SINGAPORE has always had a reputation of being one of the most expensive cities in Asia for real estate.
A recent ranking found that the city-state is the region’s third most expensive city to secure a luxury property.
Nevertheless, it leaves many looking at the prospect of living in the city wondering how much it typically costs to rent an apartment or a unit in one of its HDB flats.
For those unfamiliar with Singapore’s rental rates, the figures can be somewhat vague, but local experts have some rough numbers to help you nail the best fit.
According to property website 99.co, rental in the upscale Core Central Region (CCR) and Sentosa could set you back between SG$5,000 (US$3,637) and SG$8,000 (US$5,820) per month.
In other parts of Central Region (RCR), expect to fork out SG$3,500 (US$2,546) to SG$4,200 (US$3,055) per month while if you rent outside of Central Region (OCR), the rate is approximately SG$2,100 (US$1,527) to SG$2,600 (US$1,891) per month.
While the numbers give you a general idea of what you should pay on rent, there will, of course, be exceptions. Proximity to public amenities like an MRT Station, universities, among others, could largely influence the rental rates so it’s no surprise if you see rental for similar units double in the same area.
In Singapore, landlords are allowed to rent out individual rooms if the unit is at least three rooms, making it the most affordable options for those on tight budgets. Depending on the location, prices can range from SG$550 (US$400) to SG$1,200 (US$873).
“As for renting out the entire flat, HDB prices are (currently) almost on par with condo prices in the OCR,” the property website said.
“This is because Singapore’s rental market has softened considerably over the past three years. In the more central and mature districts, HDB flats can rent out for around SG$3,000 a month (US$2,182).”
However, the website pointed out that this is due to unusually low rental rates for condos in the market.
“The price gap between condos and HDB flats is historically much greater.”