We hate to be the bearer of bad news, but the reality is the rental market in Singapore has been heavily affected by post-pandemic shifts, with home rental prices soaring to a new high and showing few signs of slowing down. If you are looking to rent a flat in Singapore to move into at this current economy, it is important to be well-prepared and informed. Here are some tips to help you navigate the rental market maze in Singapore to find your ideal home, especially if you are renting for the very first time.
Before starting your search. It is important to take your finances into consideration. Are you financially ready? Do you have an emergency fund in place? Consider how much you can comfortably afford to spend on rent, taking into account expenses such as utility bills, internet, food and transportation costs. In addition, there are multiple upfront costs when renting a flat in Singapore, such as security deposit, agent’s fee, stamp duty and other administrative charges which may amount to a significant amount.
A common rule of thumb is not to spend more than 30% of your monthly income on your rent to ensure you have enough for other financial obligations.
Singapore can be divided into three sectors - mainly the Core Central Region (CCR), Rest of Central Region (RCR) and the Outside Central Region (OCR).
The CCR is considered the prime and most prestigious part of Singapore. It encompasses the downtown area, including districts like Marina Bay, Orchard, and Tanglin. Properties in the CCR are often characterised by high-end luxury condos, penthouses, and upscale landed homes. The CCR offers proximity to key business districts, iconic landmarks, high-end shopping, and a vibrant nightlife. Due to its exclusivity and central location, property prices in the CCR tend to be the highest in the city.
The RCR lies adjacent to the CCR and includes districts like Bukit Merah, Queenstown, and Novena. This region strikes a balance between central convenience and affordability. RCR properties often consist of mid-range condos, apartments, and older HDB flats. Residents enjoy access to amenities, transportation hubs, and a mix of local and international dining and retail options.
The OCR covers the suburban areas of Singapore, including districts like Jurong, Sengkang, and Punggol. This region offers a more laid-back and family-friendly lifestyle. Properties in the OCR are primarily HDB flats, condos, and landed homes. The OCR is known for its green spaces, recreational facilities, and affordability compared to the central regions. It is particularly appealing to families looking for larger living spaces and a quieter environment.
As you can see, rental rates correlate with the number of amenities. Hence it is recommended to find a balance between affordability and convenience based on your personal priorities.
Property agents can be valuable resources when searching for a flat rental in Singapore. Not only do they have extensive knowledge of the local rental market, but it also saves you time as they can arrange viewings for you based on the properties that you have shortlisted.
According to the Council for Estate Agencies (CEA), there are over 1,118 property agencies with 34,427 certified property agents in 2023. You can pick an agent from any of the top ten largest property agencies in Singapore.
Alternatively, choose agents more local and smaller for a more personalised experience. Here are a few to speak to:
If you are familiar with the process of renting and would like to save the money required for a property agent’s commission, it is extremely crucial to be detail-oriented while viewing a rental property. Keep an eye out for possible defects during inspection and view the property at different times of the day to get an accurate feel of the unit and its surrounding amenities. Take this opportunity to ask the property owner questions about the rental terms, and assess whether it meets your requirements.
Before signing any tenancy agreements, take the time to read through the agreement carefully and ask for clarification on any clauses that you find confusing. Ensure that all agreed-upon terms, such as rental price, duration, and maintenance responsibilities are clearly stated in the contract.
If you find a flat that ticks all the checkboxes except for the rental price, do not be afraid to negotiate! In some cases, landlords may be open to negotiation, especially if the property has been on the market for a while or if the rental demand is lower during certain lull periods. Bear in mind that there are other aspects where you can negotiate, such as the provision of furniture or lower deposit fees.
Once you have verified the property's legality, you can opt to secure it using a Letter of Intent (LOI) alongside a good faith deposit. The LOI documents the verbal agreements and outlines a draft of the upcoming tenancy agreement. It is a way for the property owner to halt their search for other tenants and exclusively engage in negotiations with you.
The good faith deposit, also known as a booking deposit, serves as a down payment demonstrating your serious intent to rent the property. This deposit, typically equating to one month's rent for a 12-month lease or two months' rent for a 24-month lease, reinforces the sincerity of the LOI. Should the lease be finalised, this deposit transforms into either the security deposit or advanced payment for the initial month's rent.
