Housing rental at lows?

Posted by Happy Feet (173 days ago)

Have just been informed that we may move from Hong Kong to Singapore sometime next year.
We currently live in DB, Hong Kong and have a great life here and lovely apartment.

We don't yet know our new housing allowance but guess will be able to negotiate a little. Is it often comparable? The same amount but in SG $ ??
Also, how are the leases in SG? If rents are low at the moment and we take maximum budget, will we have to leave next year when they go up?????????

Any experiences?

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Posted by ginger_7 (149 days ago)

I am a housing agent.

Rents in Singapore have been sliding since 4th quarter of 2008 (following Lehman Bro event), and have in general reached bottom now. Rentals now are very affordable - for instance, one is able to obtain a 3br apartment in city area for not more than $3500. only a couple months back, I transacted a 2300sf 4bedder apartment in River Valley for $5.5k (equivalent units probably now go for at least $6k). Obviously, the more renovated or newer the building, the more the rent (3 bedders for new developments, for instance, usually go for more).

Over the past 3 weeks or so, I personally have been receiving calls from expats who have recently arrived (ie new) in Singapore. With the worst of retrenchment over, it seems that companies are starting to hire and probably with the re-organisation within the corporates, many headcounts are being moved into Singapore. Rents in Singapore have more or less bottomed. While the economy remain somewhat fragile, I doubt there will be further downward spiral of rents going forward.

Regards.