Studio for rent in Singapore–Is the price now worth it?
What happened to the $1,000 rental for a studio apartment in Singapore? How can you even go about deciding whether to get a studio apartment?
Everyone seems to be in the market for finding a cheap studio apartment for rent. But, getting a cheap studio for rent in Singapore nowadays isn’t a walk in the park. Rental rates in Singapore are now at an all-time high, with no signs of stopping soon. You’d be lucky if you could settle into a studio apartment with a kitchen for rent in Singapore for less than $2,000. But is the high price tag worth it? Here’s what we think.
Studio Apartments in Singapore: The Shoebox Apartment
A typical studio for rent in Singapore ranges between 204.5sqft and 366sqft in size. But with the real estate market on a tear, and rental prices for rental rates at an all-time-high, it bears a re-thinking before you sign the lease and sink the deposit in for a studio for rent in Singapore, especially if you need more space. Some say that 250sqft of space is the minimum to ‘live in comfort’ for one person.
But 250sqft isn’t really much to work with, despite the plethora of space-saving tips for studio condo rentals. We think 300sqft is already snug. Don’t forget, you have all your belongings to store: books, knick-knacks from your travels, work documents. And it’s not the best impression to make when you have the clutter coming through your virtual background during your online business meeting.
Unless you’re a true minimalist, you can’t really run away when it comes to apartment sizes, even if the layout is ideal. After all, one square foot is one square foot.
Studio Apartment Rental Singapore — Who is it for?
For those who only need privacy, forget it.
Like most things in life, it’s all about what you need. If you don’t really need the space, but still need the privacy, you should consider getting a one-bedroom rental unit in Singapore instead of a whole unit for rent in Singapore. After all, the lowest price you can get for a studio for rent in Singapore is around $2,200, while a one-bedroom rental goes from $900 to $1500. At the very least, you get to shave 20% to 30% off your monthly rental.
If you’re a business traveler or digital nomad staying long term, you’re better off with a one bedroom for rent too. Hotel rooms are much more expensive. Those would set you back by $200 to $600 per night, amounting to $6,000 to $18,000 a month.
For those needing extra space, consider it.
A whole 1-bedder unit is going to cost you extra. So if you can make do without a living room or a study area, a studio apartment would be perfect. And you still get your privacy since you’re not sharing any of the living spaces or working spaces with anyone else. Just imagine a place free of noisy shared spaces.
Also, if you’re lucky enough, you might just be able to get a studio apartment with kitchen for rent in Singapore. So you can still indulge in your favourite home-cooked meals with a proper, fully-equipped kitchen.
What’s Next for Studio Apartments in Singapore
But further down the road, you can expect to see roomier accommodation options for Singapore condo rentals and serviced apartments. The Urban Redevelopment Authority (URA) imposed new size restrictions on Singapore condos outside the Core Central Region in January 2019.
Previously, the maximum number of units allowed in a development was calculated by dividing the total Gross Floor Area (GFA) by 70 square metres. Now, developers have to divide by 85 square metres. In some areas, it goes up to 100 square metres. That, in essence, forces developers to build fewer units in a development, which theoretically means that developers should be building bigger apartments to maximise land use.
But it’ll be a while before those come into the market, because the new rules only apply for new development applications from 17 January 2019. Plus, new developments are only recently picking up construction, so new condos with larger studios will take a while more before they come into the market.
Get a studio for rent in Singapore, no agent included.
MetroResidences’ Singapore serviced apartments and residences are perfect for your next business trip. We have a wide range of serviced apartment options across coveted locales such as Raffles Place, Orchard Road, and Arab Street.
All our serviced apartments are conveniently located, with hassle-free access to public transport. It all comes fully furnished too, with amenities like wi-fi, air-conditioners, and even fully-equipped kitchens.
