Insightful, sensible, objective, concise, and without the sensationalism. That's any documentary by Steven Chia. Watching from 6150km away and taking away extremely valuable lessons. Especially about scammers possibly using my property portfolio for nefarious activities.
Thank you CNA for highlighting the issues. Perhaps can do a part 2 of how rental prices affect availability of foreign manpower which in turns leads to increased business costs & consumer prices including cai png.
I would say SGD would be losing it's value if the rental rates continues to go up. Also, newPMET entering SG will negotiate their expected salary as per the current property rental rate.
Rental market especially full HDB units is crazy in SG now. The situation is so bad that you have to go on a bidding war to secure a unit. You end up paying ~ 300-400 than the listed rental price.
Who ask the tenants so stupid to bid up the price! U can bid lower than the listed price what. When rental market bad I never see landlord go complain tenants bid lower price.
i remember the time i was searching a room. it was like okay tell your details and then owner will decide out of many people. there was an agent telling me that after he posted an add for the room. he got 25 calls within four hours.
There are all kinds of baskets in this world bro. Unfortunately, 30 to 40% of Singaporeans are baskets bro, some other countries like Japan and Denmark are more civic minded. These bloodsuckers prey on rest of the Singaporeans, serial jerks.
Like Richard Seow, why he wants to move ACS to Tengah, he just purely want to harass the people there. The kids won't be able to go to ACS, those rich people buy their way to ACS and strangle the population there. Eurasians and Peranankans lots of evil things bro.
CNA should take a look at the trend of HDB owners converting their HDB rooms into individual studios and charging S$2000 per month, retrofitting those rooms with small kitchenettes/dining spaces. Totally against the principles of HDBs
Not just owners themselves but they sublet to a *co-living company* . This company then subdivides the apartment, even converting the living room, storeroom/maid's room into a bedroom. A 3 bedroom flat can have as many as 8-10 people living in it, turning our neighbourhoods into slums. A large number of transient and temporary tenants are security risks to the young and elderly in the neighbourhood. They also start turning the condo's shared facilities into their personal living and bathroom spaces. Some condos are already being infiltrated by such unscrupulous companies, with estate management companies deliberately turning a blind eye to this. Residents must report such cases to prevent the deterioration of our homes into overcrowded squats!!
WTF. How is this happening? GReat investigative work and the gov needs to look into this. $4300 is almost the rental for mid range condo a few years ago. 300% and more over a periods of a few years is abnormal
It's not in the government's interest to step in. If government steps in and rent falls, then they will collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let the rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
Some startup should exploit the abandoned forest city in JB. Provide accommodation plus daily commute to SG at a fraction of the rental cost in SG. I believe business will be good.
It’s inevitable for rental to increase, but it’s ridiculous when the landlords keep on demanding matters which are against human rights, such as limiting usage of washing machine, limiting shower time, limit sleeping time, and many more ridiculous rules
I'm a landlord and I dun limit my tenants in terms of Aircon usage and number of times they use the washing machine and dryer ..guess what .. Some simply took advantage.. I'm starting to think some restrictive rules are needed
@@kimchiba4570 Landlords should evaluate their rent versus usage of utilities. If your rent is high and able to make profit out of it, it’s unreasonable to limit your tenants. However, if your rental is reasonable, it’s fine to impose some limit to the utility usage, i.e. air con and laundry. But it’s still crazy to limit number of nature calls & drinking water…
Thank you CNA for highlighting the issues Well done Steven and CNA Insider this is a great informative episode Can you do part 2 of how rental prices affect availability of foreign manpower and couples with kids ?
Its a combination of a few reasons - Like mentioned in the video the 15months wait out period for Private home sellers, delaying of construction for new flats, fragmenting of younger generations which creates demand for the rental market. There is also a property tax increase, What it did not mention is that the rising interest rates, which significantly increase the monthly installment along with rising Management fees, GST increase, it all compound to a higher overhead cost for owners to hold on to the property. Increase with Utilities bills also hit owners who rent out their rooms. Hence, it make more sense for owners to raise the rent to combat these costs, otherwise selling off the property and put the money in fixed deposit for a yield of 4% seems more attractive.
It's a simple demand and supply issue and whatever reason you've listed aren't import. Landlords will charge as high as they can get away with. Currently the demand is there, hence they are not worried about asking for higher rent because they know people will continue to rent. Why people continue to rent despite higher renting is simply too because it's worth while. like the 15 months wait for private owners, they are willingly paying those high rents because profit form their property easily covers it. Of course they will whine about it because it eats into their profit but its actually affordable to them. Anyway those that really feel it's getting more and more unaffordable are leaving our local rental market. I've Malaysia friends who either bought their own HDB or cross customs daily due to last 2 years of rent increase.
For that price of SGD$ 3,500, i can rent a 4+1 bedroom Super Condo on Penang Island, Malaysia!! So I guess only the Scamming Syndicate can afford to rent!
as a renter, situation is out of control.. our current rent now for my hdb flat is $2400 and now my landlord wants 5200!!.. there should be a government body that should police this things.. but fat chance on that happening. 😔
As a tenant you are only looking at your own selfish needs only. The landlord need to foot a much higher property tax from 2023 onwards. And if he had to mortgage at the new mortgage interest rate it would easily cost more $2000 more plus the current monthly mortgage payment, depending on the size of the loan and tenure besides the much higher cost for repair and maintenance fees.
