Singapore is one of the fastest growing countries in the world. Their economy has grown in leaps and bounds in the last few decades. Today, this country is one of the main hubs for investment. Located in Southeast Asia, this country is an island that has booming tourism and real estate industries. Many people move to live and work in Singapore. For those who are planning to, here is a guide on the cost of rent in Singapore.
There are a number of factors that affect the amount of rent that you would pay in Singapore. One of these is the distance of your house from the city. The closer you are to the main urban areas, the more you will pay in rent. Another factor is the age of the house in which you are living. If it is young, you will pay more than if it were old.
The recreational facilities in your house also contribute to the amounts that you pay in rent. Examples of these facilities are swimming pools, a gym or a movie theater. The quality of furniture and other furnishings in your house also determine the amount of rent that you will pay. Thus, take these factors under consideration before renting out a house in this city.
Average rent for condominiums
Private condominiums are very attractive to people who move to Singapore to live or work. They are attractive because these types of accommodation normally have a variety of recreational facilities such as swimming pools, gyms, playgrounds as well as tennis courts. A 3 bedroom condominium in Singapore that is located close to the main urban center costs between S$7, 000 and S$15, 000 every month. Such condominiums can be found in estates such as Orchard, Tanglin and River Valley.
Average rent for private apartments
These forms of accommodation are similar to condominiums. However, they don’t have many recreational facilities. Moreover, they are often old buildings. A 3 bedroom apartment that is close to the main city rents for S$5, 000 and S$7, 000 per month. If it is far from the city, it will cost S$4, 000 every month.
Average rent for HBD flats
Also known as government flats, HBD flats are ideal for those living in Singapore on a tight budget. It is a common form of accommodation among those who live in Singapore. Over 80% of Singaporeans live in HBD flats. They don’t have recreational facilities. However, they are built next to facilities such as libraries, shopping malls, markets and stations for buses and trains. If it is located close to the main urban areas, a HBD flat rents for S$3, 000 every month. If it is far from the city, it rents for between S$2,000 and S$2,700 per month.
Average rent for serviced apartments
Some people prefer to live in accommodation that is similar to hotels. The services apartments offer a great solution for such people. In these apartments, you can enjoy personalized services. These apartments have recreational facilities such as gyms and a pool. They are 1 to 4 bedroom serviced apartments. A 1 bedroom serviced apartment in Singapore can rent for between S$7,000 and S$14,000 every month. The cost is determined by the quality of materials as well as the luxurious amenities that are available in the apartment.
The amount that you pay in rent in Singapore is often determined by the facilities that you can enjoy in the city. Proximity to the main city is also a major determining factor. Always do some research before renting accommodation in Singapore.