Wednesday, July 27, 2011

Cheapest places to rent an HDB flat in Singapore

Which are the cheapest towns to rent an HDB in Singapore? And which are the most expensive? What are the average rental prices in Bedok, Bishan, Ang Mo Kio, etc. to rent an HDB? You can consult rent advertisements both online and in printed press but they are not aggregated and the prices you see there are asking prices, not the transaction prices. HDB quarterly publishes median rents of HDB flats in various locations with subletting approvals in a given quarter. Before going into a rental agreement it is wise to check these prices since asking prices are in many cases way higher than the actual transaction prices and you can end up paying a lot more than you should to an HDB flat.

Prices below are median prices and obtained from HDB service here. Median means, half of the flats rented below the indicated rental price while the other half are rented above the indicated rental price. HDB has recently published second quarter 2011 median subletting prices in different HDB estates. According to the transactions in the period between 2011 April and June, below are the median prices for 3 room HDB flat rents by town, ordered from cheapest to the most expensive town. 3 room flat, also known as 2+1, comes with one living room, one kitchen, bathroom and 2 bedrooms usually one of them is a master bedroom with attached toilet. Bukit Panjang, Pasir Ris, Woodlands, Choa Chu Kang and Jurong East are the cheapest 5 estates to rent an HDB followed by Jurong West, Bukit Batok, Geylang, Bishan and Bedok. Not suprisingly Central Area, Marine Parade, Queenstown, Bukit Merah and Kallang/Whampoa are the most expensive places to rent a 3 room HDB flat. Please note that not all estates appear in all tables since in the quarter mentioned, there may not be transactions in a town for a given HDB flat type.

3 Room HDB Flat Rentals By Town (Q2 2011)
Town Median Rental
2 PASIR RIS $1,500
3 WOODLANDS $1,600
4 CHOA CHU KANG $1,600
5 JURONG EAST $1,600
6 JURONG WEST $1,600
7 BUKIT BATOK $1,600
8 GEYLANG $1,650
9 BISHAN $1,700
10 BEDOK $1,700
11 YISHUN $1,700
12 HOUGANG $1,700
13 ANG MO KIO $1,730
14 TAMPINES $1,800
15 SENGKANG $1,800
16 TOA PAYOH $1,800
17 CLEMENTI $1,800
18 SERANGOON $1,800
20 BUKIT TIMAH $1,810
21 BUKIT MERAH $1,900
22 QUEENSTOWN $1,900
24 CENTRAL $2,100

The above numbers also show that there is a great gap between asking prices advertised and the transaction prices. For example I have hardly seen a 2+1 HDB for rent below 2,000 SGD in some property agent infested online sites while the median price there is 1,700 SGD! The message is clear: Negotiate!

Below are the 4 room (3+1) HDB flat median rental prices in Q2 2011. A 4 room HDB flat comes with a living room, kitchen, bathroom and 3 bedrooms (one of them master bedroom and the others are common rooms). 

4 Room HDB Flat Rentals By Town (Q2 2011)
Town Median(Rental)
1 WOODLANDS $1,800
3 CHOA CHU KANG $1,950
4 BUKIT TIMAH $1,950
5 JURONG EAST $2,000
6 SEMBAWANG $2,000
7 GEYLANG $2,000
8 JURONG WEST $2,000
9 PASIR RIS $2,000
10 HOUGANG $2,000
11 BEDOK $2,000
12 BUKIT BATOK $2,000
13 YISHUN $2,000
14 PUNGGOL $2,100
15 SENGKANG $2,100
16 TAMPINES $2,100
17 SERANGOON $2,100
18 ANG MO KIO $2,200
19 BISHAN $2,200
22 CLEMENTI $2,300
23 TOA PAYOH $2,300
24 QUEENSTOWN $2,400
25 BUKIT MERAH $2,500
26 CENTRAL $2,500

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