@@kengleetan63 Although property owners may face hidden challenges that tenants are unaware of, it's also true that tenants have no control over rent hikes and therefore will and always be in the receiving. On the other hand, property owners does have the right and ability to set rental prices accordingly. I think we can agree, while some property owners may raise rent prices only out of necessity, others may see this as a money making opportunity by raising prices excessively, so which one are you? Either way, I think it's better to drop the accusatory and victimizing tone of yours and take a more objective stand without letting your emotion get a better of you! :D
@@law_of_nature911..you are not even a landlord to know the cost involved in renting out residential premises and talk like you think landlord are greedy and hiking rents unnecessarily. Be landlord, especially a higher end property like a condo and then come back here to comment on such topic or else just read and don't comment.
The government takes a quick shortcut for $ printing by cutting down housing supplies. As demand keeps growing, housing price increases and so does the required CPF & bank loan commitments till you are on your 50s or 60s. Scary.
While the property tax increases are unexpected, its really a weak point because the alternative of not paying property tax is renting. What is $400 extra a year compared to a few thousand more a month?
*Next can CNA Insider do documentary on couple or single struggling to buy flat which prices are soaring and also why and how many people still living in 1 room govt subsidised rental flat surely this episode will be a great watch*
@@matreen427 If she has two small children and need to work that's not an option. Alternatively the father can take over and take care of the kids instead.
Gov will offer the public rental flat version to her...that is at most 1 bedroom and hall but 100% she will hiam and reject. See the kind of woman she is? Not surprise HOW she got herself into this suituation. Want to marry but also divorce so early. The only ones trapped and innocent are the kids being brought into this world.
I hope the Authorites will seriously look and resolve the matter. Building flats according to demand is not a longterm solution but should build slightly more to cater to different needs.😭😭😭
higher property tax wont that also be another reason for higher rents? Another one reason I can think of is higher mortgage interest. In short, anything affecting homeowners will propagate to renters
Create an organzation simliar to for e.g. NTUC Fairprice. It reason of existence is to control & stabilizes the pricing of many essential food items. In the past before Fairprice, provision shops owner like to hike food prices.
All over the world & most countries the rents are going up. Its because the government is charging more land tax & the same with water gas, electricity & local government rates not necessarily the rent but the owners have to charge the tenants more for the rising outgoings .
If the demand isn't high, even if the owners charge more, no one would be interested in renting their place. Unfortunately it's the combination of solid demand and lower supply.
More and more i think about it I don’t think i wanna live here in sg once im done with my studies , its already bad enough that we live on a pay to pay basis just enough to cover everything but not enough to save for things
My quad sharing room in a student hostel has risen up from $637.5 to $900 PER PERSON!! The double bed room is $1000+ per pax and single room $2000+ per pax. The government should also crack down on unreasonable student hostel rental prices as us students have not a lot of money!
So this is a poor side in singapore right ? So sad. In malaysia, we buy a landed house, in fact i am right now living in 2 storey landed house with price at Rm260k+.This house is a permanent property. Even though I pay a high money every month to the bank as i make a bank loan , it's still worth it because this house is my permanent property, my right forever.❤
I checked and the average salary after tax in Sinapore is 6500S$ while the average rent for one bed room apartment outside of city center is 3000S$ so it's like 50% of salary
@@beckyanderson1297 normal service job, earning just 3k a month. While my friends too work in gov sector, earning 2.5k /month. Some live with parents , others live with spouse combined earning of 4.5k
I hope Philix has sued the property listing company as well for allowing such non-verified 'scammers' to list on their portal. Such scams will not end otherwise, they will just keep coming with different/better scams.
@ஜெங் மிங்யாவ் I'm not an expert but in 2013, cooling measures were introduced to stabilize the resale market (which it did, which HDB price index hovering around 130) due to 5 year non-stop increase from 2007 to 2012 (minor pause in 2008 probably due to financial crisis). Only those who only intended to flip their BTO after MOP would complain so much about prices dropping, not so much from a single mother with 2 kids who is trying so hard to provide shelter over their heads.
One common trait scam realty posts have is their annoying use of exclamations marks!!!! Beautiful view!! Fully furnished!! Modern fixtures!! Also, they tend to have a template or script that just repeats itself in all their "listings". The perfect pictures with watermarks showing copyright should also be a clue. They're scum for taking advantage of desperate people.
The rental in HDB is too much and paying a price like a condo and no facility with so much rules like staying in prison. We pay so much money but not able to enjoy peaceful stay. They are chasing tenants to move in JB stay if this continues increase where our salary dun even increase like rental so much.
How can Felix pay 2 months rent without meeting the agent or viewing the unit in person? 😮 also he had the scammer’s HP no. & bank account details to transfer the $ Isn’t this enough to arrest the culprit? It would be great if CNA had delved into these questions and provided the answers from the police why investigation could still take months? 🤔
I guess the explosive hikes in rental over the past three years is co-related to the migration of those Mainland Chinese and Hong Kong citizens to Singapore to escape the CCP regime. The dire situation is further compounded by the arrivals of many foreign talents, both blue and white collars sectors. Yes, you can attract all the talents you want, but something got to give way. Rental is the first, next would be private and public school admission soon the hospital. There are always consequences if you want to be #1 in everything, now that Singapore has happily declared they have beaten Hong Kong in many aspects, the native Singaporeans, unfortunately, will bear the brunt in the long run.
