Nine out of ten Singaporean families are property owners. The rental market in Singapore is almost entirely supported by expatriates living in Singapore.
It is not cheap to rent an apartment or house in Singapore. Accommodation costs can typically amount to 40 percent of household expenditure. The increase in rental prices over the past few years has been caused by a competitive property market and limited supply. However, even with above average rental prices there are many options from which foreigners can choose. These include condominiums, semi-detached terrace houses, multi-story apartment or public housing from the Housing Development Board (HDB).
One of the biggest factors in deciding what type of accommodation is best for you is your budget. Rental costs and availability vary by location and by the size of the apartment. Single, one-bedroom apartments may be cheaper and easy to find, whereas condominiums for an entire family can be more difficult to obtain.
When budgeting for renting in Singapore, it is recommended that you leave yourself a flexible range of $2,000 to $5,000 a month for rental costs (this obviously depends heavily on your requirements). The downtown district of Singapore, Orchard Road, is in general the most expensive area with apartments costing around $5000 for a 1300 sq. foot, three bedroom apartment. Holland Road, Bukit Timah, River Valley, East Coast, Tanglin Road and Orchard Road are all prime residential districts where prices tend to be higher, but there are exceptions. Other districts offer cheaper options. Semi-detached terraces, high-class bungalows, and bigger apartments are the most expensive types of accommodation; rental prices can easily be in the $8,000 to $15,000 per month range.
Public housing, or HDB housing, is the cheapest option with average rentals being in the $1,500 to $2,500 per month range. Explore as many options as you can to ensure you find the accommodation that is right for you before signing a lease. Also note that the above prices are subject to change, so seek the most up to date price information before renting or making any decisions.