The HDB renectly launched great news for all foreign tenants that are looking for HDB apartments for rent in Singapore. Those that have work or immigration passes that exceed a period of two years will be able to enjoy longer rental periods. This way, they won’t have to worry about where they will leave after a while. But, it is worth knowing that the new changes are not applicable to all foreigners. In the case of Malaysian and Singaporean citizens, the rental period of flats remains the same, and that is three years only.
The new regulation will become active starting with the 1st of January and it gives tenants an extra half of year, in comparison with the old regulation that provided a period of only one and a half year. Thus, now it is possible to enjoy rent for two whole years without a problem, as long as the owned pass covers this period. In order to enjoy this modification, the rental application must be placed starting with the 1st of January, as previous applications will not be taken into account. At the same time, the minimum rental period for an apartment remains unchanged. So, if you don’t plan to stay long in Singapore, you must know that an apartment must be rented for 6 months, at least.
Also, it is worth mentioning that these regulations apply for HDB flat only. When it comes to private apartment or condominium, the rental term has no boundaries as it is an agreement between the owner of the flat and tenant. According to analysts of the property market, the change brought in by the HDB is a very practical and necessary one. Many waited for something like this to happen so that their tomorrow in Singapore can look more secure. Everybody from tenants, to landlords and going to the HDB will now be able to breathe easier, as the burden connected to rental renewals will be diminished considerably. Considering that most foreigners come to Singapore with passes that last for 2 years, the 1 and a half was not enough to provide a secure and peaceful stay in the country.
The chance will also bring positive improvements when it comes to rental commissions as well. In other words, in most cases, it will be possible to obtain a flat by covering a commission that is the rent for just one month. Still, everybody agrees that this change will not diminish the demand for rental flats from foreigners. At the moment, over 43,000 apartments are rented to foreigners alone. And the figure does not include the foreigners that rent just the bedroom of a residence. After all, the change is not something that will change the rental market upside down, as tenants and landlords could always agree on a renewal of the rental contract. It’s just that now, these renewals won’t have to be made so often.
Foreign renters were happy about the change but said that it won’t produce significant changes when it comes to the issue of renting residences. A tenant and landlord can always agree on the starting and termination conditions of a rental contract, so the change contributes very little to this kind of collaborations.
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