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Singapore Rent Price Guide: Finding Your Perfect Flat in 2024

Living in Singapore, which is affectionately known as the Lion City, comes with its perks - vibrant culture, excellent world-class infrastructure, bustling economy and a high standard of living. However, it's no secret that the cost of living in this bustling city-state can be steep, particularly when it comes to rental prices. For newcomers and seasoned residents alike, navigating the rental market can seem like a daunting maze. In this comprehensive guide, we'll delve into the intricacies of Singapore's rental market, helping you navigate through the myriad of options to find your ideal home sweet home. 

Is it Expensive to Live in Singapore?

Singapore is often ranked among the world's most expensive cities to live in, and for good reason. The Economist Intelligence Unit's 2023 Worldwide Cost of Living Survey recently ranked Singapore as the 5th most expensive city in the world. Compared to global metropolises like New York or London, Singapore might seem more budget-friendly. However, it's not exactly cheap. While the cost of living can vary depending on your lifestyle and preferences, housing expenses, including rent, typically form a significant portion of one's monthly budget. 

Top 10 positions in terms of rental affordabilitySource: World Economic Forum 

What is the Average Rent Cost in Singapore? 

The average rent cost in Singapore can vary widely depending on factors such as location, amenities, property type, and size. As of 2024, the average monthly rent for a one-bedroom apartment in central areas like Orchard Road or Marina Bay can range from SGD 2,500 to SGD 4,000. In contrast, rentals in suburban areas like Woodlands or Jurong may be more affordable, with prices averaging between SGD 1,500 to SGD 2,500 per month. 

Popular Estates for Renters 

Deciding where to live depends on your priorities. Certain estates in Singapore are perennial favourites among renters due to their convenient location, amenities, and vibrant community atmosphere. Bustling Central Singaporeremains popular for its convenience and proximity to workplaces. Families often favour mature estates like Bishan and Toa Payoh for their amenities and schools. Trendsetters flock to Robertson Quay and Tiong Bahru for their vibrant nightlife and unique atmosphere. Areas like Tiong Bahru, Bukit Timah, and Holland Village are known for their eclectic mix of shops, cafes, and cultural landmarks, making them highly sought-after by both locals and expatriates alike. Consider your needs and explore different neighbourhoods using resources like Clicks® for virtual tours and reviews. 

What Makes a Place More Expensive? 

Several factors contribute to higher rent prices in certain areas: 

  • Location: Proximity to central business districts, major transportation hubs like MRT stations, and amenities like parks and prestigious schools drives up demand and prices. 
  • Property Type: Condominiums generally command higher rents than HDB flats due to perceived exclusivity and amenities like swimming pools and gyms. 
  • Property Key Features: Properties with sought-after features such as waterfront views, high-end facilities, and proximity to green spaces tend to command higher rents. 
  • Floor Area: Larger apartments naturally cost more. 
  • Furnishing: Furnished apartments attract a premium, catering to convenience-seeking renters. 

Why are Singapore Rental Prices So High? 

There are several factors contributing to Singapore's high rental prices and here is why: 

  • Limited land: Singapore's small landmass restricts housing supply, pushing prices up due to high demand and high population density. This contributes to the scarcity of housing options, leading to increased competition and higher rental prices. 
  • Strong economy: Due to the city-state's status as a global financial and commercial hub, it attracts a steady influx of expatriates and foreign talent, further increasing demand for rental properties. 
  • Government policies: Certain policies, like the Additional Buyer's Stamp Duty (ABSD), discourage property speculation, making renting a more viable option for many. 

Which Area in Singapore is Cheapest to Rent? 

Rental prices vary significantly across different regions. While central areas are pricier, more outlying areas like Sembawang, Punggol, Sengkang and Jurong East offer relatively lower rents. These suburban neighbourhoods boast a range of HDB flats and condominiums at relatively lower price points, making them ideal for those looking to stretch their rental budget. However, remember that affordability is subjective and depends on your specific budget and preferred lifestyle. 

What is the Minimum Rent in Singapore? 

There's no legal minimum rent in Singapore. However, HDB imposes minimum rental benchmarks for its flats to prevent exploitation. In Singapore, the minimum rental period for private residential properties is typically six months to one year, depending on the landlord's preferences and tenancy agreement. HDB flats, on the other hand, have a minimum rental period of one year, with options for longer leases available. Remember, the cheapest option isn't always the best; consider factors like safety, convenience, and access to amenities when making your decision. 

Find Your Best Property to Rent in Clicks®, Clicks® is Much More Than This 

Now equipped with valuable insights, it's time to discover your ideal Singaporean abode. Look no further than Clicks®, your ultimate destination for all your rental needs. Clicks® transcends the traditional listing platform, offering a comprehensive suite of features designed to streamline your property search experience. Here's why Clicks® should be your top choice: 

  • Diverse Listings: Explore an extensive range of properties, from cosy HDB flats to luxurious condominiums, spanning various locations across Singapore. 
  • Seamless Search: Utilize powerful filters and intuitive search tools to pinpoint properties that align perfectly with your preferences and budget. 
  • Engaging Community: Connect with fellow renters, landlords, and industry professionals to exchange insights, seek advice, and stay informed about the latest trends. 
  • Virtual Tours: Immerse yourself in potential properties through immersive 360° virtual tours, allowing you to assess them from the comfort of your own home.
  • Expert Resources: Access a wealth of informative articles, guides, and expert advice to navigate the rental landscape confidently.
  • More Than Just Rentals: Clicks® serves as a dynamic community platform where you can network, attend events, and access valuable resources like mortgage tools and legal advice. 

With its user-friendly interface, extensive database, and vibrant community, Clicks® simplifies the process of finding your dream home in Singapore. Whether you're a seasoned renter or a first-time tenant, Clicks® provides the tools and support you need to make informed decisions and secure your ideal rental property. So, why wait? Head over to Clicks® today, explore its diverse listings, engage with the community, and embark on your journey to finding your perfect piece of the Lion City! 

This article is brought to you by Clicks®.

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