How is the rental market now?

[Jaykj]

Hi all,

This is my maiden post in this forum and also quite a novice in investment. Just wondering:-

1) How is the general market now, especially in Bukit Timah/ Dunearn Road area, for a 3-bedder?

I have been marketing my 10-year old 3-bedder good condition and facing unit for the past 2 months but till date, it hasn't been successful. My asking is slightly below market (10% below) rate as I'm interested to attract a bigger pool of potential tenants to select and not too concern with getting high yield. Yet, it seems rather quiet last few months.

Thus I'm quite curious what's the market like now at other areas. I suspect the recent TOP projects like Cascadia, Floridian, Jardin is affecting the rental of older projects like mine but then again their rents are higher.

Any thoughts?

[radha08]

welcome welcome welcome...i have been trying to sell my 7 year old car on sgcarmart for past few weeks...i dropped the price by 10% still unable to sell later today i taking it to a dealer and might have to accept 20% to 30% below mkt price...though NOT my car sale is not related to ur rental...but the theory still the same...

Market is FLOODED with cars and apartments for sale/rent...

good luck...just wait a while a lot of GURUS here to help...they will talk more sense than my NON-sense...

[mcmlxxvi]

Get an agent. You dont have the scale of network.

[buttercarp]

This was spyro's reply to East Lover in another thread
"How long to rent out after collect key for OCR 2 bedder?" dated November 19th, 2012

http://forums.condosingapore.com/sho...=15642&page=49

Hi sis, if u hv a fax machine at home, u can fax ur property profile to
relocation company(google it). Must take pic n do nice nice lah. They hv their
in house staff/agent. N since they r already taking comm from tenant, u can nego
comm with them. 1/2 month they will jiak. This method high hit rate, at least
for me.

Another way is determine ur tenant profile( ur tenant wud come
from nearby offices, companies. So, target a few multi national companies n fax
them. Do take note diff company hv diff financial year( expat normally come in a
new FY). This method see luck. HR good one will KIV ur property

Like i
said, abit of work( i take it as a personal project lor, n quite fun) n save
some $$. With the $$ saved can do up ur house nice nice.

Hope it
helps.


Dun
shoot me hor, my 2

only. thks

[nav14]

Hi all,

This is my maiden post in this forum and also quite a novice in investment. Just wondering:-

1) How is the general market now, especially in Bukit Timah/ Dunearn Road area, for a 3-bedder?

I have been marketing my 10-year old 3-bedder good condition and facing unit for the past 2 months but till date, it hasn't been successful. My asking is slightly below market (10% below) rate as I'm interested to attract a bigger pool of potential tenants to select and not too concern with getting high yield. Yet, it seems rather quiet last few months.

Thus I'm quite curious what's the market like now at other areas. I suspect the recent TOP projects like Cascadia, Floridian, Jardin is affecting the rental of older projects like mine but then again their rents are higher.

Any thoughts?

Advertise in classifieds, open up to any agt who brings the tenant with no exclusive, pay the std commission and you would have got it rented it out within 2 mths if it was really priced 10% below market rate.

[neonexus]

Advertise in classifieds, open up to any agt who brings the tenant with no exclusive, pay the std commission and you would have got it rented it out within 2 mths if it was really priced 10% below market rate.

I also got my shop rented out after 2 months end last year.

But was 15% below asking.

[Jaykj]

Get an agent. You dont have the scale of network.

Hi 1976,

thx for your suggestion. Sorry for the confusion, I have an agent who is marketing for me and has been advertising in pptyguru and ST Class (Wed and Sat) every 2 weeks. Well, pray that response will be better and its due to holiday season

[Jaykj]

This was spyro's reply to East Lover in another thread
"How long to rent out after collect key for OCR 2 bedder?" dated November 19th, 2012

http://forums.condosingapore.com/sho...=15642&page=49

Thx buttercarp for the referral....guess I'm too lazy, that's why engage an agent.