As a precaution, always use traceable methods when transferring the good faith deposit rather than cash. It is advisable to document the conditions for the refund of deposit in writing to prevent any unnecessary disputes.
Let us dive into deeper detail on the ten largest property agencies in Singapore, especially if you are seeking expert help on how to rent an apartment before moving.
Established in July 2000, PropNex Realty Pte Ltd is a leading real estate agency in Singapore. With a customer-centric approach, they offer comprehensive property solutions, including sales, leasing, project marketing, and property management. Their team of experienced professionals guides clients through buying, selling, renting, or investing in real estate. Known for integrity and professionalism, PropNex is a trusted partner in navigating Singapore's dynamic property market.
480 Lor 6 Toa Payoh, #18-01 East Wing, HDB Hub, Singapore 310480
Monday-Friday, 09:00 – 18:00 | Saturday-Sunday, Closed
68208000
ERA Realty Network Pte Ltd is a prominent real estate agency that has been established since 1982. Renowned for its extensive range of property services, ERA offers solutions in property sales, leasing, project marketing, and property management. With a diverse portfolio encompassing residential, commercial, industrial, and international properties, ERA Realty Network stands as a respected and dependable choice for individuals and businesses navigating the complex landscape of real estate.
450 Lor 6 Toa Payoh, ERA APAC Centre, Singapore 319394
Monday-Friday, 09:00 – 18:00 | Saturday-Sunday, Closed
62262000
In the dynamic world of Singapore's property market, Huttons Group stands tall as the Largest Private Real Estate Agency since its establishment in 2002. Serving a diverse clientele that includes businesses, homeowners, investors, property consultants, and real estate developers, Huttons Group embodies excellence in every aspect of the real estate spectrum.
With a team of over 5,300 seasoned professionals collaborating across 8 countries in partnership with Savills, Huttons Group has consistently earned accolades for pioneering innovations and unwavering dedication to client satisfaction.
3 Bishan Pl, #05-01 CPF BUILDING, Singapore 579838
Monday-Saturday, 09:00 – 18:00 | Sunday, Closed
62530030
Founded in February 2000, OrangeTee has emerged as a dynamic and rapidly growing force in Singapore's real estate industry. With a dedicated team comprising approximately 3,200 professionals, including real estate consultants, property management specialists, and IT consultants, OrangeTee is committed to delivering comprehensive real estate solutions to both individual and corporate clients.
Driven by a vision to become the most outstanding and respected real estate enterprise in the region, OrangeTee has cultivated a brand image synonymous with innovation, trustworthiness, value, and service. Their unwavering dedication to customer satisfaction ensures that they not only meet but consistently exceed their customers' expectations.
430 Lor 6 Toa Payoh, #01-01 OrangeTee, Building 319402
Monday-Friday, 9:00 – 18:00 | Saturday-Sunday, Closed
64718888
Founded in 2016 by co-founders Bruce Lye and Benson Koh, Singapore Realtors Inc (SRI) has swiftly risen to prominence in Singapore's real estate arena. What began as a vision to advance their ideas and values evolved into a dynamic agency with a strong presence, now headquartered in the expansive penthouse office at Great World City, leaving behind its roots in the trendy Tiong Bahru neighborhood.
SRI's innovative spirit and dedication to a unified approach make them a standout choice for anyone seeking top-tier expertise in Singapore's real estate market. Whether you're looking to lease or sell a property, SRI's dedicated team of realtors is always ready to provide top-notch assistance for all your residential real estate needs, ensuring an elevated and personalized experience at every step.
1 Kim Seng Promenade #17-10/12 Great World City, West Lobby, 237994
Monday-Friday: 09:30 – 18:00 | Saturday-Sunday, Closed
67090005
With a legacy dating back to 1940, Knight Frank Singapore has been at the forefront of the country's real estate consultancy, shaping the industry, influencing land use, and creating innovative living and working environments. At Knight Frank Singapore, the mission is clear: to create and maximize value for clients through integrated and innovative real estate solutions. They believe in building lasting relationships that empower them to offer personalized advice, always keeping your desired future at the heart of their approach.
Headquartered in London and present in 57 territories worldwide with over 22,750 employees, Knight Frank is a global real estate powerhouse. In Singapore, their diverse team combines individual strengths to deliver exceptional service, guided by a commitment to both professional and personal well-being.
