Best Advice When Renting in Singapore

Best Advice When Renting in Singapore

You may be moving into the Singapore area or preparing to rent your first property. Perhaps you have rented property in Singapore in the past and have not had the best experiences. Exploring the rental market and attempting to find the right place to call home for the next few months or years can seem overwhelming, and you may be looking for some valuable tips and great advice to help you reach the best outcome. This advice can help you to find the right rental property in Singapore.

Do Not Feel Pressure to Sign a Lease Immediately

The rental market in Singapore is currently very active. Singapore is by all accounts a bustling metropolitan area, and there is always competition for rentals. However, with the real estate sales market declining, many people are choosing to rent versus buy right now. With this competition, you may feel some pressure to sign a lease immediately. A landlord or real estate agent may tell you that a property that you are interested in may not be available tomorrow. This may be true, and there are no guarantees that a property will still be on the market even in a few hours. However, if you are not ready to sign a lease yet or if you are not sure if the property is right for you, it is best to hold off and keep looking. Remember that other units will be available to you in the future.

Think About All of the Property Types Available

Another tip is to think about all of the different property types available for rent. Many who are looking for a space to rent may only think about apartments. Apartments are a popular option, and there are many apartments to choose from. In addition, you may also consider looking for condos for rent as well as a house rental in Singapore. When you expand your search to include more property types, you may have access to more listings that closely meet your needs. Plus, condos and houses may offer benefits that apartments do not. For example, a house rental may include a small backyard or even a private garage.

Consider Signing a Long Term Lease

You may also think about signing a long term lease. The lease term that you select should first and foremost be suitable for your future plans. If you plan to get married, have kids or make other changes to your living arrangement in the near future, a long term lease may not be ideal. You do not want to be locked into a lease term that is not ideal for you. However, if you do not have major plans within the next year or two, there may be benefits to signing a long term lease. First, you can lock in a rental rate and will not have to deal with adjusting your budget to accommodate a higher rent payment soon. In addition, some landlords may offer a slightly lower rent or a lower deposit if you sign a longer lease.

The rental market in Singapore is very active, but there are many great properties to choose from. Keep these tips in mind as you search for the right property to move into.