Thinking of renting out your room or unit in Singapore?
Renting out your property in Singapore sounds like a tough cookie to crack.
But, if you break it down, it's easy!
If you're a potential landlord looking to do rentals, we'll cover how you can do it in 5 chapters:
We illustrate how your journey as a landlord in Singapore might look like below.
Renting out your room or unit?
Before you begin, confirm that you're eligible to rent out your property, depending on:
- Whether you're renting out a HDB flat or condo/ executive condo
- Whether you're renting out a room or the entire unit
- How long you've owned your property
If you're renting out your HDB flat...
If you're renting out your condo/ executive condo...
How to list your property for rent
Since most property-seekers search for rentals online these days, consider popular online platforms like Carousell, where direct owners like you can put up your first property rental listing free of charge!
If you're ready, start listing your property for rent on Carousell; or, click in for a step-by-step guide to listing your property for rent on Carousell!
How to attract potential tenants
For every day your empty room or unit goes unrented, you’re forfeiting a good amount of passive income.
We’ve got tips to make your rental listing more attractive, so you’ll have your new tenants moving in in no time:
- Important details to include in your listing description
- The best ways to follow up with interested rental-seekers on Carousell
P.S. Wondering how much rent you can ask for?
HDB and URA has useful tools which allows you to benchmark your intended asking price against past rental transactions:
How to arrange viewings
Viewings are not just for prospective tenants to check out your property – it’s also for you to make sure you can entrust them with your beloved home.
Here’s what to take note of when you’re arranging viewings with interested rental-seekers:
- Easy ways to beautify your home for a viewing
- How to screen prospective tenants by asking the right questions (Read more here)
- Individual viewings vs organising an open house
Finalising the transaction and move
We’ve broken down the technical bits into a few basic steps (Spoiler: It’s actually pretty easy to DIY!):
- What to include in the Tenancy Agreement (Here's a template!)
- How to create an Inventory of Contents, and how it can protect you as a landlord
- More tips and tricks, including how to collect the security deposit and monthly rent
Once you’ve settled those, you’re ready to welcome your new tenants into your home!
Frequently asked questions on renting out your property
Do I need a property agent to rent out my home in Singapore?
No, you don't. You can list your property for rent, arrange viewings with prospective tenants, and complete the whole rental procedure without the help of an agent.
Am I allowed to ask for a prospective tenant’s personal information?
Yes. It's common to do a first screening by asking interested rental-seekers for details like their nationality/ work pass type, occupation and rental history.
It's all part of deciding whether they'll make a suitable tenant!
What is a Tenancy Agreement?
The Tenancy Agreement is an official lease contract between you – the landlord – and your tenant.
Pay particular attention and be sure to check that all clauses, caveats or arrangements that you and your tenant have made are included in the Tenancy Agreement.
The Tenancy Agreement is the go-to document should you face any disputes with your tenant.
How much security deposit should I ask from my tenant?
The security deposit is typically a month’s rental for every year’s lease.
For instance, if the rent is $2,000 a month, the security deposit will be $2,000 for a one-year lease, and $4,000 for a two-year lease.
This serves as an insurance fund for you in the case the tenant damages the property.
If the property is kept in a reasonable condition, you should return the security deposit to the tenant at the end of their lease.
Start your landlord journey with us!
By giving someone a new place to call home, you stand to gain the practical, financial benefits of being a landlord as well.
Ready to start renting out?