If you’re already a renter, you’re probably spending about 30 per cent of your income to cover rent – more if you live in central areas such as Orchard, Holland or River Valley. Rentals within your budget will likely go fast, so you’ll have to act fast. Here are some tips to get you started:
Understand your market
Start your search by seeing how much HDB, condominiums, town houses and landed houses are renting for in your area, and watch how long they stay on the market. Consider your location median rent and its annual change. Also, take note of which rentals seem fairly priced for your market or if they seem way over or under typical rent for the area by consulting with a Ping Property Agent. Our Ping Property agent can give you an estimate of a property’s monthly rent and can help determine whether the price is within the “Rent Range” for the market, and if the price is right for you. The Rent estimate is not a price nor is it set in stone. It is best used as a starting point or general guide to help in discussions with landlords.
Know your budget
To determine what you can afford, make some calculations which factors in your net income, debts and other expenses, then work with a Ping Property agent to generate a list of rentals in your price range.
Be willing to compromise
To stay within your budget, you may need to compromise on your wish list. Apartments, condos or single family homes that have a dishwasher, parking space, washer/dryer and hardwood floors will likely be more expensive than a place with one or two of these features. Just don’t compromise when it comes to a safe building or good location.
Consider living smaller
If you live in an expensive rental market or are just getting started in your career, a studio is a good way to save on monthly expenses. Though they are small, studios are usually energy efficient with lower costs for heating and cooling, and they are often in busier, exciting parts of town with access to public transit. In addition to spending less on energy and transportation, you’ll likely save on furnishing and decorating a smaller place.
Look to the Outside Core Regions
Sometimes living in the city is just too expensive; so check surrounding regions for more affordable rentals. Outside the central core region areas typically have lower rents, which means that you could get more of the things on your rental wish list. Though you will likely have to endure a longer commute, you might save money in the long run, especially if you can use public transportation.
Find a temporary sublet
Though subletting a rental is not a good permanent way to live, it can be a smart way to save money and get to know a new city. Be wary of rent scams and make sure the landlord knows about the arrangement. Keep copies of all documents and communications about the agreement.