Rent In Singapore Property – The Easy Way To Hire A Home In Singapore

Types of property offered to lease in Singapore

There are several options to choose from when thinking about the differing types of property available to rent. It is helpful to familiarise oneself with these options first. The sorts of property available include:

1. Landed property

Dependent on the location and the dimensions of the house, rents for landed property can vary greatly from $10,000 to $30,000 each month. Landed property can be split into three main types:

i. Terrace Houses. These are houses that share common walls with neighbors on either side, unless at the end of a row.

ii. Semi-detached Homes. These homes share one wall in common with a neighbor.

iii. Detached Homes/Bungalows. These homes don't share any wall with other homes.

2. High rise buildings

i. HDB Residences (whole unit or bedroom alone)

Note that subletting whole flat needs authorization from the Housing Development Board, and that subletting a bedroom only becomes possible for 3-bedroom terraces or bigger. A complete unit would cost $2,000 to $3,000 every month roughly to rent in Singapore, while a room can cost between $500 and $1,000.

ii. Room rental

The monthly value of sharing a flat goes from $500 to $1,500, dependent on whether you are hiring a common or main bedroom. It is important to agree beforehand on issues such as the sharing of electricity, water and phone bills and privacy rights.

iii. Service Apartments

These usually have gyms, cafes, business centers and cleaning services. The monthly rental costs for these sometimes range from $2,500 to $6,000 for a one-bedroom loft, and $5,000 to $10,000 for a two-bedroom apartment.

iv. Condominiums

These are properties with facilities such as security, gyms and pools. Smaller condos may not have as many facilities. Monthly rent fees for condominiums typically range between $2,500 and $10,000.

v. Penthouses

Penthouses commonly have their own pools, roof gardens and terraces. They top almost all of the high-rise buildings in Singapore. Rent fees typically go from $10,000 to $30,000 monthly.

Rental conditions

Rental apartments come extensively furnished, partly furnished or unfurnished.

Fully furnished means the apartment has a complete set of furniture, appliances (e.g. TV, microwave stove) and white products (e.g. Chiller, washer).

Partly furnished means the flat incorporates the essential white goods, lights and curtains, but no or little furniture.

Unfurnished means the house is remodeled but bare, perhaps only with the lights fitted. Naturally you can always request for the landlord to add items “these can all be bartered before you sign the tenancy agreement and can be integrated into the renting costs.

7 Steps to Rent in Singapore

When you are familiar with the options available, you can take the following steps to hire the property you are interested in.

1. Decide on your position

Having a budget under consideration will help you choose the sort of property to rent, as well as its location. Ensure that your budget is flexible enough to prevent circumstances where you are unable to find a home that is both within your resources as well as in a specific situation of your preference.

2. Decide on the type of property and the location

Factors to take into consideration when making this call include the facilities you require, the public transport options, the age and number of family members, the distance to office or school districts and the conveniences you would like, such as supermarkets and libraries.

3. Gather a pool of specific options

First, examine classified adverts as well as property internet sites to come up with a listing of potential properties that fit your choices on location, budget and other factors. You may engage one or two agents to help in your search.

4. Arrange for property viewings

Visit the shortlisted properties and take pictures and notes on each to help you pick a choice later. It is useful to visit at various times of the day to get an idea of the neighbourhood. You can then shortlist further and do a second viewing if necessary. Take a note of any repairs or extra furniture you would like to have before you move in.

5. Sign the Letter of Intent

Once you choose the home you need to lease you customarily then sign a Letter of Intent (LOI), which states your design to lease, as well as any necessities you have. Pay attention to the following elements of the LOI:

- The Diplomatic/Repatriation Clause. This sometimes enables you to end the contract after 2 months ‘ notice and claim your security deposit, in the event that you're moved to another country by your company or be made redundant.

- Booking/Good Faith Deposit. This is generally one month’s rent. After the LOI has been signed and this has been paid, the owner cannot hire the property to others.

- Security Deposit. This is mostly one month’s hire each year of lease. Once the lease term is over, this amount will be repaid. If any costs arise because of the tenant breaking the terms in the Tenancy Agreement (e.g. Damages to the property), the owner can take a reasonable amount from this deposit.

- Lease Term. The standard lease term is one year or more, and the contract may include a renewal option, which typically needs two or three months ‘ advance notice to exercise.

- Necessities. State your requirements (like new furniture) clearly. Once the LOI is signed, the owner is required to provide all that's requested for.

6. Sign the Tenancy Agreement

After signing the LOI and putting down a deposit, you may then sign the Tenancy Agreement. You'll also need to pay the advance lease together with the signing. Focus on the following components:

- Make sure that terms agreed in the LOI are also present in the Tenancy Agreement.

- Installation and monthly charges. You are typically responsible for the installation charges and regular bills for the water, electrical power and gas supply, home phone line, cable television and broadband net connection. Occasionally you can barter some of these into the contract, e.g. Cable TV or Internet bill.

- Upkeep and Repairs. You'll be answerable for mend works that do not exceed a specific amount, often $100-200, unless the mend required is due to your failure. Also, certain upkeep services such as gardening and pool cleaning will be at your expense.

Note that this Agreement must be stamped by the Inland Money Authority of Singapore before it is thought of as a valid contract. The price for this is typically borne by the renter. For leases of one year or less, the stamp duty due is the rental amount multiplied by 0.048. For leases of more than one year to three years, it is the rental amount multiplied by 0.096.

Also you'll have to pay the agent half a month’s to a month’s commission dependent on the lease term.

7. Taking over the property

Check the inventory list to be certain that all items are present, and note if there are any defects. Also make sure that you collect a total set of keys.

Hope you enjoyed reading this Singapore property market article!

Propwise.sg, a top Singapore property blog, is devoted to helping you understand the real estate market and make better calls. Visit us to read more Singapore property market articles.