@@henrjay Those new migrants are now competing with those older ones to rent those already limited empty flats/rooms supply. This pushes the rental even higher. The Singapore government is also giving out PR easily, a lot of Malaysians working in white collar jobs are getting their PRs in second or third years of working in Singapore.
no matter how many chinese fellas from China or HK migrate over.... this does not beat the fact we have half a million Malaysian working in Singapore. They are competing with this old timer in terms of jobs availability and rental home supplies.
@@ezekielk.3629...you talking so easy but are you locals willing to do the jobs these Malaysian that cross over do? Answer was and still...NO...you can quote becos the wages are too low and many other factors...blah..blah..blah but in the end it is still the same. Maybe you go ask Tan See Leng why!😆😆😆😆😆
@@DennisLam-tr5de becos HK ppl have that Asian look, they will merge very well with the general local population, their food is exactly similiar to what we have here and their spoken language Cantonese is also a dialect spoken by the local besides English. Almost 100% perfect escape route. The school here is among the World Best, taught in English as a 1st language and the most important factor the Sing currency...IS THE STRONGEST CURRENCY IN ASIA even stronger than $HK dollar!😆😆😆😆
When Singapore population hit 10 million the rental will hit over the roof. We can relocate to Johor and retire there happily after. Think of a moment, rent your HDB for s$ 3000 convert to MYR 11 000. Rent a condo for MYR 2000 ++. You can eat food court there, breakfast, lunch, dinner. And best of all you can retire at age 50. Ya. Marry a Malaysian wife there too. Remember no kid. No burden. No stress. With fresh uni graduates getting starting salary of $4200 and minimum wages set towards $2000 on third year for some low wage job, you could expect rental to go up rather than come down. Not every home owners want to rent their house. Its a cutthroat as tenants compete one another. Rental have been kept stagant and low pre covid. As long wages kept going up, rental will.not go down. You can bet more foreigners will want to work in Singapore esp.the Malaysians due to the exchange rate.
Rent is becoming unaffordable now. , LL want to increase rental from 2400 to 3500$ for 2 room HDB in Yishun. Increment percentage is 30% to 60% per year.
Yishun 4-room is $4200 now for HDB, still cheaper than 2 room condo whole unit. One may pay more property taxes but landlords just pass it on to the renters. Husband and wife both full-time working with maid can afford. No problem.
Rents in Singapore are rising uncontrollably. My rent increased by 130% in last 2 years. There is no law to stop it. Singapore will lose hardworking skilled labors and will be replace by less skilled one's. May be that will change things.
I would never want to be a landlord. Too much cost involved, things to handle, rental market isn't always rosy, property not necessarily will appreciate
As foreigner, rental hike is making heads spin and the category in which the agents reply is really upsetting… they ask profile with race and nationality and most getting rejected if it is Indian … ‘sorry not a match”… “owner expects a different profile”… even for viewing the unit need to pass through a spl category….. and some agents make it direct …Indians do cooking and so not suitable … eating home cooked food disturbs them ??… not maintaining the house clean … u can see our nationals working to keep the cleaner sg … don’t we know how to maintain my home, my comfort area clean …that too wen I’m here in sg ?? Renting in sg means the owner already owns a house … rich getting richer … it mentally troubles us not giving importance to our other basic needs and dedicating a lump sum of hard earned money for rent …wishing, wanting and waiting for sg gov to look into it … believing it will be sorted out but now in todays date …. Ears are shut ….
Well said , Exactly the same comment I wish to share..Facing the same issues for the past couple of months after landed here. SG is playing with fire I guess. People with concerns about Hygiene really makes me lol , one of the owner I visited was stinking while he talks about cleanliness
Many say they did not maintain the place well like never service the AC and upkeeping, or replace/repair damaged or wear and tear items. If items wear and tear, who does the wearing and tearing?
Will the property tax comes down if the rent goes down? Otherwise, people will not be willing to lower the rent if property tax kept going up. This surely is a huge tax coffer collected for the governement.
As a 20 something Singaporean. This scares me. The rent will just encourage more landlord (the privileged) to drive up property prices. And when it's time for me to be genuine buyer. This is going to hurt me also
It's not in the government's interest to step in. If government steps in and rent falls, then they would collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let the rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
Seriously the world has become more and more populous, everything is expensive and still every country keeps encourging people to have more children. it's insane
It is expensive to work and live in Singapore. $2000 to own a car. $4000 to own a 3 bedroom condo. Can't live wealthy although earning Singapore dollar.
Bruh, better sell your car lah unless you have elderly parents. Owning car is gonna get expensive. Govt need money from u to build new mrt lines and stations.
Given how all our financial institutions are linked, are we saying that the police/gov cannot freeze the scammer account and send a subpena for said scammer?
Why people are saying this is sensible and fair report. This report starts with an upbeat music as if the host is taking us to a tour of Disneyland. Then he proceeds to "hunt" for more places where rents have shot up. 90% of Singapore has become unaffordable for 90% residents. This is dire. Please have the courtesy to at least recognize what people are going through
The most despicable are scammers! They’re simply lowlifes who don’t want to get a decent job and earn an honest living like everyone else. Too many of such scumbags are living amongst us and modern technology makes it so easy for them to prey on innocent people. Such scammers should be locked away for life if they’re caught!
Soaring Rents can be diminished by higher Wages and Productivity On that topic : California is undergoing a transformation of office towers to town homes.... Summer 2023. Pvt Contractor's* are being offered excellent contracts .... * Requesting + 40 k
I read about some comments from netizens on FB saying why should government bother to control the HDB rent, since most of the tenants are foreigners and the locals are the ones that benefit. Now they should know not only the foreigners are suffering but also the locals. Thumbs up for this documentary, hopefully raise the awareness of the government!
