How changing rental market is affecting the...property agent, tenant, landlord

How changing rental market is affecting the...property agent, tenant, landlord

SINGAPORE - PROPERTY AGENT

The rental market has been slow for the past nine months, said property agent Jass Tan.

The problem is dealing with unrealistic landlords and picky tenants. It also does not help that there has been a flood of recently completed units available on the market.

"Tenants will always want to choose the new ones. Many units in District 11 (Bukit Timah, Newton and Novena) have been empty for the past six months," said the senior vice-president at Remax Singapore.

Ms Tan said landlords who own properties with a mid-range rental of about $3,500 are more willing to compromise because they have less holding power. The average discount being offered is between $300 and $500.

But rental prices at the prestigious areas such as districts 5, 9 and 10 are more resistant.

She has listings at prime properties such as Reflections@Keppel Bay, Caribbean@Keppel Bay and Sentosa Cove. Landlords in these properties are not willing to budge.

"It is also about expectations. They have a good location and they wait for good tenants," said Ms Tan, adding that this does not stop potential tenants from trying.

But on the flip side, this drives potential tenants to other properties. This year, Ms Tan lost a tenant who found a Jalan Kayu bungalow whose owner cut the rent from $13,000 to $8,000.

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