"The Landlord wants to double your rental"

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
Post Reply
User avatar
zzm9980
Governor
Governor
Posts: 6865
Joined: Wed, 06 Jul 2011 1:35 pm
Location: Once more unto the breach

Post by zzm9980 » Sun, 22 Apr 2012 8:35 am

thismyvoice wrote:Get a property agent.

Some property agencies keep track of rental price transacted by their agents. Ask your agent to check and look over their shoulder.
Keep in mind most property agents are paid a percentage of the total lease as their commission. Looking at the rates they were able to obtain may not be your best metric.

If you do use an agent, I'd also suggest negotiating a fixed rate with them based on what you'd want to pay for your rental. Setup a higher commission the lower the rent they obtain for you.

Singapore Property Search

 

Beyond_Redemption
Newbie
Newbie
Posts: 4
Joined: Sat, 19 May 2012 2:51 am

Post by Beyond_Redemption » Sat, 19 May 2012 3:42 am

Marc123

If you don't mind ... my 2 cents...

"after few experiences and landlords, that your are better in negotiating your rental in Singapore?" - I would hope so - stayed in SG for about 8 years - lost a total of 7K in stolen security deposits ! balance of my stay only rented from the gahmen!

Now looking to come back (gawd I love the place !) -

I feel like you're not being aggro enough. The LL s take advantage of natural inertia against the hassle of moving. Well, easier said than done, but I guess as Segue & others hinted, once you've fixed that chink in your amour - Just work the 75% numbers x Sq Footage from the URA website and TELL the LL that you'll bloody shift out then !

Of course this is all dutch courage ! We'll see how I do when I actually get in !

west2east
Newbie
Newbie
Posts: 18
Joined: Tue, 12 Jun 2012 3:14 am

Post by west2east » Tue, 12 Jun 2012 4:31 am

The reason most countries regulate tenancies is because it has such a negative effect on society if they don't

People miss work, they miss meetings, they call in sick (e.g. in countries that pay sick leave)

In the Singapore situation, it is a lot of non-productive energy that is wasted. Just imagine if you could harness the energy of all those people frantically looking for alternative flats because of a ridiculous rent increase: would all the cumulative un-necessary effort be enough to solve world poverty, or at least to solve the banking crisis?

Possibly, yes

There is also the greed phenomenon, people feel they are ripped off because they have to pay thousands of dollars in moving costs and lost security deposit, so they rip off someone else in turn, and society goes down hill

teck21
Chatter
Chatter
Posts: 164
Joined: Wed, 01 Jul 2009 1:37 pm

Post by teck21 » Tue, 12 Jun 2012 10:36 am

west2east wrote:The reason most countries regulate tenancies is because it has such a negative effect on society if they don't
Most locals do not rent.

User avatar
JR8
Immortal
Immortal
Posts: 16516
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Post by JR8 » Tue, 12 Jun 2012 11:35 am

west2east wrote:The reason most countries regulate tenancies is because it has such a negative effect on society if they don't
They don't regulate tenancies in the UK because such regulation has such a deleterious effect on the rentals market.

I don't recall them doing so in New York or Tokyo either.

User avatar
ecureilx
Immortal
Immortal
Posts: 9811
Joined: Fri, 20 Aug 2010 5:18 pm

Post by ecureilx » Tue, 12 Jun 2012 11:53 am

teck21 wrote:
west2east wrote:The reason most countries regulate tenancies is because it has such a negative effect on society if they don't
Most locals do not rent.
Most locals, in view of the inflation and lowering pay scale, view foreigners rental income as a fill-in-the-gap, atleast those whom I know :)

And with HDB enforcing strict control on occupancy, the market became larger .. and locals are not blind to see the opportunity to make more $$$$

x9200
Moderator
Moderator
Posts: 9869
Joined: Mon, 07 Sep 2009 4:06 pm
Location: Singapore

Post by x9200 » Tue, 12 Jun 2012 12:06 pm

And this really works by doubling the rent? C'mon, it is like with many things around - what is missing is a common sense not a legislation. Vast majority of such people loses actually money thanks to their pure canned greed and/or some losing face related issue (will not let it out cheaper than my neighbor did). The problem is they are too stupid or too blinded to see it by themselves.

User avatar
ecureilx
Immortal
Immortal
Posts: 9811
Joined: Fri, 20 Aug 2010 5:18 pm

Post by ecureilx » Tue, 12 Jun 2012 12:13 pm

x9200 wrote:And this really works by doubling the rent? C'mon, it is like with many things around - what is missing is a common sense not a legislation. Vast majority of such people loses actually money thanks to their pure canned greed and/or some losing face related issue (will not let it out cheaper than my neighbor did). The problem is they are too stupid or too blinded to see it by themselves.
You been in Singapore long enough ... and you should know that natives are pretty much on to gambling on anything .. including demand a rent hike and if the tenant refuse, kick him out and wait for a guy willing to pay .. then a few months later, realise that the gamble didn't work, and then, meekly lower the rental

Even commercial properties, The landlord reads a report that forecasts a rental rise, and demands that the tenant pays more .. tenant packs up and leaves, place stays empty for a while before rental at lower price .. that includes landlords who are govt linked .. and it is very obvious - see how many tenants move in and out in malls .. except those anchor tenants .. especially in FnB !!!