[Jaykj]

Advertise in classifieds, open up to any agt who brings the tenant with no exclusive, pay the std commission and you would have got it rented it out within 2 mths if it was really priced 10% below market rate.

Hi nav14,

the asking is around $5k for most units but I'm asking $4.5k. i did not sign any exclusive but also didnt open to other agent except for 1 other agent friend who volunteerd to look around for me.

[zeamybro]

Hi nav14,

the asking is around $5k for most units but I'm asking $4.5k. i did not sign any exclusive but also didnt open to other agent except for 1 other agent friend who volunteerd to look around for me.

Jaykj - Do you have many viewers so far? If yes, it may be good to ask them for feedbacks via the agents. Sometimes we may be blinded by certain 'push' factors that could be driving our potential tenants away...

[Jaykj]

Jaykj - Do you have many viewers so far? If yes, it may be good to ask them for feedbacks via the agents. Sometimes we may be blinded by certain 'push' factors that could be driving our potential tenants away...

Hi zeamybro, since advertising in mid-Nov, I think only 3-4 viewings. Good idea on asking for feedbacks. btw, what do you mean by `blinded by push factors'?

Thx!

[dtrax]

Hi 1976,

thx for your suggestion. Sorry for the confusion, I have an agent who is marketing for me and has been advertising in pptyguru and ST Class (Wed and Sat) every 2 weeks. Well, pray that response will be better and its due to holiday season

no fear because when you market ur unit in the last quarter, that is usually the low period [hottest period in july/august]. Rental market will then down all the way to yr end. Jan should have better response

[mcmlxxvi]

Hi 1976,

thx for your suggestion. Sorry for the confusion, I have an agent who is marketing for me and has been advertising in pptyguru and ST Class (Wed and Sat) every 2 weeks. Well, pray that response will be better and its due to holiday season

i see, then see how Jan goes. if still nothing u shud chg agents.

[Jaykj]

no fear because when you market ur unit in the last quarter, that is usually the low period [hottest period in july/august]. Rental market will then down all the way to yr end. Jan should have better response

Thx dtrax. That's what I noticed too....in Aug alone, there were 10 rental contracts (highest in a single month), which to me is quite a lot for a 400-odd units condo. So far I only had experience (a previous new condo) finding tenants in the 3rd/ 4th Qtr of the year. So when it comes to renewal, also same period....

[zeamybro]

Hi zeamybro, since advertising in mid-Nov, I think only 3-4 viewings. Good idea on asking for feedbacks. btw, what do you mean by `blinded by push factors'?

Thx!

Oh for example you might have some old/used sofa cushions left behind by prev tenants which may turn viewers off and you rather not keep them .... Or a leaking shower head or tap which your agent has overlooked .... Or certain out-dated chandeliers/lightings which you find nice but may not necc appeal to the mass....

I once had a sea facing unit which i love to open up the balcony doors to let the viewers feel the breeze and enjoy the seaview. But lately there were some nearby construction activities on-going, so i changed my strategy to shutting all the windows, draw the curtains, turn on the aircon and play some classical music to soothen the ambience =) Many a times, the first impression counts.

[Jaykj]

Oh for example you might have some old/used sofa cushions left behind by prev tenants which may turn viewers off and you rather not keep them .... Or a leaking shower head or tap which your agent has overlooked .... Or certain out-dated chandeliers/lightings which you find nice but may not necc appeal to the mass....

I once had a sea facing unit which i love to open up the balcony doors to let the viewers feel the breeze and enjoy the seaview. But lately there were some nearby construction activities on-going, so i changed my strategy to shutting all the windows, draw the curtains, turn on the aircon and play some classical music to soothen the ambience =) Many a times, the first impression counts.

Ah! Got it now :-) Thx! This is my first resale investment ppty, indeed there were some legacy furniture and fittings which came together when I bought the unit lock-stock and barrel + tenancy. Ok, this give me some excuses to exercise my creative ID juices if still can't rent out after 2 more months!

