Negotiation is the keyword when it comes to finalizing the rent in Singapore and pretty much anywhere in the world. Sometimes the landlord may walk out as a winner sometimes it’s the tenant. However, in most circumstances, there are no true winners or losers. Let us explain.
Suppose you are a tenant and you decided to stay in a place with an asking rent of $2,500 and you negotiate it to $2,300, thinking you would be saving $2,400 in a year. That’s substantial; it’s more than a month’s rent!
From a landlord’s perspective, was it a loss? Not really. Let’s say the rental market is stagnant and the place has been available without a tenant for a month and the landlord has already lost a month’s rent, so rejecting the $2,300 offer and taking a risk to wait for another month would have been a bigger loss and that too it never ensured a tenant who will be willing to pay the asking rent.
From a landlord’s perspective, it should be a win if they get a tenant fast if the tenant is paying rent on time, following the house rules and treat the property with respect. While, from a tenant’s perspective, getting a good place in a good neighbourhood at a suitable rent can be more than enough. Or is it not?
TRUrental spoke to a tenant, Kushal, who rented a condo in Woodlands and thought that he will be staying over there until he leaves the city or saves enough money to buy. However, his dream crashed soon enough and he had to take a decision to move out to a new place since his landlord thought that he was paying less for what he is getting!
Pride and prejudice
“My landlord told me that he gave me his palace at a beggar’s rent and I am extremely lucky to stay there. He insisted that I start paying higher rent or just leave. I think he was a bit disillusioned about the worth of his flat!”
Excerpt from the interview with Kushal Saxena.
Kushal – I rented a condo in Woodlands a year back. It was a great place for a small family and both my wife and I thought that we could settle there for a few years. The landlord stayed in the neighborhood and he used to visit us quite regularly.
TRUrental – Your landlord used to come for rent?
Kushal – No generally he visited us once a week to check whether everything is fine or not. We were new in Singapore and never thought that it was unusual. Now looking back I feel that it was a bit odd he uses to come so frequently. Probably he never trusted us and wanted to keep an eye on his place.
Well, that was not a problem. The real problem was his pride and how he overestimated his property. He used to make us feel, we were taking an advantage of him to rent the place at such a low price!
Being new to Singapore we were not very confident about the rents, so I never argued with him. But when I asked for a substantial increase in rent within three months of renting, I had to ask my colleagues and they showed me property listings in the same locality, which was similar or lesser than my place.
I was surprised and I showed my landlord the same listings and the rents and he was very angry and asked me to rent one of those places and leave whenever I want!
You know what, I did the exact same thing and although I spend some money during shifting, I now live without guilt or fear.
It can be frightening moving into a stranger’s home. It can also be frustrating; understanding the legal obligations and ensuring compliance is not easy, especially when you are a newcomer and want to rent in Singapore.
TRUrental – There are a few tasks that might be challenging and you can be at a risk to lose your time and money. But do not take any shortcuts, accept any risks, and do not worry. The Truuue rental app is a next-gen technology platform that makes the searching and booking process seamless, efficient, and transparent from start to end.
We at TRUUUE Tenant (also known as TRUrental Tenant) are committed to delivering the best experience suited for both landlord and tenant while they rent in Singapore. We care about all the parties in the property transaction; we always aim for the WIN-WIN outcome. As you are reading this, our team is working relentlessly to find a suitable solution for these issues. To know more about our mission, follow us and download our app. Enjoy peace of mind for your next rental!