is rent still going down?

Post by wailingbanshee » Mon, 21 Sep 2009 10:38 pm

Has anyone been looking around for an apartment or signed a new contract lately? I need to know for sure if rent is going down, as I will renegotiate my lease later this year or early next. My landlady insists rent is going up, which I totally disagree with. I plan to play hardball, but I sure hope I don't lose the battle lol.

A longish backgrounder here, do forgive me: I got a pretty sweet deal for my HDB walk up in Tiong Bahru for two years, 2007-2009. When I had to renew again early this year, my landlady wanted a 70% increase just to make up for her "perceived" losses the last two years. Just to show you how weird she thinks, i should mention she was charging $500 more if I signed for two years instead of one - so obviously I went for just one (still at an almost 40% increase), which unfortunately is expiring in Feb 2010 (time flies and all...). Now my landlady wants to raise rent again because she says demand is going up because expats are flooding to Singapore with the Marina Bay Development. I begged to differ and said that expats are actually leaving Singapore, so demand is down, etc.

I actually am at an advantage as my landlady now lives overseas, and would prefer that I renew for a fourth year, instead of her having to fly in again in early 2010 to find a new tenant. She has admitted I have been a lovely tenant (single, no late payments, no complaints, no trouble - that she knows of anyway), so she is able to live so far away, without having to worry about her property.

So I think I can play hardball... what would be your advice? Thanks for your time (and hopefully two cents'....)
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jpatokal
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Post by jpatokal » Tue, 22 Sep 2009 11:22 pm

My gut feel: Landlords are collectively hoping rents are going up, so they're trying their luck, but the real demand isn't there yet, so in your position I'd call her bluff.

Have you checked the going price for your property though? The URA has pretty good stats:

http://www.ura.gov.sg/real_estate/main.jsp
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wailingbanshee
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thanks!

Post by wailingbanshee » Tue, 22 Sep 2009 11:35 pm

yes, i do believe i can stand my ground. thanks for the link, now there is substantial proof....

landlords shouldn't be taking advantage of "clueless" foreigners...
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Hithnar
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Post by Hithnar » Sat, 26 Sep 2009 2:29 pm

I will be moving out from my current appartment in 2 months, and when I announced that to the Landlord, all of the sudden he offered he is willing to actually steep down $200-400 from the rent. Greedy bastard! Last year he was crying an whining how he is actually doing me a favor with only "$1800 rent" for a single room! I was so stupid to believe!

Negotiate hard! Those people assume that just because you are an expat, you sleep on money and they are free to milk you dry.

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