FOR many years, Singapore has had a reputation for being one of the most expensive cities for real estate.
A recent ranking found that the city-state is the 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 associated with renting an apartment unit or the small country’s infamous HDB flats.
SEE ALSO: Singapore’s residential property prices to be at ‘standstill’ next year
For those unfamiliar with Singapore’s rental rates, the figures could be vague, but local media have given rough numbers to guide your way through to renting a place on the island.
Here are the figures according to property website 99.co.
Core Central Region (CCR) and Sentosa – About S$5,000 (US$3,637) to S$8,000 (US$5,820) per month.
Rest of Central Region (RCR) – About S$3,500 (US$2,546) to S$4,200 (US$3,055) per month
Outside of Central Region (OCR) – About S$2,100 (US$1,527) to S$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 – it’s no surprise if you see rental for similar units double in the same area.
A sky train and track system in a modern Singaporean neighborhood. Source: Shutterstock
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 people with a thrifty budget in mind. Depending on the location, the prices can range from S$550 (US$400) to S$1,200 (US$873).
SEE ALSO: Indonesia, Singapore, Burma among world’s ‘most generous’ countries
“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 S$3,000 a month (US$2,182).”
However, the website pointed out that this was due to unusually low rental rates for condos in the market.
“The price gap between condos and HDB flats is historically much greater.”