[zeamybro]

Ah! Got it now :-) Thx! This is my first resale investment ppty, indeed there were some legacy furniture and fittings which came together when I bought the unit lock-stock and barrel + tenancy. Ok, this give me some excuses to exercise my creative ID juices if still can't rent out after 2 more months!

Yeps, thats the fun part of being a landlord.

Personally, I do not mind spending some efforts in doing up the house. In fact, i really enjoy the process and feel happy about it. But some may disagree as they only wish to maximize their returns ($) with the minimal efforts. To each his own.

I think Nav14 also enjoys and takes pride in enjoy doing up his/her house =)

[stiook]

Ah! Got it now :-) Thx! This is my first resale investment ppty, indeed there were some legacy furniture and fittings which came together when I bought the unit lock-stock and barrel + tenancy. Ok, this give me some excuses to exercise my creative ID juices if still can't rent out after 2 more months!

Just look at it and see if you would stay there for 2 years yourself... maybe just a fresh coat of paint will already make a difference. And you can already cover this will less than 1 month rental.

[newbie11]

I think d10 is a bit weak for rental now. 3br 4.5k can find at Stevens, balmoral area. Your area face competition from newly completed ones. Construction s not helping too.. If any comfort, jardin is damn jia lak esp ppl paid 1.8k psf.

That said, q4 is low season. Adv every 2 weeks IMO is not frequent enough if u r that Keen. Spend 2k to paint and change furn should improve it.

[Jaykj]

Hi all,

Just a short update. Over the weekend, 3 more groups of people came to view my place and managed to secure 1 of them eventually. Of the 3 groups of people, only 1 fitted my preferred tenant profile and decided to lease to them even though their offer is lower than my asking. Still the new rent is higher than what my previous tenant was paying.

Tenant is renting due to proximity to school and is a local citizen. Not sure if they have secured the place (Primary 1) or child already studying at the school. Due to new tenant already has own furniture and fittings, not much needs to be done except for cleaning. Repainting also not necessary as previous tenant took great care.

Thx for all the advice rendered!

[Ringo33]

Hi all,

This is my maiden post in this forum and also quite a novice in investment. Just wondering:-

1) How is the general market now, especially in Bukit Timah/ Dunearn Road area, for a 3-bedder?

I have been marketing my 10-year old 3-bedder good condition and facing unit for the past 2 months but till date, it hasn't been successful. My asking is slightly below market (10% below) rate as I'm interested to attract a bigger pool of potential tenants to select and not too concern with getting high yield. Yet, it seems rather quiet last few months.

Thus I'm quite curious what's the market like now at other areas. I suspect the recent TOP projects like Cascadia, Floridian, Jardin is affecting the rental of older projects like mine but then again their rents are higher.

Any thoughts?

tenant will come back to Dunearn area when DTL is completed. At the moment, the congestion there is terrible.

[DC33_2008]

Great! It is important to rent to people you are happy with and not just the $. What is the $psf?

Hi all,

Just a short update. Over the weekend, 3 more groups of people came to view my place and managed to secure 1 of them eventually. Of the 3 groups of people, only 1 fitted my preferred tenant profile and decided to lease to them even though their offer is lower than my asking. Still the new rent is higher than what my previous tenant was paying.

Tenant is renting due to proximity to school and is a local citizen. Not sure if they have secured the place (Primary 1) or child already studying at the school. Due to new tenant already has own furniture and fittings, not much needs to be done except for cleaning. Repainting also not necessary as previous tenant took great care.

Thx for all the advice rendered!

[Jaykj]

Great! It is important to rent to people you are happy with and not just the $. What is the $psf?

$3.0 psf. Nothing fantastic but I'm not complaining. Expected the low yield but was surprised with the low number of viewings/ enquiry in Nov/ Dec. Anyway, as bros and sis mentioned, activity and enquiry did picked up after New Year holidays. Guess my renewal not at the right timing

@@ Ringo33

Yeah, traffic is terrible currently! Definitely looking forward to completion of DTL!! And of course, better drainage please