Singapore, a paradise of natural and man-made scenic beauty, is home to a large population with diverse global cultures.
Apart from opening up panoramic views for travelers, Singapore is also known for its highly developed market economy. It significantly contributes to the various sectors of international trade. And, consequently, it attracts thousands of entrepreneurs annually.
Visiting Singapore temporarily may seem like an exciting vacation. But settling there is a different thing altogether.
The cost factors for accommodation and living is very different than how it is in the States and most other countries. Since buying property could be a big deal for entrepreneurs and students, the viable option here is to rent a place out.
The cost of renting apartments also varies from place to place. So, if you’re looking to rent an apartment in right now, then do give this guide a read. Because, we’d be giving you a few tips for getting an apartment on rent in Singapore!
1. Search for benefits
If you’re looking to settle in Singapore, then you should know about the benefits included in your compensation packages. These usually includes transportation allowances, housing, childcare and payment of school fees. It will also offer entertainment allowances, and various work-related benefits.
These are a few factors that can greatly reduce the cost of living in Singapore.
And even if you do not have such a package, you can definitely find many alternatives that fit your budget.
One good thing about this place is that it offers you a wide range of choices available at varying prices.
Renting facilities such dance studios or workstations in Singapore can be a hassle. However, online platforms such as Go.Spaces.co can bring you a step closer to beautiful studios at great deals!
2. Determine the location of your apartment
The cost of your apartment will depend significantly on its location. Housings located in more remote areas will cost less. But, an apartment situated centrally in the city could cost considerably more than other parts.
Also, the apartment’s proximity to other places such as schools, colleges, hospitals, malls, and gyms will affect its rent.
What you should do is take your time to decide where in Singapore you want to live. And, choose a rental facility after assessing the average rental cost of that place.
3. Live as a paying guest
There isn’t much difference between having a rental accommodation and staying as a paying guest in a house with the owners. But, there are certain obligations involved.
However, if you are tight on money, this could be a viable option for you.
You can easily rent a room in a private apartment in central districts. These include places such as East Coast, River Valley, and Chinatown. The cost of these rooms in these places can be anywhere between S$800-S$1800.
Monthly room rentals in an HDB flat can cost anywhere between S$500-S$800. The charge will depend on the size of the room and the location of the flat.
4. Going for serviced apartments
Renting serviced apartments in Singapore offers you the benefits of certain facilities and personalized services. These are mainly rented by people who intend to stay in Singapore for a short time. These serviced apartments usually come fully furnished with an in-house pool and gymnasium.
You can get up to 4-bedroom units here with flexible lease terms that can be negotiated on a daily, weekly, or monthly basis.
You can find a large number of service apartments in Orchard, River Valley, East Coast, and West Coast.
The average monthly rental of a single-bedroom unit could range from S$7000-S$14000. The cost will depend on the location and status of the apartment.
Assessing the price of a prospective residence could be tough. However, for getting an idea about rental estimates and rental procedure you can check out this blog post right here.
5. HDB Flats
Renting HDB flats is one of the best options for getting affordable accommodations in Singapore. If you are on a tight budget, then you can go for renting an apartment in HDB flats.
These are government housing flats that are leased to people at reasonable prices. In fact, more than 80% of local Singaporeans live in HDB units.
HDB flats are usually located within close proximity to basic facilities. These include local schools, banks, polyclinics, markets, shopping malls, and libraries. Also, most HDB flats are located close to train and bus stations, which makes transportation easy for you.
However, these apartments will not provide you with the luxuries of swimming pools or gyms.
The standard rental costs for HDB units will depend on the location and the overall size of the unit.
6. Opting for landed properties, private condos or private apartments
If you plan to stay in Singapore for a good while, then you can rent landed properties and private establishments.
Options for long-term settlements and leases include private condos, apartments, or landed properties.
Many opt for private condos in Singapore due to the availability of facilities. These include swimming pools, gyms, tennis courts, and playgrounds. It also allows you to interact and socialize with other residents.
Private condos can be a bit more affordable than renting landed properties. The average rental cost of a 3-bedroom condo in prime areas such as Orchard, Tanglin, Bukit Timah, or River Valley can be manageable. These can start around S$7000 per month and go up to S$15000.
Private apartments are quite like condos. But they usually lack most of the facilities that the latter has. These will not include private pools, BBQ units, tennis courts, etc.
The rental cost of a 3-bedroom private apartment in central areas can cost anywhere between S$5000-S$7000. While those on the outskirts could be rented around S$4000 per month.
Landed properties can include semi-detached houses, terraced houses, detached houses, and bungalows.
These can be pretty expensive compared to other modes of accommodation. The average rent for the luxurious detached 4-bedroom bungalows can cost as much as S$35000. Terraced houses and other semi-detached houses can be more affordable. These can cost about S$8000-S$13000 per month.
Government taxes and revenue in Singapore have affected all economic sectors of this city-state, including housing and rent for expats. To have an idea about more facts and figures, do check out the statistics by clicking on the link.
Things like renting an apartment in Singapore could seem really difficult at first. But with a little information, you could find a wide range of services to suit your purpose.
We hope we were able to provide you with vital insights into the subject matter.
Thanks for reading!
Till next time!
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