As the real estate market in Singapore continues to grow, more and more people are looking for condominiums for rent. In 2023, the rental prices for condominiums in Singapore are expected to remain stable or increase modestly in the first half of the year. However, unforeseen shocks to the economy could drastically change the scenario.
According to recent search results, there are currently over 7,800 condominiums and apartments available for rent in Singapore. The prices for these properties vary depending on location and size, with a 3-bedroom condo in prime districts costing over $5,000 per square foot. As such, it is important for renters to have a clear understanding of the rental market and their budget before making a decision. With the right approach, renters can find a suitable condominium for rent that meets their needs and budget in Singapore’s competitive rental market.
Condominium for Rent Prices For 1 Bedroom
The rental prices for a 1-bedroom condominium unit in Singapore can vary depending on various factors such as location, amenities provided, and the age of the building. Generally, you can expect to pay anywhere from SGD 1,500 to SGD 4,000 per month for a 1-bedroom condo in Singapore. However, it’s always best to check with local property agents or browse property rental websites to get a more accurate idea of the current market rates.
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Hillview Rise
99 Years
535 Units
TOP 2027
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Lentor Gardens Residences
99 Years
530 Units
TOP 2027
Overview of Condominium Rental Prices in Singapore
When it comes to renting a condominium in Singapore, the rental prices can vary greatly depending on several factors. In this section, we will provide an overview of the current rental prices for condominiums in Singapore in 2023.
Rental Prices by District
The rental prices for condominiums in Singapore vary by district. According to PropertyGuru, as of May 2023, the average rental price for a condominium in Singapore is S$5,200 per month. However, rental prices can range from S$1,500 to S$16,000 per month depending on the location and type of condo.
Some of the top districts for condominium rentals in Singapore include Yishun, Pasir Ris, Tampines, Sengkang, and Punggol. These areas offer a mix of affordability, accessibility, and amenities. On the other hand, more popular and upscale areas like Geylang, River Valley, Orchard, Bukit Timah, and Novena tend to have higher rental prices due to their prime location and luxury offerings.
Popular Areas for Condominium Rentals
Some of the most popular areas for condominium rentals in Singapore include Orchard, River Valley, and Geylang. These areas are highly sought after due to their central location, proximity to amenities, and vibrant nightlife. However, rental prices in these areas can be quite high, with some units costing upwards of S$10,000 per month.
Other popular areas for condominium rentals in Singapore include Pasir Ris, Tampines, and Sengkang. These areas offer a more suburban lifestyle with easy access to amenities like malls, parks, and schools. Rental prices in these areas tend to be more affordable, with some units costing around S$2,000 to S$3,000 per month.
Factors Affecting Condominium Rental Prices
Several factors can affect the rental prices for condominiums in Singapore. One of the main factors is location, with more popular and upscale areas commanding higher rental prices. Other factors include the size and type of unit, the age and condition of the building, and the availability of amenities like swimming pools, gyms, and playgrounds.
According to URA, the rental market in Singapore has been heating up due to increased rental demand caused by the pandemic and delays in the supply of new housing developments. This has led to a rise in rental prices, with prices increasing by 8.5% in the first half of 2022. Additionally, the change in lifestyle due to more people working from home has led to increased demand for larger units with more space.
In conclusion, rental prices for condominiums in Singapore can vary greatly depending on several factors including location, size, and availability of amenities. While some areas command higher rental prices due to their prime location and luxury offerings, there are also more affordable options available in suburban areas with easy access to amenities.
Timeline of Condominium Rental Prices in Singapore
| Year | Rental Price (SGD/month) |
|---|---|
| 2018 | 3,400 |
| 2019 | 3,500 |
| 2020 | 3,400 |
| 2021 | 3,600 |
| 2022 | 3,900 |
| 2023 | 4,000 |
The rental market in Singapore has been experiencing an upward trend in recent years, with prices rising due to various factors such as increased demand, delays in the supply of new housing developments, and a change in lifestyle. Here is a timeline of the condominium rental prices in Singapore from 2018 to 2023.
2018
In 2018, the rental market in Singapore saw a slight decline in prices due to the government’s cooling measures and an oversupply of private residential properties. The average rental price for a non-landed private residential property was around SGD 3,400 per month, according to data from the Urban Redevelopment Authority (URA).
