6 Factors That Affect The Rent Cost Of Service Apartment In Singapore

Monica Owen
158 Views Posted by Real Estate December 28, 2022 February 10, 2023

The rental prices for service apartment units in Singapore have increased over the years. It is a challenge to find an apartment that is within your budget. Nevertheless, it is not impossible to find an affordable one if you know what affects the rental costs and how you can use these factors to your advantage.

Here are the factors that affect the rental costs of short term serviced apartment units in Singapore:

  1. LOCATION

Location plays a crucial role in dictating the rental costs for serviced apartments. Usually, areas with access to everyday destinations or different directions can be expensive. It means neighbourhoods in the city or near the CBD tend to be more pricey. On the other hand, those far from the metropolitan areas are much more affordable.

  1. AVERAGE RENTAL COSTS

But it does not always mean you can’t find an affordable serviced apartment in Singapore CBDs. Another factor affecting the rental costs is the average rental costs in the area.

By way of illustration, landlord A leases his apartment for SGD10,000 monthly in a neighbourhood near CBD, whereas landlord B leases her apartment for SGD18,000 in the same area.

Tenants will be more interested in the cheaper apartment rather than the expensive one. Therefore, landlord B may reduce her rental cost to SGD 12,000 or lower to match landlord A.

Locations with tight competition often have affordable rental apartments. It is advantageous to check these neighbourhoods.

  1. CONDITION OF THE APARTMENT

Brand-new apartments tend to be more expensive than older ones. But it also does not mean that older apartments are affordable. Aged yet well-maintained short term apartment rental in Singapore can be a bit pricey. Nevertheless, you will never have to worry about the comfort and safety of brand-new and old but well-maintained apartments.

  1. SIZE

Generally, bigger, multi-storey apartments are more expensive than smaller or studio-type ones. Therefore, if you want to save money, opt for one-bedroom or studio apartments, especially if you live alone.

But what the only apartments available in your desired areas are two-bedroom or two-storey units? The best way to reduce the cost is to look for a roommate! Both of you can live in the apartment and split the rent.

  1. EQUIPMENT AND AMENITIES

Some apartments are bare, while others are completely furnished, meaning they already have furniture and appliances you can use. Meanwhile, tenants buy their furniture and appliances for empty apartments.

A completely furnished apartment is more expensive than a bare one. However, it also saves you money from buying your furniture and equipment and transporting the appliances once you move out of your service apartment in Singapore.

  1. FACILITIES AND SERVICES

Many short term apartment rental units in Singapore have facilities, such as elevators, car and bicycle parking, laundry area, and services, including receptionists and security. These facilities and services also add to the cost of the rental apartments.

These are the factors that affect the prices of service apartments. Make sure you consider these factors when looking for units within your budget.

Coliwoo provides affordable serviced apartment units in Singapore. Visit Coliwoo today.

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