It's not in the government's interest to step in. If government steps in and housing prices and rent fall, then they would collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let housing prices and rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
I am no Singaporean, but Honestly, when i Know the Prop Tax is base on estimated market rent price. It is insane. How come the regulator think out this tax. Which they prefer citizen to? own house or rent house?
i just dont get it with singapore's police. They person must have a phone number registered with an identity card and just to a simple search and you are able to get the person name, address etc. Why cant they apprehend that scammer or at least bring him to the station for questioning and this will teach other scammer to not do this.
Ya lor they would even has the local bank account to which the amount would have been transferred. For opening bank account KYC details are already there mah.
Typically scammers are based overseas. They collect from local money mules. While the police can easily get to the mules, coordination with overseas law enforcement will take time and money transferred overseas are gone forever
Singapore overlook one thing. Tbh i heard of this for long time. And the rental game has been a big pain. As a fellow singaporean myself, i ever thought of renting out my own space, but, 2019 covid, 2022 ok madness. 2023, they increase the rental by 50%.... it didn't help myself suffocating huge bill, for what? The reason why i go for two bedroom bto because, first of all, its free, consider, i don't need to pay a thing just, consider the reno. Next, family will be happier once i'm out, because we all need our own space so brother say.... so... yeah. And now gov wants to come up with the NUS dorm to be where single rent.... hmm..... nah... i rather, save up in your 20s, than just aim for any room of bto. I do hope though the gov have a rule, to not increase rental anyhow. Like there should be a margin? Cos i heard, of people not willing to pay the 50% increase, and landlord simply put it "if you can't, get out" along that line. So.... yeah.
13:58 please note , that WhatsApp number can be faked, so make sure the actual number can be call via line (easier to track as all phone number is tagged to an IC) or else, do not believe it.
@@sumit6190p can be a case where , the whatsapp number is compromised ,cause it is login via internet only, but the agent is still using the said number.
1st you have the property Agent who behave like loan shark who jerk up the price on behalf of landlord, then you have ppl in power who benefit from the property TAX. Authority who cant do anything about rental dispute, scam etc
Fresh grad - rental $3500 monthly co-shared with others and his paying $1500 for his share and that took a huge chunk of the salary from him? No insurance coverage and not enough to save for rainy days? That guys is threading on landmines. He needs to re-work his finances and continue living with his parents instead if this continue his bank account gonna be desert dry.
It's really an anxiety for Singaporeans to buy HDB flats with prices way above, let alone the ridiculous price renting. Both are equally bad! Just have to take a deep breath and hope for the better.
People who cashed out their EC now need to wait 15 mths to buy resale HDB. Holding a lot of cash and need to rent, hmm where do you think they spend their money...
The government already planned it for them to spend on insanely high rent, cos then the government can tax the rental income from the landlord. So from the government's point of view, it's better to let housing prices and rent continue to climb higher and higher. It's more money for the government. They would collect more taxes from rental income tax, property tax, etc. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
What cooling measures , we wonder ??? now it’s post pandemic and seriously rental prices and recent days as of Feb 2023 has been going up … this documentary should move to part 2 on how G is going to address housing , not about just BTO or Resale , Renting pricing keeps going up 😂😂😂😂
It's not in the government's interest to step in. If government steps in and rent falls, then they will collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let the rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
@@alantew4355 Taxation is another topic and it's far more complex to discuss . Here is just a simple topic on Rental in HDB that affects lots of people who does not fall the gap to be able to rent. Those who Benefit are the people pocketing the $ not the one who suffer to pay .
Private property owners should not be allowed to keep their HDB flats. HDB is public housing, NOT investment tool.
Hahaha , yes right when they could be staying in HDB and renting private properties.
I fully agreed. This private home owner used the rent collected from HDB, to service their condominimum installments.
support, but difficult
@@nightowl4121 do you still agree?
So become like china?
Insightful, sensible, objective, concise, and without the sensationalism. That's any documentary by Steven Chia. Watching from 6150km away and taking away extremely valuable lessons. Especially about scammers possibly using my property portfolio for nefarious activities.
analyst Mohan did a very good job explaining the factors contributing to the skyrocketing prices. well done!
lol in South Korea, not Seoul, near university area, you can live alone in a small studio for 500 SGD monthly rent lol
Steven Chia does it again! Really looking forward to every story now.
Thank you CNA for highlighting the issues. Perhaps can do a part 2 of how rental prices affect availability of foreign manpower which in turns leads to increased business costs & consumer prices including cai png.
live in a dorm
@@cazpk6840 yes we can abolish ns and use those camps for dorms
I would say SGD would be losing it's value if the rental rates continues to go up. Also, newPMET entering SG will negotiate their expected salary as per the current property rental rate.
Malaysian have no choice but to move back to Malaysia and rent a apartment in JB area which is significantly cheaper.
This was reported on CNA
@@ezekielk.3629 Ya lor that's the only option left for families. I think singles can still afford a room in SG.
Thanks To CNA for highlighting the big issue
Rental market especially full HDB units is crazy in SG now. The situation is so bad that you have to go on a bidding war to secure a unit. You end up paying ~ 300-400 than the listed rental price.
Mugs might....