2019
In 2019, the rental market in Singapore started to pick up, with rental prices increasing by around 1.2% in the first quarter of the year. This was due to a higher demand for rental properties, particularly in the central region of Singapore. The average rental price for a non-landed private residential property was around SGD 3,500 per month, according to data from the URA.
2020
In 2020, the COVID-19 pandemic had a significant impact on the rental market in Singapore. With more people working from home, there was an increased demand for larger living spaces, resulting in a rise in rental prices for larger units. However, rental prices for smaller units decreased due to a decrease in demand. The average rental price for a non-landed private residential property was around SGD 3,400 per month, according to data from the URA.
2021
In 2021, the rental market in Singapore started to recover from the impact of the pandemic, with rental prices increasing by around 2.2% in the first quarter of the year. The number of condo units rented out in March 2021 was an eight-month high, while condo rental prices increased for the third consecutive month. The average rental price for a non-landed private residential property was around SGD 3,600 per month, according to data from the URA.
2022
In 2022, the rental market in Singapore continued to heat up, with prices rising by around 8.5% in the first half of the year. This was due to increased rental demand due to the pandemic and delays in the supply of new housing developments. The average rental price for a non-landed private residential property was around SGD 3,900 per month, according to data from PropertyGuru Singapore.
2023
As of May 2023, the rental market in Singapore is still on an upward trend, with rental prices continuing to rise. The average rental price for a non-landed private residential property is around SGD 4,000 per month, according to data from PropertyGuru Singapore. However, with the government’s recent cooling measures, it remains to be seen how this will affect the rental market in the coming months.
Application and Offer Process for Condominium Rentals
Application Process for Condominium Rentals
The application process for renting a condominium in Singapore is relatively straightforward. Once you have found a condominium that meets your requirements, you will need to submit an application to the landlord or the landlord’s agent. The application form will typically require you to provide personal information, such as your name, contact details, and employment status. You may also be required to provide references and proof of income.
Once your application has been submitted, the landlord or agent will review it and conduct background checks to ensure that you are a suitable tenant. If your application is approved, you will be asked to sign a tenancy agreement and pay a deposit to secure the rental.
Making an Offer for a Condominium Rental
If you are interested in renting a condominium in Singapore, you will need to make an offer to the landlord or the landlord’s agent. The offer should be made in writing, either by email or by filling out a form provided by the agent.
In your offer, you should state the rental price you are willing to pay, the length of the lease, and any other conditions you would like to include, such as a break clause or a requirement for the landlord to carry out repairs before you move in.
The landlord or agent will review your offer and may negotiate with you to reach a mutually acceptable agreement. Once an agreement has been reached, you will need to sign a tenancy agreement and pay a deposit to secure the rental.
Popular Areas for Condominium Rentals
When it comes to renting a condominium in Singapore, there are several popular areas that people tend to flock to. Here are some of the most sought-after neighborhoods for condo rentals in 2023.
District 11
District 11, located in the central area of Singapore, is a popular spot for condo rentals. This area includes neighborhoods like Newton, Novena, and Bukit Timah. It is known for its upscale living, with plenty of green spaces and easy access to amenities like shopping malls and restaurants.
Yishun
Yishun is a residential town located in the northern part of Singapore. It is a popular area for condo rentals due to its affordability and close proximity to amenities like Northpoint City, a large shopping mall. Yishun is also home to several parks and nature reserves, making it an ideal spot for those who enjoy outdoor activities.
Pasir Ris
Pasir Ris is a coastal town located in the eastern part of Singapore. It is a popular area for condo rentals due to its beachfront location and proximity to Changi Airport. Pasir Ris is also home to several parks and nature reserves, making it an ideal spot for those who enjoy outdoor activities.
Tampines
Tampines is a residential town located in the eastern part of Singapore. It is a popular area for condo rentals due to its affordability and close proximity to amenities like Tampines Mall, a large shopping mall. Tampines is also home to several parks and nature reserves, making it an ideal spot for those who enjoy outdoor activities.
Sengkang
Sengkang is a residential town located in the northeastern part of Singapore. It is a popular area for condo rentals due to its affordability and close proximity to amenities like Compass One, a large shopping mall. Sengkang is also home to several parks and nature reserves, making it an ideal spot for those who enjoy outdoor activities.
Punggol
Punggol is a coastal town located in the northeastern part of Singapore. It is a popular area for condo rentals due to its beachfront location and proximity to amenities like Waterway Point, a large shopping mall. Punggol is also home to several parks and nature reserves, making it an ideal spot for those who enjoy outdoor activities.
