LOWERING THEIR ASKING RENT
Real estate agents told CNA that it has become harder to find tenants today, as there are more apartments available in the market.
Last year, they could close a rental deal with just one viewing.
This year, however, they have observed that it takes an average of 10 viewings before they can secure a tenant.
Property agents said they will have to put up the unit for about a month. During the rental peak, it was not difficult for a unit to be instantly snapped up.
Landlords may also need to lower their asking rent to find a tenant, they added.
For instance, a one-bedroom unit near the city centre is being put up for rent at around S$4,000 (US$2,940) per month, about S$500 less than what the owner was hoping for, said real estate agent Daryl Ng.
“We go the extra mile right now to provide more services. Tenants would want to have less hassle, (so) we provide Wi-Fi services and we can also include the utilities,” said Mr Ng.
“It all depends on what they want and what they need, then we come up with the pricing for them. This is what we have opened up, so we have a wider range of tenants.”
Earning less from rent means his client is being pinched from both ends, as she needs the extra income to help pay off the mortgage on her new flat.