Who ask the tenants so stupid to bid up the price! U can bid lower than the listed price what. When rental market bad I never see landlord go complain tenants bid lower price.
@@1965Singaporean Bro u just talking cock now. when was the property rental market bad in recent times? Guess u never went house hunting.
@@sumit6190p u stupid si bo?
i remember the time i was searching a room. it was like okay tell your details and then owner will decide out of many people. there was an agent telling me that after he posted an add for the room. he got 25 calls within four hours.
Feel bad for the mother. It's dreadful to raise 2 kids as a single mum, pay salary for helper, and still paying the ridiculous rents.
Govt needs to step in.
There are all kinds of baskets in this world bro. Unfortunately, 30 to 40% of Singaporeans are baskets bro, some other countries like Japan and Denmark are more civic minded. These bloodsuckers prey on rest of the Singaporeans, serial jerks.
Besides, they might have a telegram group or network to hijack the price bro, before telegram, they be a network to do the BS bro.
Like Richard Seow, why he wants to move ACS to Tengah, he just purely want to harass the people there. The kids won't be able to go to ACS, those rich people buy their way to ACS and strangle the population there. Eurasians and Peranankans lots of evil things bro.
@@rayne5368 Even if Govt steps and introduces cooling measures it would take some time to show results.
We have the same problems here in Canada . So it's not just a local problem
Wealthy Chinese run away from the country. Good job Mr Xi
Same here in Sydney
CNA should take a look at the trend of HDB owners converting their HDB rooms into individual studios and charging S$2000 per month, retrofitting those rooms with small kitchenettes/dining spaces. Totally against the principles of HDBs
CNA should look at the 2 years of "monitoring" from PAP
Not just owners themselves but they sublet to a *co-living company* . This company then subdivides the apartment, even converting the living room, storeroom/maid's room into a bedroom. A 3 bedroom flat can have as many as 8-10 people living in it, turning our neighbourhoods into slums. A large number of transient and temporary tenants are security risks to the young and elderly in the neighbourhood. They also start turning the condo's shared facilities into their personal living and bathroom spaces. Some condos are already being infiltrated by such unscrupulous companies, with estate management companies deliberately turning a blind eye to this. Residents must report such cases to prevent the deterioration of our homes into overcrowded squats!!
Not too long we will see HongKong style coffin house
Agreed
@@MichaelMcJoseph LOL. Another mindless QAnon wannabe, what a mindless troll you moron
Almost every country is facing a rise in rental. Also once it goes up hardly it will come back down.
Were you born with this negativity?
@@maximus6884 facts :)
Wow i haven't seen someone present using transparent slides since decades ago
🤣
i kinda like the slides tho
last time I saw this was my professor in a 3/4 year college subject , 2010
lol
WTF. How is this happening? GReat investigative work and the gov needs to look into this.
$4300 is almost the rental for mid range condo a few years ago. 300% and more over a periods of a few years is abnormal
It's not in the government's interest to step in. If government steps in and rent falls, then they will collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let the rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
The mother situation... I cannot. I genuinely feel so sad .
But, now you feel better. Since writing that out?
She should consider a smaller size (3-room flat) to get by first, at least for a year or two, rather than looking for bigger size flat.
@@boitiechee thanks for checking in. Cheers , best regards and yours truly.
@@nightowl4121 Yeap but it is human nature to do her best to give the same environment for her kids . It is not her fault to still be hopeful
Some startup should exploit the abandoned forest city in JB. Provide accommodation plus daily commute to SG at a fraction of the rental cost in SG. I believe business will be good.
Honey JB is in Malaysia. Sg is not part of Malaysia. Why you want to dispute another country territory? 🤦 Where is your geography knowledge lol
*Well done Steven and CNA Insider this is a great informative episode*
It’s inevitable for rental to increase, but it’s ridiculous when the landlords keep on demanding matters which are against human rights, such as limiting usage of washing machine, limiting shower time, limit sleeping time, and many more ridiculous rules
Limit sleep time 😭
I'm a landlord and I dun limit my tenants in terms of Aircon usage and number of times they use the washing machine and dryer ..guess what .. Some simply took advantage.. I'm starting to think some restrictive rules are needed
@@kimchiba4570 Let the tenants pay their own utilities?
@@kimchiba4570 Landlords should evaluate their rent versus usage of utilities. If your rent is high and able to make profit out of it, it’s unreasonable to limit your tenants. However, if your rental is reasonable, it’s fine to impose some limit to the utility usage, i.e. air con and laundry. But it’s still crazy to limit number of nature calls & drinking water…
@@GuacamoleyNacho It means, some landlords only allow you to be in your bedroom from 8pm to 8am on weekdays. I've seen some that impose such rules.
Thank you CNA for highlighting the issues Well done Steven and CNA Insider this is a great informative episode
Can you do part 2 of how rental prices affect availability of foreign manpower and couples with kids ?
Its a combination of a few reasons - Like mentioned in the video the 15months wait out period for Private home sellers, delaying of construction for new flats, fragmenting of younger generations which creates demand for the rental market. There is also a property tax increase, What it did not mention is that the rising interest rates, which significantly increase the monthly installment along with rising Management fees, GST increase, it all compound to a higher overhead cost for owners to hold on to the property. Increase with Utilities bills also hit owners who rent out their rooms. Hence, it make more sense for owners to raise the rent to combat these costs, otherwise selling off the property and put the money in fixed deposit for a yield of 4% seems more attractive.
