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Real Estate

Real cost of studio apartment in Singapore

Singapore has one of the most successful economies not just in Asia but also in the world. Businesses in Singapore vary from technology to food industry. With many big companies and an influx of investors, there is a directly proportional number of workers. Therefore, it is hard to find a cheap apartment for rent in Singapore. In addition, the small land area of Singapore is the most contributing factor to its high-prices housing option.

This factor makes it hard to find a $1000 rental for studio apartment in Singapore. Developers have learned to adjust to the small land area Singapore has by investing in high-rise buildings making the most out of given land space. Instead of 2-5 people in a certain land area,  these numbers can multiply by building condos. Along with this, other basic necessities such as groceries and other utilities are expensive. In an economy that is currently facing a pandemic-induced recession, how much does it cost to be able to live in the busy streets of Singapore? Can a $1000 rental for a studio apartment in Singapore be enough?

Most young adults struggle to land the perfect job that can afford the best possible housing arrangements and pay utilities. Therefore, let us talk about the real costs of studio apartments in Singapore. Let us compare the two most popular housing arrangements these days: condominiums vs apartments.

The real cost of rental: Condominiums vs Apartments 

Different types of accommodations would have different prices. Prices can also differ depending on many factors such as the age of the property, accessibility, and proximity to other important establishments. However, one thing is for sure. It is hard to find a $1000 rental for studio apartment, let alone a cheap one for rent. That is why before deciding where to live in Singapore, be sure to check all available options. 

Condominiums

Condominiums are widely popular these days. Although it does not cost like a cheap apartment for rent in Singapore, its amenities are enough for it to be one of the most preferred types of housing arrangements. A $1000 rental for studio apartment in Singapore unit would not get you the same perks a condo rental would. In condos, there are usually gyms, swimming pools, allocated parking spaces, and guards that are available 24/7. If you are more particular about these kinds of perks and do not care much about the rental, condominium setups are perfect for you. 

As written above, rentals vary with different factors like age of condo building, accessibility to transportation, and other amenities. However, just to give you an overview, the rental cost of a 3-bedroom condo in prime areas or areas that are closer to the business districts costs around $7,000 per month and can go up to $15,000. These are not even the most luxurious ones, those in more high-end neighborhoods such as Sentosa and Keppel Bay range between $8,300-$13,000 per month. Proximity to business areas is a big factor in finding a cheap apartment for rent in Singapore units or even condos. Therefore, those that are located farther can cost around $4500 to $5000 a month.

Apartments

Nowadays, finding a cheap apartment for rent in Singapore unit is hard. Rates for renting an apartment would vary depending on the design and other amenities. For example, a $1000 rental for studio apartment in Singapore may only be enough for a space with one common room and a private bathroom. You may be able to get a bedroom unit with rentals of $2000 and above.

However, you can get a bigger space with a bigger common room for a more practical price if you are willing to share the apartment with other people. Usually, these kinds of apartments are fully furnished, meaning some basic appliances and pieces of furniture are already available. It is an ideal move to share with other people such as your friend who lives in the same area.

This way, you can divide the rental fees and other utilities making the costs of living a little bit more affordable. These kinds of apartments are often near transportation services where they are really intended to be leased to working people. Thus, being close to transportation makes it more accessible and easier for them to travel.

A 3-bedroom shared apartment in the heart of the city may cost around $5000-$7000. While others farther from the usually most busy streets maybe around $3500 to $4000 depending on the age of the building and other amenities. It is not an easy task to find a cheap apartment for rent in Singapore. That is exactly why you have to think twice before finally deciding to move to your new neighborhood.

Hence, it would still be cheaper to rent an apartment than a condominium. It would be easier to find a $1000 rental for studio apartment in Singapore than a condo. An apartment in the same neighborhood as the condominium with the same unit size and would just differ in some amenities and may cost the same. If you are looking for affordable housing, then opt to look for an apartment.

Make the right decision with us.

Choosing a housing unit is a crucial decision as this is tied with contracts and takes a good amount of our savings. That is why in SRX Property, we can help you plan and look for the perfect arrangement that fits your needs and financial capacity.

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