Geylang
Geylang is a residential area located in the eastern part of Singapore. It is a popular area for condo rentals due to its affordability and close proximity to amenities like Paya Lebar Square, a large shopping mall. Geylang is also known for its vibrant nightlife and food scene.
River Valley
River Valley is a residential area located in the central part of Singapore. It is a popular area for condo rentals due to its upscale living and close proximity to amenities like Great World City, a large shopping mall. River Valley is also known for its vibrant nightlife and food scene.
Orchard
Orchard is a shopping district located in the central part of Singapore. It is a popular area for condo rentals due to its upscale living and close proximity to amenities like Ion Orchard, a large shopping mall. Orchard is also known for its vibrant nightlife and food scene.
Bukit Timah
Bukit Timah is a residential area located in the central part of Singapore. It is a popular area for condo rentals due to its upscale living and close proximity to amenities like Bukit Timah Plaza, a large shopping mall. Bukit Timah is also known for its green spaces, including Bukit Timah Nature Reserve.
Novena
Novena is a residential area located in the central part of Singapore. It is a popular area for condo rentals due to its upscale living and close proximity to amenities like Velocity @ Novena Square, a large shopping mall. Novena is also known for its green spaces, including Novena Park.
Condominium Rental Market Data
Volumes and OCR
According to the PropertyGuru Singapore Property Market Report for Q1 2023, the median asking rental prices for private homes and HDB reached a five-year high, with an increase of 7.4%. However, the Rental Demand Index declined by 28.1%, while the Rental Supply Index increased by 5.6% QoQ as more projects were completed. This suggests that while there is a high demand for rental properties, there is also an increase in supply, which could lead to a stabilization of rental prices.
ECs and FAQs
The Singapore Property Market Outlook 2023 Overview suggests that prices are likely to stabilize further, and sales are likely to decline amid moderation in price increases. However, the possibility of a price correction cannot be ruled out should economic conditions worsen significantly. Additionally, more first-time buyers may shift their sights to the rental market because of affordability.
Market Insights
The Rental Market in Singapore 2022-2023 report indicates that the rental market in Singapore is heating up, with prices rising 8.5% in the first half of 2022. More locals want to rent after selling their properties. While high rental prices might be unsustainable in the long run, they are there to support rising home prices.
Districts and Property Types
The rental market for condominiums in Singapore is diverse, with options available in various districts such as District 15, District 17, District 18, District 20, District 21, District 22, and District 23. There are also options for HDB resale and rental markets, private condos, and landed property for rent. Executive condos for rent are also available.
Rental Fees and Verified Listings
Rental fees vary depending on the location, property type, and leasehold. Some properties have a 99-year leasehold, while others have a 999-year leasehold. The rental fee for a one-bedroom or two-bedroom condo can range from $1,500 to $4,000 per month, depending on the location and amenities. Property portals such as 99.co provide verified listings for partially furnished, fully furnished, and off-market homes. Remote viewing options are also available for those who cannot view the property in person.
Property Tax and Maintenance
Landlords are responsible for property tax and maintenance fees. Property tax is calculated based on the Annual Value of the property, while maintenance fees cover the upkeep of common areas and facilities. It is essential to discuss these fees with the landlord before signing a lease agreement.
Conclusion
The rental market for condominiums in Singapore is diverse, with options available in various districts and property types. Rental fees vary depending on the location, property type, and leasehold. Property portals such as 99.co provide verified listings for partially furnished, fully furnished, and off-market homes. Remote viewing options are also available for those who cannot view the property in person.
FAQs about Condominium Rentals
Here are some frequently asked questions about renting a condominium in Singapore:
- Q: How long is the typical lease for a condominium rental?
- A: The typical lease for a condominium rental in Singapore is 12 months, although shorter or longer leases may be available.
- Q: What is the rental price range for a 3 bedroom condominium in Singapore?
- A: The rental price range for a 3 bedroom condominium in Singapore varies depending on the location and the quality of the property. As of 2023, the average rental price for a 3 bedroom condominium in Singapore is around $4,000 to $6,000 per month.
- Q: Can I rent a 4 bedroom condominium in Singapore?
- A: Yes, 4 bedroom condominiums are available for rent in Singapore. The rental price for a 4 bedroom condominium will depend on the location and the quality of the property.