It's a simple demand and supply issue and whatever reason you've listed aren't import. Landlords will charge as high as they can get away with. Currently the demand is there, hence they are not worried about asking for higher rent because they know people will continue to rent. Why people continue to rent despite higher renting is simply too because it's worth while. like the 15 months wait for private owners, they are willingly paying those high rents because profit form their property easily covers it. Of course they will whine about it because it eats into their profit but its actually affordable to them.
Anyway those that really feel it's getting more and more unaffordable are leaving our local rental market. I've Malaysia friends who either bought their own HDB or cross customs daily due to last 2 years of rent increase.
For that price of SGD$ 3,500, i can rent a 4+1 bedroom Super Condo on Penang Island, Malaysia!!
So I guess only the Scamming Syndicate can afford to rent!
Thank you CNA ❤ for the insightful video. Mr. Chia is amazing both here and in the car rental investigation content few weeks ago 👍🏻👍🏻
as a renter, situation is out of control..
our current rent now for my hdb flat is $2400 and now my landlord wants 5200!!..
there should be a government body that should police this things.. but fat chance on that happening. 😔
5k for hdb rent? Wow
5 room flat and where? $5200 is insane!
As a tenant you are only looking at your own selfish needs only. The landlord need to foot a much higher property tax from 2023 onwards. And if he had to mortgage at the new mortgage interest rate it would easily cost more $2000 more plus the current monthly mortgage payment, depending on the size of the loan and tenure besides the much higher cost for repair and maintenance fees.
@@kengleetan63 Although property owners may face hidden challenges that tenants are unaware of, it's also true that tenants have no control over rent hikes and therefore will and always be in the receiving. On the other hand, property owners does have the right and ability to set rental prices accordingly. I think we can agree, while some property owners may raise rent prices only out of necessity, others may see this as a money making opportunity by raising prices excessively, so which one are you? Either way, I think it's better to drop the accusatory and victimizing tone of yours and take a more objective stand without letting your emotion get a better of you! :D
@@law_of_nature911..you are not even a landlord to know the cost involved in renting out residential premises and talk like you think landlord are greedy and hiking rents unnecessarily.
Be landlord, especially a higher end property like a condo and then come back here to comment on such topic or else just read and don't comment.
The government takes a quick shortcut for $ printing by cutting down housing supplies. As demand keeps growing, housing price increases and so does the required CPF & bank loan commitments till you are on your 50s or 60s. Scary.
While the property tax increases are unexpected, its really a weak point because the alternative of not paying property tax is renting. What is $400 extra a year compared to a few thousand more a month?
*Next can CNA Insider do documentary on couple or single struggling to buy flat which prices are soaring and also why and how many people still living in 1 room govt subsidised rental flat surely this episode will be a great watch*
Please do an episode of soaring resale hdb price.
watch at 4:15 the reasons are already included
Please advise the single mum to see her MP for help to get 3 room rental hdb flat directly from hdb .
LOL that's cute that you think the MP will be of much help
she has a choice to rent a single room and do away with a helper.
@@matreen427 If she has two small children and need to work that's not an option. Alternatively the father can take over and take care of the kids instead.
@@ariesa9751 there’s childcare option
Gov will offer the public rental flat version to her...that is at most 1 bedroom and hall but 100% she will hiam and reject. See the kind of woman she is? Not surprise HOW she got herself into this suituation. Want to marry but also divorce so early. The only ones trapped and innocent are the kids being brought into this world.
Land supply and demand in Sg largely controlled by Sg government. CNA should bring in the minister for a more in depth understanding of this problem.
Great work on this piece, helpful
When you start to see hike prices in Yisun North HDBs, you known somethings really wrong
I hope the Authorites will seriously look and resolve the matter. Building flats according to demand is not a longterm solution but should build slightly more to cater to different needs.😭😭😭
higher property tax wont that also be another reason for higher rents?
Another one reason I can think of is higher mortgage interest.
In short, anything affecting homeowners will propagate to renters
Create an organzation simliar to for e.g. NTUC Fairprice. It reason of existence is to control & stabilizes the pricing of many essential food items. In the past before Fairprice, provision shops owner like to hike food prices.
All over the world & most countries the rents are going up. Its because the government is charging more land tax & the same with water gas, electricity & local government rates not necessarily the rent but the owners have to charge the tenants more for the rising outgoings .
If the demand isn't high, even if the owners charge more, no one would be interested in renting their place. Unfortunately it's the combination of solid demand and lower supply.
More and more i think about it I don’t think i wanna live here in sg once im done with my studies , its already bad enough that we live on a pay to pay basis just enough to cover everything but not enough to save for things
My quad sharing room in a student hostel has risen up from $637.5 to $900 PER PERSON!! The double bed room is $1000+ per pax and single room $2000+ per pax. The government should also crack down on unreasonable student hostel rental prices as us students have not a lot of money!
So this is a poor side in singapore right ? So sad. In malaysia, we buy a landed house, in fact i am right now living in 2 storey landed house with price at Rm260k+.This house is a permanent property. Even though I pay a high money every month to the bank as i make a bank loan , it's still worth it because this house is my permanent property, my right forever.❤
I checked and the average salary after tax in Sinapore is 6500S$ while the average rent for one bed room apartment outside of city center is 3000S$ so it's like 50% of salary
3000S$ was the price of last year.
Foreigners or Locals??
For Foreigners, current rental prices are almost taking up 60 ~ 80% of their salary for those of lower position.
Average salary based on rich people?
