Bloomberg: Rents in SG are going through the roof!

[TheGreatWhite]

Singapore’s Surging Rents Shock Expats and Encourage Scammers​

The city-state’s rental market is so hot, people are snapping up apartments without ever visiting them
By Faris Mokhtar andXiao Zibang
28 June 2022, 5:00 AM SGT

When Canadian expat Michelle went to renew the lease on her three-story house in Singapore in May, her landlord wanted to raise the rent by almost 40%.
Michelle tried to negotiate but the owner wouldn’t budge on the S$10,000 ($7,200) a month asking price. She’s moving her family into a three-bedroom apartment next month.
“I took what I could get,” said Michelle, who asked not to use her full name on concern it may impact her business in the city-state. There’s “a lot of greed at the moment.”
Rents are skyrocketing in Singapore, particularly in the prime accommodation favored by expatriate residents, as surging demand from locals and newer arrivals collides with pandemic-induced delays in supply. Rental prices for the private properties leased by expats are rising on average by 20% to 40%, according to 10 real estate agents interviewed by Bloomberg, though some landlords are even asking for double the previous rent.

Rent Rush​

Average high-end rates have risen by 20%-40% in Singapore

The island’s expats command higher-than-average wages and will be far from the worst hit as the cost of living jumps. But the sharp increases make the city less competitive compared with other financial and business hubs in luring talent to the city.“Singapore will be pricing itself out of being a place where expats can afford to live — it's already expensive but this will be the tipping point for a lot of people,” said Juliet Stannard, director and owner of Citiprop Property Management. “No one can afford a 50% rent increase. This is not sustainable.”

Ulisse Dell’Orto said his landlord wanted to double the rent when he tried to renew the lease on his one-bedroom apartment in central Singapore this year. Dell’Orto, the Asia-Pacific head of Chainalysis Inc., a blockchain analytics company, said he’s trying to negotiate.

In January, the asking price to rent a bungalow in a luxury residential area on Sentosa island shot up by S$11,000 in a day, starting at S$26,000 a month and closing at S$37,000, according to Navin Bafna, an agent at Singapore-based PropNex Realty Pte.

https://www.bloomberg.com/news/feat...rise-surging-prices-put-expats-under-pressure

Agents all huat ah

 

[syed putra]

Once rts is ready, there will be a period of adjustment.

 

[countryman]

Expats in SG are earning big bucks also... And no one is pointing a gun @their head forcing them to work in SG..
What're they expecting? High salaries with cheap accommodation, cheap food, cheap women, cheap entertainment?

 

[winnipegjets]

Not high enough to drive out the CECA Ah Nehs or the Pinoys. Rents need to go up more so that it will take up 40 percent of their income. Then Sinkee huat ah!

 

[TheGreatWhite]

Not high enough to drive out the CECA Ah Nehs or the Pinoys. Rents need to go up more so that it will take up 40 percent of their income. Then Sinkee huat ah!

Whack these cecas jia lat jia lat, charge them sky high prices

 

[LordElrond]

Singapore’s Surging Rents Shock Expats and Encourage Scammers​

The city-state’s rental market is so hot, people are snapping up apartments without ever visiting them
By Faris Mokhtar andXiao Zibang
28 June 2022, 5:00 AM SGT

When Canadian expat Michelle went to renew the lease on her three-story house in Singapore in May, her landlord wanted to raise the rent by almost 40%.
Michelle tried to negotiate but the owner wouldn’t budge on the S$10,000 ($7,200) a month asking price. She’s moving her family into a three-bedroom apartment next month.
“I took what I could get,” said Michelle, who asked not to use her full name on concern it may impact her business in the city-state. There’s “a lot of greed at the moment.”
Rents are skyrocketing in Singapore, particularly in the prime accommodation favored by expatriate residents, as surging demand from locals and newer arrivals collides with pandemic-induced delays in supply. Rental prices for the private properties leased by expats are rising on average by 20% to 40%, according to 10 real estate agents interviewed by Bloomberg, though some landlords are even asking for double the previous rent.

Rent Rush​

Average high-end rates have risen by 20%-40% in Singapore

The island’s expats command higher-than-average wages and will be far from the worst hit as the cost of living jumps. But the sharp increases make the city less competitive compared with other financial and business hubs in luring talent to the city.“Singapore will be pricing itself out of being a place where expats can afford to live — it's already expensive but this will be the tipping point for a lot of people,” said Juliet Stannard, director and owner of Citiprop Property Management. “No one can afford a 50% rent increase. This is not sustainable.”

Ulisse Dell’Orto said his landlord wanted to double the rent when he tried to renew the lease on his one-bedroom apartment in central Singapore this year. Dell’Orto, the Asia-Pacific head of Chainalysis Inc., a blockchain analytics company, said he’s trying to negotiate.

In January, the asking price to rent a bungalow in a luxury residential area on Sentosa island shot up by S$11,000 in a day, starting at S$26,000 a month and closing at S$37,000, according to Navin Bafna, an agent at Singapore-based PropNex Realty Pte.

https://www.bloomberg.com/news/feat...rise-surging-prices-put-expats-under-pressure

Agents all huat ah

Most Sinkies have a spare property to rent out, some more than one. So Sinkies are laughing their way to the bank! PAP is bestest!

 

[eatshitndie]

becumming like sillycon valley where landlords becum greedy.

 

[millim6868]

Knn ,why foreigners n PRs never complain their pay is also rocket high,lol,leeches ,tks tonthe white clowns

 

[searcher1]

Every Foreigner & PR are not here in SG for tourism. Everyone of them here means another true blue local have lost their cushy high paid job.
The only way to whack back is via Rent & Selling Price. Always markup for Rental, for property sale COV 100K ... newly converted Citizen cannot apply BTO this lifetime