Free gym! Spa pools! Concierge services and round-the-clock security! If your dream rental is one that connects you to all of these facilities, you’ll definitely want to be looking at condos for rent in Singapore.
Whether the condo for rent is advertised by an agent or direct owner (yes, even owners are DIY-ing it), you can still go through the tenant renting process without engaging a professional.
We’ve put together a guide to bring you through how to rent a condo on your own, whether you’re looking for a room or an entire unit:
How to rent a condo in Singapore on your own?
- Search for condos for rent
- Ensure you’re getting the best rental rate
- View the condo (and the neighborhood!)
- Draft a Letter of Intent (LOI) and pay the Good Faith Deposit
- Sign the Tenancy Agreement
- Pay the Rental Stamp Duty
- Do an inventory check
- You’re ready to move in!
Ok, before you start, step 0 is to make sure you’re eligible to rent.
You have to be either:
- a Singapore Citizen
- a Singapore Permanent Resident
- a non-citizen legally residing in Singapore possessing either an Employment Pass, S Pass, Work Permit, Student Pass, Dependent Pass or Long Term Social Visit Pass
That’s quite a mouthful, but basically, that’s almost everyone except tourists. Sorry, tourists.
1. Search for condos for rent in Singapore
To make your search easier, we’d recommend that you to create a list of your needs and wants for your new home:
- Location: Must it be near the MRT station? If it’s not, is there a bus that’ll take you directly there? How long will it take to get to your workplace?
- Home features: Is there air-conditioning? Is it fully furnished?
- Condo facilities: Some condo gyms are open 24/7, while others close at night. What about play areas for the kids?
Now that you’ve got a clearer idea of what you’re looking for, let the search begin!
Looking on Carousell? Apply the various filters to easily optimize your search for condos for rent in Singapore:
2. Ensure you’re getting the best rental rate
Of course, budget is a big part of renting, since it’s going to be huge monthly expense.
It’s also essential for you to find out how much rent you should be paying as compared to other tenants, so you know that you’re not being overcharged.
Enter this Urban Redevelopment Authority (URA) e-service, which keeps a record of all condo rental contracts in Singapore:
URA has segmented them according to project names or postal district. In just a few clicks, you can find out what other tenants are paying!
Here’s a tip: If your priority is keeping to the lowest budget possible, consider being slightly (just slightly!) flexible about location.
For instance, 3-room condo units in Villa Marina in Siglap were rented out for an average of $3,270 in 2019. A 10-minute walk away (albeit further off the main road), a similar-sized 3-room condo unit in Park East goes for an average of only $2,875.
But if that’s something you can live with (or live in…), you could be saving an entire $400 a month.
3. View the condo (and the neighborhood!)
One of the most satisfying parts of the rental process: Seeing your potential new homes in real life!
When you contact the landlord or agent to arrange a viewing, some of the common questions you’ll be asked include:
- Your personal particulars (nationality, age, occupation, etc)
- Your intended rental start date and lease period (note that the legal minimum rental period is 3 months)
- Why you’re planning to move
Once you’re in the apartment, try envisioning yourself living there. Take your time to observe and raise any concerns to the landlord or agent.
This is also when you can go into the finer details like whether you’re allowed to hang decorations on the wall.
At this point, you can also negotiate the rental price. It’s worth a try, even if it’s already within your budget!
Tip: You might also want to snap a few photos of the home to help you in your decision-making after the viewing.
If you’re viewing multiple properties, begin each series of photographs with a shot of the front door or of the exterior of the property, so you know where each series begins and ends.
Do also have a look around the condo’s neighbourhood, and take note of important landmarks or amenities such as the nearest bus stop or 24-hour convenience stores (Sometimes, maggi cravings strike at 2am. No shame in that!).
4. Draft a Letter of Intent (LOI) and pay the Good Faith Deposit
Once you’re certain of your new resting nest, it’s time to chope the place by drafting a Letter of Intent (LOI), a document that states your interest in renting.
Be sure to include all terms and conditions discussed in the LOI, especially if you’ve negotiated for any extra stuff, such as additional furniture to be provided or whether guests are allowed.
Here’s a Letter of Intent template to refer to – this will serve as a reference for the Tenancy Agreement, the official document to seal the deal (More on this in a bit!).
Substantiate the LOI with a Good Faith Deposit, usually a month’s worth of rent. This sum can be used as your first month’s rental or as a security deposit once everything is legit done-deal.
This also means your landlord should not be offering their home for rent to anyone else.
5. Sign the Tenancy Agreement
A Tenancy Agreement is a detailed, binding contract between the landlord and the tenant – i.e. you!
This should be provided by your landlord, but of course, make sure all of the lease details are as agreed before you sign on the dotted line.
The Tenancy Agreement should look something like this, detailing both you and your landlord’s particulars, the mode and frequency of payments, and all the nitty-gritty:
Another thing to note is the two types of Tenancy Agreements: joint tenancy or separate tenancies.
In a joint tenancy, you and the other tenants signing the contract are equally responsible for the home. So, if they decide to pull a vanishing act on you, you will be accountable to shoulder the total cost.
On the other hand, separate tenancies means you and the other tenants are signing separate contracts with the landlord, and you’ll only be responsible for your own use of the apartment.
6. Pay the Rental Stamp Duty
You’ll also have to pay the rental stamp duty within 14 days of signing the Tenancy Agreement (or within 30 days if the document is signed overseas).
The rental stamp duty is 0.4% of your total rent across the lease period.
For instance, if you’re renting a condo room for $1,000 for a period of 12 months, the rental stamp duty payable would be $1,000 x 12 x 0.4% = $48.
Tip: If you renew or extend your lease, you’ll need to pay the relevant rental stamp duty again.
7. Do an inventory check
Upon your collection of the keys, make sure that you conduct an inventory check around your new home before making yourself comfortable.
This is an important step in protecting your security deposit!
If your landlord doesn’t provide an inventory checklist, draft one up and document every item in the property. Do also remember to snap a photo of the defects so the landlord can’t hold you responsible for damages you didn’t cause.
Tip: Include even small accent furniture like cushions!
8. And finally… You’re ready to move in!
If you’ve rented a condo unit (instead of a room), you might have to set up utilities for your home.
Start by setting up an account with SP Services, which deals with all of your basic utilities: electricity, water and gas. (Here’s a comprehensive guide!)
Your new rental home
With that said, home sweet home!
Even without a property agent, finding a rental property to call home is just a couple of steps away. Time to start home-hunting on Carousell!