Rental properties can be found in various locations on the island, equipped conveniently with its own shopping and entertainment hub, education as well as public transport and healthcare facilities. Private properties, available for rent, vary from conservation shophouses to condominiums and free-standing houses with enclosed garden space and private pools.
Due to the strict rules and regulations, it is not very easy for foreigners to buy property in Singapore. Moreover, some expatriates moved to Singapore for work reasons and do not intend to live in Singapore for the long term. As a result, most expatriates prefer to rent a place instead.
However, there are a few rules and regulations to abide by when renting in Singapore:
1. For private properties, the minimum rental period is 3 months
2. For public properties, the minimum rental period is 6 months
Typically, the lease period in Singapore is 24 months for long-term tenancy. Any lease period of less than 24 months is subject to exceptional acceptance by the landlord.
The standard lease term is for a period of two years and usually comes with a ‘diplomatic clause’ to exit the lease after twelve months’ lease with another two months’ notice, and an option to renew for a further period of either one or two years. At the time of renewal, the rental will be reviewed in accordance to the prevailing market rate.
If you are only planning to rent a HDB flat or an Executive Condominium (EC) before its 10-year restriction period, there are a few conditions that you need to meet:
- The minimum rental period for the entire unit and/or bedrooms is 6 months.
- For foreigners who are non-Malaysian, the maximum rental period per approval is 2 years.
- For foreigners who are Malaysian Citizens, the maximum rental period per approval is 3 years.
- Non-Malaysian non-citizens renting an HDB flat, will be subjected to the Non-Citizen Quota for Renting Out of Flat. This quota is to help maintain a good ethnic mix in HDB estates, in line with Singapore’s desire to cultivate racial harmony.
- Malaysians, however, are not subject to this quota given their close cultural and historical similarities with Singaporeans.
No. of Tenants Allowed:
*Include flat owners, authorised occupiers, and tenants
On HDB website, they have a Market Rental Rates tool that will show you the rate of HDB flats rented out in the past year, which would be really useful for making a more informed decision on whether you’re overpaying in your rental contract
Other Non-Landed Properties
Non-Landed properties refer to condominiums and apartments. In land-scarce Singapore, these types are by far the most common form of private housing. Private condominiums and apartments, where residents share the common facilities and compounds that are managed professionally, are the preferred choice for most expatriates. These condominiums and apartments come in various sizes, ranging from low-rise blocks to high-rise developments.
Properties are mostly leased either partially or fully furnished, subject to the Tenant’s requirements or the existing state of furnishing in the property.
Price Differences Across the City
The difference in prices is best shown by the Woodlands area, which is popular with expats. The average cost of a privately rented studio here is 1,500 SGD (1,100 USD) versus 550 SGD (400 USD) for a bedroom in an HDB flat. Similarly, a 3-bedroom HDB flat will set you back around 1,800 SGD (1,300 USD) a month; a 3-bedroom private rental is around 2,600 SGD (1,900 USD) a month.
HDB Flat Rental Rates
This is the median rent rates by area and HDB Flats:
* Indicates that there’s less than 20 rental transactions in the quarter
Private Properties Rental Rates
Note: All information stated in this article is compiled from various sources and for general reference only. Information stated is subject to changes dependent on market trends. Crown will not assume any liability for any inaccurate or incomplete information, or for any actions taken in reliance thereon.