According to rental data for the fourth quarter of last year, the average monthly rent in central Singapore in December 2022, compared to the same period in 2021, saw an overall 29.7% rise in rents.
According to local real estate agents who spoke to Singapore Eye, the current rent for a HDB flat in a non-popular location in Singapore was only S$1,500 eight years ago, but has now doubled to just over S$3,000.
Some have also reported that while once you could get a good flat in the heart of Singapore for S$5,000, now you can't necessarily get one for S$7,000.
Singapore Eye checked through rental apps and found that at the current rent, a HDB flat in the central area costs S$6,200 a month and a flat can cost up to S$11,500!
On the HDB website, there is data showing that in December 2022, a 4-bedroom flat in Seng Poh Road was rented for S$6,200 a month, making it the highest monthly rent for a HDB flat last year.
Singapore rents have risen for 11 quarters in a row, with a 100% price hike and a rush! Tenants are complaining that not only can they not afford to live there, but they may also run into strange landlords
If we look at the median value, HDB rental and sale prices in the fourth quarter of 2022 will fluctuate between S$2,200 and S$4,200 per month, with the highest rents in Queenstown and the lowest rents in Hougang.
Singapore rents have risen for 11 quarters in a row, with a 100% price hike and a rush! Tenants are complaining that not only can they not afford to live there, but they may also run into strange landlords
It's not just HDB rents that have gone up, flat rents have also gone up at an alarming rate. According to Singapore's property websites (99.co and SRX), flat rents will increase by 34.4% in 2022 compared to 2021!
Previously, Singapore Eye had launched a survey on rents on the app, as a way to find out how much everyone's rents have gone up and how much their wallets have taken on ......
Singapore rents have gone up for 11 quarters in a row, with a 100% price hike and a rush! Tenants are complaining that not only can they not afford to live there, but they may also encounter a landlord to blame
Of the survey participants, 42.22% said their rent had gone up by 10% to 30%, but they could afford it. 28.89% said their rent had gone up by about half!
The worst offenders are the 13.33% of people whose rents have gone up by more than 70%, making them unbearable for both their wallets and people.
Not only are the rents getting more and more outrageous, but the landlords' rental conditions are also getting more and more bizarre. "You can only do laundry once a month", "No cooking", and "You have to clean the landlord's room" ......
Some netizens said they or their friends have also encountered such "odd" landlords.
One person said: "It's like being in prison. The landlord rented me a room when he could have imprisoned me.
Often, renting a room is inevitable for people working in a foreign country, but the kind of landlord you meet is a matter of luck. On this note, Singapore Eye reminds all renters to sign a contract with their landlord to avoid getting ripped off.
Singapore rents have risen for 11 quarters in a row, with 100% price hikes and a rush! Tenants are complaining that not only can they not afford to live there, but they may also encounter a strange landlord
So what are the pitfalls of renting an apartment in Singapore that you should not step on?
Firstly, when signing a contract, make sure you pay the stamp duty, as a lease without stamp duty is not protected by law! The amount of stamp duty is usually 0.4% of the total rent for the entire tenancy period.
Only the landlord has the right to rent out the property, all sub-letting is illegal.
A 3-bedroom HDB flat can be rented out for one room and a 4-bedroom HDB flat can be rented out for two rooms. There is also a limit to the number of tenants, so you must know how many tenants are already in the property before renting it, and if there are more than six people living there, you cannot report your address.
The minimum rental period for a private house is 6 months and it is illegal to rent a private house for less than 6 months without the permission of the Urban Redevelopment Authority (URA).
Finally, if you are successful in renting a HDB flat, remember to report your address on the HDB website at https://services2.hdb.gov.sg/webapp/SX05AWSPCP/SX05PSPCPLogin.jsp
As most leases in Singapore are renewed every two years, and the current rental market is likely to see further increases in rents.