10 Collyer Quay, #08-01 Ocean Financial Centre, Singapore 049315
Monday-Thursday, 9:00 – 18:00 | Friday, 9:00 – 17:30 | Saturday-Sunday, Closed
63727333
When it comes to fulfilling your housing property needs in Singapore, C&H Associates stands as your unwavering professional partner. Whether you're looking to buy, sell, rent, or lease properties, you can trust in their expertise to provide the finest options available. C&H Associates goes the extra mile to reward your trust with valuable offerings like their FREE Deposit Guarantee* and Home Maintenance Program*.
From landed properties to condominiums, apartments, and HDB flats, C&H Associates has you covered with a diverse range of residential options. Additionally, for your business requirements, they excel in finding the perfect office space, retail shop, food court location, or warehousing facility. With C&H Associates, you can count on expert guidance to match your commercial needs with the right property, making them your go-to source for comprehensive property solutions in Singapore.
125A Lor 2 Toa Payoh, #02-138, Singapore 311125
Monday-Friday, 9:30 – 18:00 | Saturday-Sunday, Closed
65331918
Since its inception in 2013, Century 21 Pte Ltd has rapidly risen to prominence as one of Singapore's largest and fastest-growing real estate agencies. With a steadfast commitment to both high training and ethical standards, Century 21 Pte Ltd ensures that its network consistently delivers exceptional service to valued customers. Their dedication to excellence has solidified their reputation as a trusted and top-tier player in the Singaporean real estate landscape, making them a standout choice for all your property needs.
125A Lor 2 Toa Payoh, #02-138 Town Council, Singapore 311125
Monday-Friday, 9:00 - 18:00 | Saturday-Sunday, Closed
62912121
MindLink Groups, a respected real estate company based in Singapore, stands as a beacon of professionalism and integrity in the local market. Specializing in a comprehensive suite of real estate services, including property investment, development, sales, and leasing, they have earned a solid reputation for their unwavering commitment to delivering exceptional customer service. With their strong presence and dedication to excellence, MindLink Groups is the trusted partner you can rely on for all your real estate needs in Singapore.
116 Lor 2 Toa Payoh, #01-162, Singapore 310116
Monday-Friday, 10:00 – 17:00 | Saturday-Sunday, Closed
+6568359991
As the unrivaled global leader in commercial real estate services and investments, CBRE Pte Ltd offers a comprehensive suite of solutions that transcend every facet of the industry. Their services, insights, and data cover all dimensions, enabling them to craft tailored solutions for clients of all sizes, operating in diverse sectors and geographies. With an extensive team of researchers who seamlessly merge local and global intelligence, CBRE Pte Ltd delivers actionable insights and a multi-dimensional perspective that stands unparalleled in the industry.
Whether you're looking to invest in real estate, plan, lease, and occupy properties, design and build, manage portfolios, or transform business outcomes, CBRE Pte Ltd is your trusted partner. With their expertise, they empower clients to make informed decisions and navigate the ever-evolving landscape of commercial real estate.
2 Tanjong Katong Rd, #06-01 Paya Lebar Quarter, Singapore 437161
Monday-Friday, 9:00 – 17:30 | Saturday-Sunday, Closed
62248181
Shawn Kuah is a top property agent in Singapore who has made a name for himself in the real estate industry. He started his career as a Corporate Sales Consultant at Fuji Xerox, then transitioned into a Digital Marketing Specialist, and later pursued a career as a cabin crew for Singapore Airlines. His diverse career journey has equipped him with a wealth of experience, from sales and marketing to customer service and entrepreneurship.
In the real estate industry, Shawn Kuah is known for his friendly customer care and proven ability to guide buyers to obtain the best value for their dream home and assist sellers in a smooth, stress-free sale of their home. He utilises the latest digital marketing tools to perform various ad-marketing campaigns to generate the greatest interest in your listing. His commitment to excellence and adaptability have been key to his success, making him one of the most sought-after agents in Singapore.
450 Lor 6 Toa Payoh, ERA APAC Centre, Singapore 319394
+65 9671 7178
The Prop Guide helps people find their dream home in Singapore. They offer a comprehensive and updated list of properties for sale and rent and helpful guides and tips on buying, selling, renting, and investing in real estate. You will find featured success stories on their website of clients who have achieved their property goals with the help of the website’s professional and experienced agents.
