{"id":116219,"date":"2020-05-11T11:32:24","date_gmt":"2020-05-11T04:32:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-singapore-expats-seek-rent-cuts\/"},"modified":"2020-05-11T12:06:18","modified_gmt":"2020-05-11T05:06:18","slug":"some-singapore-expats-seek-rent-cuts","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-singapore-expats-seek-rent-cuts\/","title":{"rendered":"Some Singapore expats seek rent cuts"},"content":{"rendered":"


\nSingapore expats are asking for lower rents as they face the prospect of salary cuts amid slower businesses due to the Covid-19 pandemic.
\nClarence Foo, a real estate agent with APAC Realty unit ERA, revealed that he has encountered seven such cases in the past month \u2013 the most number of requests he has seen in his seven-year career, with four being successful.
\nOne such request came from an American woman, who informed Foo via a text message that her salary would be slashed by 20% from 1 May until 31 July. Thereafter, her employer would reassess the financial health of the company, reported Bloomberg.
\nThe executive is paying a monthly rent of $3,400 for a one-bedroom apartment at Tanjong Pagar, near the financial district of Singapore. Her rent was slashed by $250 per month or about 7%.
\n\u201cAt first glance, it isn\u2019t a lot. But over three months, the duration of her pay cut, it\u2019s a substantial saving,\u201d said Foo.
\nFor this year, Singapore is forecasted to sink deeper into recession as its partial lockdown is extended. Wages will be more affected than jobs as businesses try to reduce costs in an economy that is bracing for a sharp contraction, said the central bank last month.
\nAnd although the government has rolled out a slew of support measures, most of them were targeted at Singapore citizens. In April, over $7 billion was given to employers to co-fund the wages of more than 1.9 million local workers, said Manpower Minister Josephine Teo. Some rebates and levy waivers were also provided to help companies meet their obligations to foreign employees.
\nSingapore has one of the most expensive property markets in the world. In 2019, residential rents soared to a three-year, with prices boosted by robust overseas demand. Government data showed that private residential rents rose 1.1% during the first quarter.
\nRead:\u00a0PropertyGuru Property Market Index Q2 2020 Report: How Has COVID-19 Affected the Singapore Property Market?
\nThe city-state\u2019s rental market is usually dominated by foreigners. The country has a very high local home ownership, with about 80% of Singaporeans living in housing development board flats and not private condominiums.
\nAnother real estate agent dealing with expat rent reduction requests is Lester Chen. One expat who is living in a Sentosa Cove apartment managed to have his rent reduced by 20%.
\nSome landlord hold out due to the short supply of the type of apartments they own or since they use their rental income to paying their own mortgage.
\nThose who acquiesce are \u201cwilling to close one eye because at least they get some income instead of ending up empty handed\u201d, explained Chen, from Singapore Realtors Inc.
\nHowever, it is not always the case.
\nIn April, a British man requested for 50% reduction on his two-bedroom inner city apartment, which he rents for $8,000 per month.
\n\u201cThe landlord was shocked,\u201d said Chen. \u201cThere\u2019s no way he\u2019s going to accept such a steep cut.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Some Singapore expats seek rent cuts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore expats are asking for lower rents as they face the prospect of salary cuts...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-116219","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uev","jetpack-related-posts":[{"id":135896,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rent-prices-are-still-sky-high-long-time-expats-are-having-to-consider-drastic-changes\/","url_meta":{"origin":116219,"position":0},"title":"Singapore rent prices are still sky-high. Long-time expats are having to consider drastic changes","date":"April 13, 2023","format":false,"excerpt":"\r Foreign expats in Singapore continue to feel the pain as home rental prices remain high and show little signs of returning to pre-pandemic levels.\u00a0\r \r Source : cnbc.com\r Read more...Singapore rent prices are still sky-high. Long-time expats are having to consider drastic changes","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108739,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-slid-to-second-place-as-best-location-for-expats\/","url_meta":{"origin":116219,"position":1},"title":"Singapore slid to second place as best location for expats","date":"July 5, 2019","format":false,"excerpt":"\r After remaining on top for the past four years, Singapore was dethroned by Switzerland as the best destination for expats to work and live, reported CNA citing HSBC Global Report. Singapore slid to second place while Switzerland jumped seven places to take the top spot. HSBC 2019 Expat Explorer\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104989,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/expat-rents-continue-to-drop-in-singapore\/","url_meta":{"origin":116219,"position":2},"title":"Expat rents continue to drop in Singapore","date":"March 14, 2019","format":false,"excerpt":"\r A new study shows that rental prices in Singapore are now on average US$500 cheaper per month than in 2016. Despite the continuous drop in rental prices for expatriates, Singapore remains in the top 10 most expensive locations for expatriate rents in Asia as it occupies eighth place, according\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114595,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-three-year-high-as-expat-demands-surges\/","url_meta":{"origin":116219,"position":3},"title":"Singapore rents hit a three-year high as expat demands surges","date":"February 28, 2020","format":false,"excerpt":"\r Data from URA showed that rents have increased by 1.4% last year, while the number of leases inked rose to a decade-high 93,920 units. Singapore saw residential rents hit a three-year high in 2019, on the back of strong expatriate demand. Using Urban Redevelopment Authority (URA) data, real estate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59056,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-listed-5th-costliest-city-for-expats\/","url_meta":{"origin":116219,"position":4},"title":"Singapore listed 5th costliest city for expats","date":"June 27, 2017","format":false,"excerpt":"\r \u00a0 Singapore has been ranked as the fifth most expensive city for expats in Mercer\u2019s annual Cost of Living Survey, reported Singapore Business Review. Emerging as the most expensive city in Asia, Hong Kong was surpassed by Luanda to take on the second place as a result of its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-remains-the-best-place-for-expats-hsbc-survey\/","url_meta":{"origin":116219,"position":5},"title":"Singapore remains the best place for expats: HSBC survey","date":"October 12, 2018","format":false,"excerpt":"\r Singapore scored highly in terms of family benefits and overall quality of life. Singapore has once again \u2013 for the fourth consecutive year \u2013 emerged as the best place for expats to live and work, reported Channel NewsAsia citing an HSBC survey. New Zealand came in second, while Germany,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/116219"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=116219"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/116219\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=116219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=116219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=116219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}