Whether you’re single or attached, there might be a time in your life where you want to leave your parents’ nest.

You want independence. You want to live on your own.

However, are you financially ready for the costs that come with independence? Is your emergency fund ready? Do you have enough money for the rent? Singapore rents are known for costing a king’s ransom. However, if you’re willing to put in the research and effort to negotiate, you can find many affordable options too.

So, regardless of your budget, you can always find a solution.

Read the article below to find out more about rent prices, how to choose a property that fits, and how to get the lowest rate in Singapore. To end up, we’ll discuss the steps of renting your future home so read along!

How Much Is The Rent In Singapore (Prices)


The Urban Redevelopment Authority in Singapore shows you the prices you can expect depending on the type of property you want and the location. Of course, private properties such as condos and landed houses cost more than HDB apartments, and location is an essential factor too.

Let’s see what you can expect:

Singapore Rent For Condos

The average price per square foot is:

  • $1.66: Woodlands
  • $1.71: Pasir Ris
  • $2.08: Tampines
  • $2.58: Clementi West
  • $3.06 Ang Mo Kio

So, the monthly rent is $2,000-$3,500 for an entire unit/apartment, depending on the apartment’s surface.

Singapore Rent For HDB Apartments

HDB apartments with the same number of rooms are similar in size. By comparison, two three-room private flats can look completely different. Do note that older HDBs tend to be larger due to their designs.

Here’s the thing:

The rent price for HDB flats varies according to their age and location. Mature apartments in or nearby Singapore’s centre will be more expensive, as it’s to be expected.

If money’s not an issue, consider:

  • A jumbo flat
  • An HDB apartment built before the 1990s
  • A maisonette

Security Deposit For Singapore Rent

Apart from the actual monthly rent, you’ll want to consider the initial security deposit.

It’s common in most countries for owners to request a downpayment in case something gets damaged inside the apartment due to the tenant’s actions. Of course, the landlord or landlady will also use this deposit if you miss paying rent for one month.

It is not easy to find an apartment or room that is to your liking. So if you do find one and yet is struggling with the downpayment, you can consider getting a fast cash loan to secure your spot first.

Firstly, the down payment’s value is usually equal to one month’s rent for each year you’re renting the property. If you’re only renting for six months, your deposit will only be half a month’s payment.

Secondly, the owner isn’t legally obligated to put that money in an escrow or a bank account. You’ll have to give them the money directly, and the sum is noted in your rental agreement.

Then there’s the good-faith deposit.

You’ll make this payment to your apartment owner when you give them the Letter of Intent (LOI). If and when you sign the Tenancy Agreement, the apartment owner will use this payment as a security deposit.

You can also consider life insurance that would pay the rent in your place if you get into an accident that prevents you from working for some time. This insurance is essential in families where just one person is working.

Things To Consider When Renting A Property/Room In Singapore

Before renting any property, consider the factors below:

Things To Consider When Renting In Singapore U Credit Licensed Moneylender

1. Your Budget

The first thing that you should consider is your budget.

Setting a budget is an essential step before you try to find a place to rent. You’ll need at least a ballpark estimate according to your income and usual expenses.

If you skip this step, you might fall in love with a property you can’t afford. And we all know that, as always, falling in love pushes people to make impulsive choices.

So, based on a well-established budget, you can decide on the following:

  • Type of property
  • Location
  • Monthly rent that you can afford comfortably, even in case an emergency were to happen

For some who urgently need a place to rent and yet do not have enough cash, they can seek help from U Credit by applying for a quick loan. U Credit is able to disburse cash on the spot should all the documents be collected.

2. Lifestyle

Make sure the property you’re choosing fits your lifestyle choices. For example, some owners don’t allow their tenants to bring pets or to smoke inside.

Here’s a piece of trivia you might find interesting:

Cats aren’t welcome in HDB flats, and neither are some doggie breeds. Here is a list of HDB-approved dog breeds.

Then there are the shared flat limitations. For example, did you know some shared apartments prevent tenants from cooking? They would prefer to keep their kitchen clean and the furthest you can get is probably making cup noodles.

Of course, you’ll have to take into account your co-tenants for everything you’re doing, including things like:

  • Fridge space
  • Guests you can invite at specific times/ number of people you can have over and for how long
  • Where you can put things in your bathroom

Don’t despair, though; you won’t be taken by surprise with a new ninja rule every day. These things are clearly stated from the get-go in your tenancy contract. Sometimes, you will need a little extra help to get the home you need.

3. Space

How much room do you need to feel comfortable? Single people need approximately 500-600-foot apartments, whereas families will need at least double that room.

Of course, include space for specific gear or equipment, such as:

  • Musical instruments
  • Medical devices
  • Sports equipment
  • Work stuff

4. Accessibility

It’s essential to rent a place that’s nearby to all the things that are important for you, such as:

  • Your workplace
  • Your kids’ schools
  • The MRT or bus station(s) that you’re most likely to use
  • The places where you spend the most time, such as malls, parks, cinemas, etc.

Most people take into account those factors, but here’s a detail that’s easy to omit:

The state of traffic during rush hour.

You’ll most likely drive to work or get your kids to school at critical hours in the morning and afternoon. And if there’s a lot of road congestion during those times, you’ll get stuck in traffic.

5. Facilities

Properties in Singapore have all sorts of facilities and amenities that will raise their prices. So, it’s important not to get distracted by additions that sound good but are useless to you. Only pick a property with facilities you can’t leave without if your budget is limited.

