Published On: August 9, 2022- Last Updated: October 14, 2023- 5 min read-

How to stop paying high property rental in Singapore!

Looking to stop paying high property rental prices in Singapore? For the past six months a lot of discussion has been around on how landlords have tried to increase the monthly rental on their property, whether it’s for a condominium, HDB, landed property or room rental. If it’s not the landlord, the agent could be trying their luck by starting with a ridiculous asking price.

We heard one story where a landlord tried to increase the rent at renewal by over 300%! Yes 300%. Whether this is true or exaggerated hearsay, it’s pretty obvious that the recent rental market price hikes have somewhat shaken things up for the prospective tenants.

However, do not fret as we’ve put together these handy tips to help you decide if the price you are quoted is in line with the actual market price or just inflated to test your stress levels.

Here are out handy tips on ‘How to stop paying high property rental prices in Singapore’:

1. Don’t panic

Easier said than done, we hear you say. Yes we understand, with all the ‘noise’ on social media and the shock-tactic headlines, this can cause concern for you and your family, especially if you’ve come across a post or heard a friend share their rental renewal experience horror story.

2. Download the following two apps

PopertyGuru  Android  iOS

99.co Android iOS

Each app offers their own benefits, however with PropertyGuru we’ve found agents lists multiple stock photos causing duplicate listings just to grab the attention of the renters. 99.co offers you $50 if you report a duplicate property and they can confirm this, at least you don’t have to waste your time looking at properties with just stock photos

3. Property Search

Location: Keep in mind rental prices are generally higher if you live closer to an MRT station, so do compare prices with properties that are not necessarily within walking distance but perhaps accessible easily via a quick bus ride.

The public transport system in Singapore is excellent. It’s well worth familiarising yourself with the bus routes; you may even surprise yourself how easy and convenient it really is.

Did you know, there are several bus companies in Singapore offering bus services from different areas to CBDs during the week?

Property: If the listing only has one photo and this happens to be of the exterior, either the property has a new agent and they have not had time to familiarise themselves with the property or the listing could be a duplicate – both red flag alerts

Once you’ve found a property that ticks most (if not all) of your boxes and even if the price seems high (DO NOT PANIC), check the recent transactions of the property you are planning to view. The recent transaction section can be useful to see if the price the agent is asking is in line with market asking price. You’ll be surprised how different the current asking price is to a recent transaction.

Rental Prices Property Guru Rental Prices Singapore 99

PropertyGuru / 99.co image of recent transactions

If you prefer to check directly on the recent / history transaction head over to the Urban Redevelopment Agency government website

Here you can view the previous 5 years of transaction history.URA Property Search

 

Source: URA.gov.sg

4. Viewing time

Remember, the agent’s goal is to try and rent the property out and they will most predictably advise you of the huge interest it is generating or that the demand is high or potentially not agreeing with you in comparing the recent transactions. While this could be the case, if the property has been on the market for a period of time then you need to ask yourself; could the rent be too high?

Unfortunately, the landlord could be driving the high price and the estate agent has no option other than to list the price the landlord has asked.

Ask questions and share with the agent your long-term plans. If you’re planning to stay in the property long term this could work in your favour, most agents and landlords would prefer a long-term plan as during renewal time they only have to discuss the renewal with yourself if you’re both able to come to an agreement on a new lease; saving both the agent time and landlord a break in the monthly rent.

If the existing tenants are at the property during your viewing, feel free to strike up a conversation and ask them if they don’t mind sharing the reasons why are they moving, this could give you some insight in the history of the place and the landlord.

5. Making an offer

Yes, your initial feeling could be – you love the place and ego takes over; it’s mine, I want it and I’m not letting anyone else take this, I’m going straight in with an offer matching the asking price; a classic case of FOMO (Fear of Missing Out) here!

Stop, take a moment and if you need to go outside and weigh up the pros and cons, do so.

If you feel the agent is pushing you in to making a decision there and then, let your instincts guide you in that there may not be much interest in the property as you are being led to believe.

There are still cases where renters are fortunate to have their company paying for their accommodation and in such instances will not try to negotiate. Our advise, always negotiate! Even if it’s not your money, you’ll never know if your circumstance change and you end up losing this allowance, leaving you with a monthly outlay that you did not expect to pick up.

Well, there you have it! We hope the above tips help you when it comes to your next property search and not having to necessarily pay sky high property rental prices in Singapore.

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The thought of moving can be very stressful, check out our guide to Rest & Relaxation: The 5 Best Singapore Spa Experiences

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