When Geraldine* was told by her landlord that the rent for their five-room flat was going to be increased by 60 per cent, she was shocked to say the least.
With the end of the one-year lease term coming up this year, Geraldine told AsiaOne that she had casually asked the landlord about his plans for the unit before the two-month notice period on the lease.No reason was provided for the increase either, which would push the figure close to the mid four-figures. "That's like a condo [rental] price."
She doesn't believe that it's a tactic to drive them out of the home, maintaining that they had been "very good tenants" thus far with no complaints coming from the landlord. "The rental market has just gone bonkers," said an exasperated Geraldine who believes others might be unaware of the situation.More young Singaporeans considering renting and flat sharing as they find current property prices too high
He attributed the spike to a short supply of ready properties due to the delays to some build-to-order HDB and condominium projects. He conjectured that a higher demand due to the return of expatriates to Singapore could also have added to rental demand. The news definitely leaves tenants like Geraldine and her husband seemingly at the mercy of their landlords.Explaining why they made the decision to rent in the first place, she shared: "You always think you have options when you rent."
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Source: IndependentSG - 🏆 9. / 63 Read more »