Here are the most common facilities you can expect for condos in Singapore:

  • Barbecue pit
  • Gym
  • Playground
  • Pool

6. Furniture

You probably don’t want to sleep on the floor.

A wholly furnished place will cost more than an unfurnished one. However, a furnished unit can be better for you if you’re only renting it for a short time.

On the other hand, unfurnished units are best for families or people looking for long-term rent. It’s best to get a place with no furniture if you plan to live there longer because it’s easier to add personal touches.

Here’s what happens if you’re going for a furnished/ semi-furnished flat:

  • The owner gives you an inventory of all the things inside the home.
  • You’ll double-check all these things together.
  • Write down if you notice existing damage during your inspection.

7. Lease Period

If you want to rent an HDB flat in Singapore, the lease period is six months to three years. Conversely, if you’re going to rent a private property, the minimum lease is three months.

Warning: You can’t rent a property for just a few days or weeks in Singapore. Unfortunately, that restriction isn’t friendly for business people or tourists looking to spend less than three months on the island.

8. Your Future Neighbours

It’s essential to pick a place where you’ll like your neighbours. Unfortunately, if you don’t have connections with the CIA, the Interpol, or at least the Internal Security Department, you’ll have to do your own spying.

Here are a few tips:

  • Visit the place several times throughout the day to see if or when your neighbours are the noisiest.
  • Try and speak with your closest neighbours face to face to see if you’d get along.
  • Ask the owner’s insight.


How To Get The Best Rent In Singapore?

If your budget is limited, you have a few ways of getting a lower rent:

Compare Different Options

The best advice is never to throw yourself full speed ahead in any purchase without checking similar options. So, when you’ve established a budget and an area you’d want to live in, consider different properties within that zone.

Most property websites in Singapore are user-friendly, so you can easily contrast several places within the same area.


Negotiating with the property’s owner is an excellent idea because you’ve nothing to lose – just a significant discount to gain. So, write down all the reasons why you’d deserve a lower rent, such as renting the place for the long term.

If the owner isn’t comfortable with you paying a lower rent, try to persuade them to cover your utility bills. One good argument is that they’ll benefit from tax deductions if they agree.

Use A Referral

The best method is to ask someone who is also renting a room/house or has rented a property before.

If you haven’t decided on a place to rent yet, ask your friends or acquaintances for a recommendation. If you’re strongly recommended by someone who knows you, the owner can agree to a significantly lower monthly rate.

How To Find A Place To Rent In Singapore

Looking for rooms to rent? Finding a property in Singapore is easy if you know where to start:

Property websites:

  • The best websites include:
    • Property Guru
    • co
    • Oh My Home
  • It’s easy to compare different options.
  • You can filter properties seamlessly according to your preferences.
  • It’s easy to get in touch with the agency or the property owner.
  • You can get a better idea of your property by using tools like map view.
  • On the downside, you have to do a lot of research by yourself.


  • Picking a home according to recommendations guarantees that that place suits your style and that the neighbours are okay.
  • You’re getting the inside scoop on the property and owner.
  • The owner can give you a discount.
  • On the other hand, you’ll have to trust the person recommending that place to you, and you won’t be able to make any comparisons.

Property agent:

  • The agent takes care of all the bureaucracy.
  • You won’t have to do any research.
  • However, this option is the most expensive.
Rent Price And DurationAgent's FeesWho Pays It
- Over $3,500
- Two years
-The owner
- Over $3,500
- One year
A month’s rentYou pay half, and the owner pays the other half
- Below $3,500/ month
- Two years
One month’s rentYou
- Below $3,500/ month
- One year
Half a month’s rentYou

Co-living Singapore:

If you are looking for rent a studio apartment in Singapore, you can consider co-living spaces. Co-living spaces mean that you get to rent a room with an en-suite bathroom, and only share the living room with other tenants.

The good thing about renting co-living spaces is that it comes newly furnished and fully equipped with furniture. They are usually located near MRT stations as well. This is a great solution if you are planning to rent a studio apartment or for a few months.

For couples who are waiting for their BTOs thanks to the COVID-19 delay, co-living is another suitable option.

Steps To Renting In Singapore


The steps to renting your dream home in Singapore are:

1. Look at several properties with your agent or set up meetings yourself with different owners.

2. After deciding on the place you want to rent, send the Letter of Intent and make that good-faith deposit we mentioned earlier.

Tip: If you’re sure you want to rent a specific place, you can skip the whole Letter of Intent part.

3. Pay the rental stamp duty. This charge depends on the length of your Tenancy Agreement:

    • Less than four years: 4% of your total rent
    • More than four years:4% of 4 x AAR (Average Annual Rent)

4. Sign the Tenancy Agreement, but make sure the provisions in this contract are the same as what you’ve agreed when signing the Letter of Intent.

5. Go over the inventory with the property’s owner. While you’re doing that, take notes and plenty of pictures of the items – especially the damaged ones. Remember to inspect the whole apartment or house again to see if something has happened to the place from your initial visit.

6. Ask the property’s owner if they have home content insurance. If they do, this insurance covers the cost of potential damage if something happens to their things.

A Conclusion

Renting your own place is a huge step, which means you have to be extra careful when making the decision. You have to plan your budget, consider the amenities, your neighbours, accessibility, and options.

If you’ve read this far, you now know that it’s possible to rent an affordable place you’ll love in Singapore.

But for that, you’ll have to do a lot of research and some compromises. However, if you’re not ready for those compromises, U Credit can help.

Our personal loans allow you to rent a comfortable place you’ll love. Alternatively, use our low-interest financial packages to hire an expert property agent that will help you get the property you need.

Click here to find out more about us!