In most cases, a person’s rental payment is a large expense in their budget. In an expensive rental market like Singapore, the monthly rental payment may be the largest expense by far, and many people who are searching for rental property in Singapore are looking for an affordable option. Structuring an affordable rental payment can make your life easier throughout the entire length of your lease term, and there are different ways that you can more easily find an affordable place to live.
Explore All of the Options
If you are like many others who are looking for a great place to live in Singapore, you may be looking for a cheap studio apartment with a rental payment that is manageable. However, there are other affordable options to consider besides a small studio unit. For example, a small condominium or even an HDB flat may be more affordable in some cases than a studio unit. There are different options on the market at various times, so there is not one specific type of unit that is always most affordable. It is best to expand your search to include more property types so that you do not overlook a great deal.
Consider Getting a Roommate
Another idea that may work great for you is to get a larger unit and to take on a roommate. The price difference between a one and two bedroom apartment may be minimal, and this means that splitting the rent in half for a two bedroom apartment or condo unit may be much more cost effective than paying the rent for a one bedroom apartment by yourself. You can research the options carefully, and consider asking a friend who is also looking for an affordable place to live if he or she is interested in rooming with you. Sharing the rent payment with a family member, such as a sibling or cousin, is another good option. This structure can help you to save a lot of money on your monthly rent.
Think About Commuting
The rental rates throughout Singapore can vary, and some areas have far more affordable rental rates than others. You may be trying to find a place to rent that is close to where you work. However, if you work in an area that has high rental rates, it may be a better idea to commute. You can look at more affordable areas of Singapore that may be near the MRT. This way, you can save money on your rental payment without being inconvenienced by a long, cumbersome commute to work each day.
Finding a rental property in Singapore that is affordable can seem impossible in some cases. Often, people feel this way when they have narrowed their options too drastically and are not thinking outside the box. You may consider expanding your search criteria and location as well as thinking about roommates and other creative structures to find an affordable place to live in Singapore.