Keep yourselves on top of the rent market at the turn of the New Year. If you’re a prospective tenant, it’s useful to learn more about your preferred location, and what trends and benchmarks are.
HDB rental rates
Both non-landed private property and HDB rental rates have been steadily decreasing since January 2016, according to the HDB and non-landed Flash Report December 2016 of Singapore Real Estate Exchange (SRX) powered by StreetSine Technology Group.
In the north-east side of Singapore, District 19, Punggol and Sengkang comes in at the lowest median rent prices for 4-room flats, priced at $1,875 and $1,900 for HDB 4-room flats respectively.
Over at District 23, Choa Chu Kang and Bukit Panjang have a median rental rate of $1,800 for HDB 4-room flats. These two figures already indicate the lowest prices in a journey to the west.
Up north, the town with the lowest overall rental median (including HDB 3-room, 4-room, 5-room and executive flats) is Yishun.
Nearby, for a HDB 3-room flat, Woodlands has the lowest median rate of $1,500, and Yishun takes the runner-up position at $1,550.
Meanwhile, in District 20, Ang Mo Kio’s 3-room rental rates have a median of $1,750, while the equivalent in Bishan stands at $,1900, given the area's closer proximity to the Central Business Districts and Downtown.
Considerations for rental prices
Prospective tenants should keep in mind a set of useful guidelines when negotiating for rental rates.
Sam Baker, CEO of Singapore Real Estate Exchange, recommends the following checklist:
If all seven pointers are in your favour, the deal is done. If pointers 1 through 5 are not satisfied, look at another property. If pointers 6 and 7 are not satisfied, try to assess why is the rent higher than the X-Value or your budget, and try to negotiate the rates down with your landlord.