One of The Prop Guide's services is the HDB to Condo Upgrade Program, which helps HDB owners upgrade to private property without renting or paying extra cash. The program is designed to help clients sell their HDB at the best price, find a suitable condo that meets their needs and budget, and manage the transition smoothly and hassle-free. They have many satisfied clients who have successfully upgraded from HDB to condo with the help of The Prop Guide.
808 French Road #06-151 , S200808, Singapore
Mon to Fri: 09:00 to 19:00
(+65) 83330360
Figment is a unique property portal in Singapore that offers curated living in boutique homes. They transform houses into homes by collaborating with local creatives to design fully-furnished co-living suites that are inspired by the culture and heritage of the dwelling, neighbourhood, and city. Figment handpicks exceptional heritage homes across the best cultural districts in Singapore and designs them as clean, comfortable rooms and apartments for you to truly live like a local. Figment is a ‘home for aesthetes’, for the aficionado of the aesthetic and the artistic, and for the culturally curious.
Figment’s Art Houses are artfully designed shophouses, a local heritage building and an emblem of Singaporean identity. These residences offer a unique living experience, allowing residents to live artfully with heritage architecture, vintage furnishings, and original artworks. Residents also get to know the local creative scene with exclusive access to Figment Club House. Figment supports local artists with 15% of rental proceeds going towards artist commissions, fellowships, and residencies. With flexible monthly contracts for central locations minutes from public transport, weekly cleaning, prompt maintenance, laundry, and high-speed WiFi all included, Figment offers a fuss-free, comfortable living experience.
36 Petain Road, Singapore, Singapore
24 hours/7 days a week
+65 8726 2162
BUYCONDO.sg is a leading real estate agency in Singapore that specializes in selling, renting, and buying condos. With over 13 years of experience, the agency has assisted homeowners and landlords in connecting with qualified buyers and tenants to negotiate the best outcomes. Whether you are considering upgrading to a condominium, selling your current property, reorganising your portfolio, or seeking commercial properties, BuyCondo.sg’s expertise aligns perfectly with your needs. They offer comprehensive property management services for property owners to secure reliable tenants, providing a personalised and exceptional experience tailored to your specific needs.
BUYCONDO.sg is not just a property portal; it’s a full-service real estate agency that offers professional market analysis and forecasting, assistance in buying, selling, and managing properties, negotiation for the best price, handling paperwork and legal requirements, and complete support to make informed decisions and achieve real estate goals. They manage all aspects of your property, end to end, ensuring your property investment is firing on all cylinders. From full-service leasing, regular inspections, timely rent collection, comprehensive accounting, tenant screening & selection, and strict and compliant evictions to cost-effective, reliable maintenance and ongoing and regular communication, BuyCondo.sg offers property owners a comprehensive suite of services. Their commitment to professionalism, transparency, and unbiased advice for their clients sets them apart in the Singapore property market.
480 Lorong 6 Toa Payoh, HDB Hub East Wing Singapore 310480
Monday to Friday: 9:00 to 22:00 | Saturday 9:00 to 21:00 | Sunday 9:00 to 18:00
+65 94507545
Yes, foreigners are generally allowed to rent residential properties in Singapore. However, there are specific regulations and eligibility criteria that foreign tenants must meet.
Renting in Singapore is governed by several rules and regulations such as lease agreements, security deposits, stamp duty, and tenant rights.
First and foremost, you need to check your eligibility to rent out your HDB flat. Once that is confirmed, you can advertise your property on various online platforms such as Ohmyhome or PropertyGuru
Renting affordably in Singapore involves factors like location, property type, market demand and negotiation skills. Consider looking for properties in suburban areas (Outside Central Region). Bargaining and searching for promotions during off-peak rental seasons can also help you secure a more budget-friendly deal.
According to CPFB, you are not allowed to pay for your rental via CPF.
According to HDB website, for foreigners who are non-Malaysian and non-citizens, the maximum period per approval is 2 years.
You must gain the approval of HDB before you can legally rent out your HDB flat. Before you sign the Tenancy Agreement, you must apply for their approval. You need to pay a $20 administrative fee, but if you are only subletting a bedroom the administrative fee would be $10.
Most rental agreements in Singapore require a minimum lease period of six months, making it unsuitable for a tourist to rent an apartment for a holiday.
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