With more couples waiting for their homes to be ready and wanting to move out of their family homes as well as families waiting longer for their home renovations to be completed, more people are taking a look at the rental, co-living and serviced apartment market.
People are also increasingly staying single or could want to move out before they get married as well, to gain independence from their parents.
For illustrative purposes, we will look at two bedroom and two bath units. A two bedder is a good gauge of the rates in the market, as small families can consider squeezing in the apartment, or if couples want slightly larger space than a single bed apartment.
Such apartments suit couples with elderly parents, a family of three or four, or newlyweds (who are looking for a space to rent before their HDB is built).
Read Also: How Avid Renters are Fuelling a Build-To-Rent Property Boom
Properties In The Core Central Region (CCR), Or City Centre
Notable towns in this region: Raffles Place, Tanjong Pagar, Orchard, Novena, Holland, Bukit Timah
Renting a 2 bedroom hdb will cost you:
$45,600 to $72,000 a year
A two bedroom two bath HDB at Pinnacle @ Duxton costs around $6,000 a month. The apartment has a land area of 1,130 sqft and is a seven minute walk to Cantonment MRT, a stone’s throw away to Tanjong Pagar.
You can also rent a smaller unit (700sqft) with two bedroom and one bath at Upper Cross Street for $3,800 a month.
Renting a 2 bedroom condo will cost:
$66,000 to $78,000 a year
V on Shenton, which is 947 sqft is renting at $6,500 a month and is a two minute walk from Shenton Way MRT.
There are certainly condos that are studio sized (500 to 600 sqft) that are renting at about $1,000 cheaper. This includes Eon Shenton’s two bedroom and one bath for $5,500 a month for a 527 sqft unit which is a one minute walk from Prince Edward Road MRT.
Renting a 2 bedroom co-living service will cost:
$55,200 a year
A 2 bedroom apartment at Pearl’s Hill Terrace under Cove costs $4,600 a month and is an eight minute walk to Chinatown MRT. The unit is 530 sqft.
Renting a 2 bedroom serviced apartment will cost:
$208,800 to $215,280 a year
Located along River Valley Road, Fraser Suites offers spacious 1,001 sqft two bedroom and two bath serviced apartment which comes with complimentary Wi-Fi, Nespresso coffee machine, dishwasher, microwave, separate washing machine and dryer and laundry services.
It costs $580 a night, which adds up to $17,400 a month, inclusive of breakfast. A minimum of six nights stay is required.
Park Royal Serviced Suites located at Beach Road offers panoramic view of Singapore’s skyline and East Coast enclave. There are two en-suite bathrooms, separate living and dining areas and a fully equipped kitchenette. There is also a Herman Miller chair, an executive work desk, and daily housekeeping, an iron and ironing board, a personal washer and dryer, room service, and complimentary internet and local phone calls.
It costs $598 per night on Booking.com, and adds up to $17,940 a month.
Read Also: Price Guide To Co-Living Spaces And Serviced Apartments
Properties In The Rest Of Central Region (RCR), Or City Fringes
Notable towns in this region: Chinatown, Queenstown, Bukit Merah, Tiong Bahru, Toa Payoh, Joo Chiat, Geylang
Renting a 2 bedroom hdb will cost:
$44,400 to $60,000 a year
A two bedroom two bath HDB at Jalan Bukit Merah is renting at $3,700 a month for an 800 sqft sized unit. The only drawback is that it is quite old, having been built in 1960s and 1980s. It takes 10 minutes to walk to the MRT.
A newer HDB development at Telok Blangah will cost about $5,000 a month, for a 1,000 sqft unit with two bedrooms and two baths. It is a two minute walk to Redhill MRT.
Renting a 2 bedroom condo will cost:
$72,000 a year on average
The Regency at Tiong Bahru is renting at $6,000 a month for a two bedroom and two bath unit that is 926 sqft. It takes seven minutes to walk to Tiong Bahru MRT from the condo.
For comparison, a 786 sqft unit with two bed and two bath at Principal Garden located at Prince Charles Crescent costs $6,000 a month to rent. It is a nine minute walk to Redhill MRT.
This shows that the rental for OCR for two bedders is quite high, as they are only a few hundred dollars different from if you were to rent a CCR unit.
Renting a 2 bedroom co-living service will cost:
$63,096 to $76,080 a year
At Hmlet Tiong Bahru, a two bedroom apartment at starts from $5,258 a month but it has only one common bathroom. The perk is that it comes with a fully equipped kitchen.
You can also rent a full two bedroom two bath apartment with Hmlet at Principal Garden starting from $6,340 a month. It will have furniture, a washer and ironing set and a fully equipped kitchen.
