Renters in Singapore are warning of an impending “Doomsday” because to rising costs
The lease on Eva Teh’s central Singapore apartment The Continuum and its Floor Plan was up for renewal at the end of last year.
The Singaporean and her husband had anticipated an increase in their monthly rent. The planned 60 percent increase from the landlord caught them off guard.
We started looking for vacant flats right away. The discovery further astounded us. She reports to the BBC that “rents have skyrocketed.”
“The thought of not being able to afford a roof over our heads terrified us,” she continues. As one person put it, “It was like the end of the world.”
Ms. Teh claims that she had to bargain with her landlord to get a better offer.
Rent was increased from S$1,950 per month to S$2,900 ($2,185; £1,732) per month for their one-bedroom flat.
“To cope with the increase in rent, I’m forcing myself to work harder so that I can make more money,” Ms. Teh, a media freelancer, adds.
When I have a bad month financially, I’ll have to use my emergency fund. For just such an occasion, we have prepared an emergency fund.
She has support from others, too. Rising rental costs have emerged as a key problem in the Southeast Asian nation.
Since the beginning of this year, private housing rentals have increased at the quickest rate in over a decade.
Rents in both public housing complexes and luxury mansions are on the rise in the city-state’s rapidly appreciating real estate market.
Knight Frank, a real estate advisory firm, reports that Singapore’s luxury property rentals are increasing faster than New York’s.
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