User avatar
ecureilx
Immortal
Immortal
Posts: 9811
Joined: Fri, 20 Aug 2010 5:18 pm

And the vicous cycle

Post by ecureilx » Tue, 12 Jun 2012 12:16 pm

Reminds me of the following story .. well applicable in Singapore ..

It was autumn, and the Indians on the remote reservation asked their new Chief if the winter was going to be cold or mild. Since he was an Indian Chief in a modern society, he had never been taught the old secrets.

When he looked at the sky, he couldn't tell what the weather was going to be. Nevertheless, to be on the safe side, he replied to his tribe that the winter was indeed going to be cold and that the members of the village should collect firewood to be prepared.

Also, being a practical leader, after several days he got an idea. He went to the phone booth, called the National Weather Service and asked, "Is the coming winter going to be cold?"

"It looks like this winter is going to be quite cold indeed," the meteorologist at the weather service responded. So the Chief went back to his people and told them to collect even more wood in order to be prepared.

A week later, he called the National Weather Service again. "Is it going to be a very cold winter?"

"Yes," the man at National Weather Service again replied, "it's definitely going to be a very cold winter." The Chief again went back to his people and ordered them to collect every scrap of wood they could find.

Two weeks later, he called the National Weather Service again. "Are you absolutely sure that the winter is going to be very cold?"

"Absolutely," the man replied. "It's going to be one of the coldest winters ever."

"How can you be so sure?" the Chief asked.

The weatherman replied, "The Indians are collecting wood like crazy."

I rest my case !!!!!

west2east
Newbie
Newbie
Posts: 18
Joined: Tue, 12 Jun 2012 3:14 am

Post by west2east » Tue, 12 Jun 2012 3:43 pm

They don't regulate tenancies in the UK because such regulation has such a deleterious effect on the rentals market.

I don't recall them doing so in New York or Tokyo either.
Actually, they don't regulate the price when you start a lease, but they do have a complaints process for rent rises. Landlords can put the rent up 5% or 10% every year and usually get away with it if the market is good, but none of this nonsense about doubling the rent.

In other words, not every rent contract (or rent rise) gets looked at, but if anyone tries something stupid, they know the tenant is going to run to the rent review board

Landlords (whether they are local or otherwise) are also looking out for any evidence that

a) your company is paying big bonuses
b) your company has good profits for the year
c) you are spending money (e.g. a new car)

and if they see any of the above, in any country, you can expect them to try their luck with a rent increase. That is why two-thirds of the billionaires keep their identities discreet (and only one-third have a profile like Steve Jobs or Richard Branson), they don't want to be charged $100 every time they get in a taxi or buy an ice cream

User avatar
ecureilx
Immortal
Immortal
Posts: 9811
Joined: Fri, 20 Aug 2010 5:18 pm

Post by ecureilx » Tue, 12 Jun 2012 3:47 pm

west2east wrote:Actually, they don't regulate the price when you start a lease, but they do have a complaints process for rent rises. Landlords can put the rent up 5% or 10% every year and usually get away with it if the market is good, but none of this nonsense about doubling the rent.

In other words, not every rent contract (or rent rise) gets looked at, but if anyone tries something stupid, they know the tenant is going to run to the rent review board
Rent Review Board - Is that in Singapore ?

west2east
Newbie
Newbie
Posts: 18
Joined: Tue, 12 Jun 2012 3:14 am

Post by west2east » Tue, 12 Jun 2012 4:27 pm

Rent Review Board - Is that in Singapore ?
No, that is the UK system, it's actually called a `rent officer'

http://www.voa.gov.uk/corporate/RentOfficers/index.html

So, contrary to the previous comment, the UK market does regulate rent prices, but with a very hands off approach

west2east
Newbie
Newbie
Posts: 18
Joined: Tue, 12 Jun 2012 3:14 am

Post by west2east » Tue, 12 Jun 2012 4:29 pm

It should be fairly obvious, too, but the reason most rental contracts have a yearly inspection clause is so that the landlord can find out if you are living it up (flat screen TV, designer wardrobe, multiple maids) and therefore how much more rent he can get away with.

User avatar
zzm9980
Governor
Governor
Posts: 6865
Joined: Wed, 06 Jul 2011 1:35 pm
Location: Once more unto the breach

Post by zzm9980 » Tue, 12 Jun 2012 4:53 pm

JR8 wrote: I don't recall them doing so in New York or Tokyo either.
NYC does have some rent controlled apartments. So does San Francisco. I'm not sure the exact conditions for either how a unit becomes "rent controlled", but IMO it is a reason why the non-controlled units have such ridiculously high rents in those locations.

west2east
Newbie
Newbie
Posts: 18
Joined: Tue, 12 Jun 2012 3:14 am

Post by west2east » Tue, 12 Jun 2012 5:39 pm

NYC does have some rent controlled apartments. So does San Francisco. I'm not sure the exact conditions for either how a unit becomes "rent controlled", but IMO it is a reason why the non-controlled units have such ridiculously high rents in those locations.
Not quite: rent prices depend on a range of things: salaries, (un)employment, number of properties and transport options

Having rent-controlled/reserved properties impacts only one of those factors, because it means less properties available.

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 0 guests