Renting a 2 bedroom serviced apartment will cost:
$159,480 to $162,000 a year
Park Avenue Clemenceau has a rate of $450 per night ($13,500 per month) and is located near Clemenceau Avenue and next to Fort Canning Park. The two bedroom suite has fully equipped kitchens with modern appliances, WiFi and is a size of between 735 sqft and 862 sqft. There are also the usual features of a serviced apartment including an ironing board, microwave, fridge, rice cooker, and washer and dryer.
Other perks include a fitness centre, barbecue facilities, car park, daily housekeeping, laundry and dry cleaning. There is also Park Avenue Changi, at a rate of $443 per night ($13,290 per month).
Properties In The Outside Central Region (OCR), Or Suburbs
Notable towns in this region: Clementi, Bedok, Tampines, Hougang, Jurong East, Choa Chu Kang
Renting a 2 bedroom hdb will cost:
$39,600 to $42,000 a year
A two bedroom and two bath unit in Clementi Avenue 4, with a size of 721 sqft will cost $3,300 a month. It is seven minutes in walking distance to Clementi MRT.
Some parts of Singapore can offer value in terms of apartment size. For example, a unit at Chua Chu Kang Street is renting at $3,500 a month for a two bedroom and two bath unit that is 1,200 sqft. It is a three minute walk to Yew Tee MRT.
Renting a 2 bedroom condo will cost:
$46,800 to $69,600 a year
The rental rates in the suburbs are competitive, with a two bedroom and two bath 710 sqft unit at The Clementi Canopy at $4,600 a month. It is a 13 minute walk to Clementi MRT.
There are also newer builds, such as Mayfair Modern, with a rent of $5,800 a month for two bedroom and two bath at 689 sqft.
The pricing dips further at further parts of Singapore, such as Hillsta located in Chua Chu Kang at $3,900 a month for a two bedroom two bath unit that is 850 sqft.
Renting a 2 bedroom co-living service will cost:
$60,000 a year
The availability of co-living spaces which are larger in the suburbs is quite rare. Possibly because it is cheaper and more competitive to rent from locals who may be renting out their second homes, instead of in the central area where it is more expensive to own a home there.
After sourcing more than 6 co-living spaces, the only available homes include Casa Mia’s Neptune Court at East Coast/Telok Kurau area of Singapore with single rooms and master rooms individually rented out. It costs $2,500 a month to rent a master bedroom with ensuite toilet. So that’s around $5,000 for one master bedroom and one common room. The limitation to this is that you will have to share the kitchen and the other facilities in the home.
Renting a 2 bedroom serviced apartment will cost:
$220,680 a year
Oasia Residence Singapore by Far East Hospitality is located at West Coast Park at around 750 sqft with two bedroom and two bath, a fully equipped kitchen, free Wi-Fi, cable TV, ironing board, washer and dryer. The stay also includes breakfast. It costs $613 per night, which adds to $18,390 a month. You can enquire if you want to stay more than a month for better rates.
Verdict: Which Rental Type Suits Your Needs?
If you are looking for a location friendly to workplace in the central area, then opt for smaller units in the CCR. If you want a larger unit and condo facilities but are unwilling to fork out more than $6,000 a month, then the RCR will be ideal.
Two bedroom rental property options:
| Core Central Region | Outside of Central Region | Rest of Central Region | |
| HDB | $45,600 to $72,000 a year | $44,400 to $60,000 a year | $39,600 to $42,000 a year |
| Condo | $66,000 to $78,000 a year | $72,000 a year on average | $46,800 to $69,600 a year |
| Co-living space | $55,200 a year | $63,096 to $76,080 a year | $60,000 a year |
| Serviced Apartment | $208,800 to $215,280 a year | $159,480 to $162,000 a year | $220,680 a year |
If you don’t mind the commute and are looking for savings, then the OCR is a great option as it is more wallet friendly and you can even pay slightly more for condo facilities (still cheaper than if staying in central region).
The serviced apartments are if you are looking for shorter stays (minimum six days) and don’t plan to stay for as long as one month as they can get quite pricey. The perks are that there will be services and facilities you can use inclusive of the stay.
You can consider co-living options if you are looking for a move-in ready apartment or rooms. The rates are somewhat competitive to condo rentals in each region, so it is a matter of whether if you like the location and want to manage monthly bills or prefer to make a single payment to the co-living operator to settle everything for you. The flexible three month rental option is also appealing and want to live in a condo at the same time.
Featured Image Credit: SRX, Cove, TripAdvisor
Read Also: Here’s The Salary You Need To Earn To Afford These Homes In Singapore [2023 Edition]
The post Renting VS Co-Living VS Serviced Apartments: How Much Do These Living Arrangements Cost For A Year? appeared first on DollarsAndSense.sg.
0 Mga Komento