The average salary based on friends i know: is 2-3k
@@rz9018 what do you do? where do they live with that salary
@@beckyanderson1297 normal service job, earning just 3k a month. While my friends too work in gov sector, earning 2.5k /month. Some live with parents , others live with spouse combined earning of 4.5k
Good coverage, but I wonder why none of the owners dared step up here to own up to the increasing rent prices?
I hope Philix has sued the property listing company as well for allowing such non-verified 'scammers' to list on their portal. Such scams will not end otherwise, they will just keep coming with different/better scams.
that's why i left Singapore. i was mess to have a good room. a good room pre covid rent was around 2-2.5k suddenly became 4k+
Everyone: Housing prices and rent is becoming unaffordable!
Govt: Noted with thanks, will monitor more closely.
More rental income tax and property tax can now be collected by the government. The government is the biggest landlord!
Gov : "Me too bro. Me too"
@ஜெங் மிங்யாவ் I'm not an expert but
in 2013, cooling measures were introduced to stabilize the resale market (which it did, which HDB price index hovering around 130) due to 5 year non-stop increase from 2007 to 2012 (minor pause in 2008 probably due to financial crisis). Only those who only intended to flip their BTO after MOP would complain so much about prices dropping, not so much from a single mother with 2 kids who is trying so hard to provide shelter over their heads.
One common trait scam realty posts have is their annoying use of exclamations marks!!!! Beautiful view!! Fully furnished!! Modern fixtures!! Also, they tend to have a template or script that just repeats itself in all their "listings". The perfect pictures with watermarks showing copyright should also be a clue. They're scum for taking advantage of desperate people.
Hope the police catches the culprits soon.
Very true, I almost got scammed few days ago.
These scammer could enjoy the blood winnings for now but karma will get them back.
Some estate agents also reuse pictures from other apartments instead of actual photos of the one that they trying to sell. Totally deceptive.
Very true!!!
The rental in HDB is too much and paying a price like a condo and no facility with so much rules like staying in prison. We pay so much money but not able to enjoy peaceful stay. They are chasing tenants to move in JB stay if this continues increase where our salary dun even increase like rental so much.
Thanks PAP!
Congratulations, we are improving in many areas. Achievement is one of our characteristics.
How can Felix pay 2 months rent without meeting the agent or viewing the unit in person? 😮 also he had the scammer’s HP no. & bank account details to transfer the $ Isn’t this enough to arrest the culprit? It would be great if CNA had delved into these questions and provided the answers from the police why investigation could still take months? 🤔
I guess the explosive hikes in rental over the past three years is co-related to the migration of those Mainland Chinese and Hong Kong citizens to Singapore to escape the CCP regime. The dire situation is further compounded by the arrivals of many foreign talents, both blue and white collars sectors. Yes, you can attract all the talents you want, but something got to give way. Rental is the first, next would be private and public school admission soon the hospital. There are always consequences if you want to be #1 in everything, now that Singapore has happily declared they have beaten Hong Kong in many aspects, the native Singaporeans, unfortunately, will bear the brunt in the long run.
u just simply assume , how those ppl with no PR or citizen status buy HDB?
@@henrjay Those new migrants are now competing with those older ones to rent those already limited empty flats/rooms supply. This pushes the rental even higher. The Singapore government is also giving out PR easily, a lot of Malaysians working in white collar jobs are getting their PRs in second or third years of working in Singapore.
no matter how many chinese fellas from China or HK migrate over.... this does not beat the fact we have half a million Malaysian working in Singapore.
They are competing with this old timer in terms of jobs availability and rental home supplies.
@@ezekielk.3629...you talking so easy but are you locals willing to do the jobs these Malaysian that cross over do? Answer was and still...NO...you can quote becos the wages are too low and many other factors...blah..blah..blah but in the end it is still the same. Maybe you go ask Tan See Leng why!😆😆😆😆😆
@@DennisLam-tr5de becos HK ppl have that Asian look, they will merge very well with the general local population, their food is exactly similiar to what we have here and their spoken language Cantonese is also a dialect spoken by the local besides English. Almost 100% perfect escape route. The school here is among the World Best, taught in English as a 1st language and the most important factor the Sing currency...IS THE STRONGEST CURRENCY IN ASIA even stronger than $HK dollar!😆😆😆😆
When Singapore population hit 10 million the rental will hit over the roof. We can relocate to Johor and retire there happily after. Think of a moment, rent your HDB for s$ 3000 convert to MYR 11 000. Rent a condo for MYR 2000 ++. You can eat food court there, breakfast, lunch, dinner. And best of all you can retire at age 50. Ya. Marry a Malaysian wife there too. Remember no kid. No burden. No stress. With fresh uni graduates getting starting salary of $4200 and minimum wages set towards $2000 on third year for some low wage job, you could expect rental to go up rather than come down. Not every home owners want to rent their house. Its a cutthroat as tenants compete one another. Rental have been kept stagant and low pre covid. As long wages kept going up, rental will.not go down. You can bet more foreigners will want to work in Singapore esp.the Malaysians due to the exchange rate.
I have friends who left sg already coz of this rents :(
If really unaffordable, then y still so high demand? It should be no buyer when Gov pushes out the project.
Rent is becoming unaffordable now. , LL want to increase rental from 2400 to 3500$ for 2 room HDB in Yishun. Increment percentage is 30% to 60% per year.
Yishun 4-room is $4200 now for HDB, still cheaper than 2 room condo whole unit. One may pay more property taxes but landlords just pass it on to the renters. Husband and wife both full-time working with maid can afford. No problem.
Rents in Singapore are rising uncontrollably. My rent increased by 130% in last 2 years. There is no law to stop it. Singapore will lose hardworking skilled labors and will be replace by less skilled one's. May be that will change things.
Hi, i live in Klang, i have a question. Are the condominiums in JB near the causeway considered affordable for middle income singaporeans?
I would never want to be a landlord. Too much cost involved, things to handle, rental market isn't always rosy, property not necessarily will appreciate
As foreigner, rental hike is making heads spin and the category in which the agents reply is really upsetting… they ask profile with race and nationality and most getting rejected if it is Indian … ‘sorry not a match”… “owner expects a different profile”… even for viewing the unit need to pass through a spl category….. and some agents make it direct …Indians do cooking and so not suitable … eating home cooked food disturbs them ??… not maintaining the house clean … u can see our nationals working to keep the cleaner sg … don’t we know how to maintain my home, my comfort area clean …that too wen I’m here in sg ?? Renting in sg means the owner already owns a house … rich getting richer … it mentally troubles us not giving importance to our other basic needs and dedicating a lump sum of hard earned money for rent …wishing, wanting and waiting for sg gov to look into it … believing it will be sorted out but now in todays date …. Ears are shut ….
Well said , Exactly the same comment I wish to share..Facing the same issues for the past couple of months after landed here.
SG is playing with fire I guess.
People with concerns about Hygiene really makes me lol , one of the owner I visited was stinking while he talks about cleanliness
Many say they did not maintain the place well like never service the AC and upkeeping, or replace/repair damaged or wear and tear items. If items wear and tear, who does the wearing and tearing?
Will the property tax comes down if the rent goes down? Otherwise, people will not be willing to lower the rent if property tax kept going up. This surely is a huge tax coffer collected for the governement.
OMG! I feel bad for the tenants! Being a landlord myself , if you need an agency make sure it’s thru recommendations! Don’t everything online!
to solve all this rental hike, the website portal should govt by URA not by property agents and property portals.
Why hdb owners who does not rent out units/rooms have to pay higher tax?
we will pay higher tax if rent ou the units. got to declare the extra income
🤷♂️
It's property tax. All house owners have to pay every year.
They don`t as most don`t rent out as they have families. Only those who rent out their HDB pay more.
Property tax is incomparable to the interest rate hike causing paying much more for mortgage.
As a 20 something Singaporean. This scares me. The rent will just encourage more landlord (the privileged) to drive up property prices. And when it's time for me to be genuine buyer. This is going to hurt me also
21:41 Bro, the property tax rate increase in minuscule compared to the rental increase. So, landlords don't really have to worry lah.
He is telling u how the rest , even tho u r not landlord or tenant , will still get affected . U missed the point
@@Akj6zmdteuxze How is a landlord affected mah when the increased rental prices would easily offset the increase in property tax?
However, there is maintenance cost, repairs, damages, etc. in addition to propety taxes that landlords have to pay. Usual business costs.
@@heidi-hu1tv aren't the repair and damages are covered by tenant upto the amt specified in the rental agreement.
What’s not shown here is The influx of foreigners do affect rentals to spiral upwards too.
It's affecting the country's image. Something seriously must be done.
It's not in the government's interest to step in. If government steps in and rent falls, then they would collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let the rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
Not only rents.
Everything you can exchange with your money is soaring.....
OMG Singapore is so expensive 😫.
Seriously the world has become more and more populous, everything is expensive and still every country keeps encourging people to have more children. it's insane
Greed of consumerism. Those kids will grow up need to buy house car etc
Will our children be able to comfortably deal with their morgage loan and still keep her family.
It is expensive to work and live in Singapore. $2000 to own a car. $4000 to own a 3 bedroom condo. Can't live wealthy although earning Singapore dollar.
Bruh, better sell your car lah unless you have elderly parents. Owning car is gonna get expensive. Govt need money from u to build new mrt lines and stations.
@@sumit6190p cannot. I will be look down from my Malaysia friends
That nation will always look down and insult sg ppl. So why bother. At least sg ppl don't have to look for jobs overseas.
Given how all our financial institutions are linked, are we saying that the police/gov cannot freeze the scammer account and send a subpena for said scammer?
C
Rental is crazy.. can't afford in Singapore anymore
Why is that guy using that ridiculous laminated slides thing 4:24
CNA Interviews Jurassic guy
Why people are saying this is sensible and fair report. This report starts with an upbeat music as if the host is taking us to a tour of Disneyland. Then he proceeds to "hunt" for more places where rents have shot up. 90% of Singapore has become unaffordable for 90% residents. This is dire. Please have the courtesy to at least recognize what people are going through
The most despicable are scammers! They’re simply lowlifes who don’t want to get a decent job and earn an honest living like everyone else. Too many of such scumbags are living amongst us and modern technology makes it so easy for them to prey on innocent people. Such scammers should be locked away for life if they’re caught!
catherine shud go to hougang area where rent is cheaper than in tampines n it is not too far for her kids school in punggol.
Hi Cat, you need a bedroom or need to rent whole house? I hv a bedroom, if you want to rent. Just reply see meet your needs. Tks.
Scammers will never meet up in person for negotiation instead, finding loads of excuses to avoid you and want your hard-earned money!
I dont get it. So you have to pay rent for the rest of your life?
Soaring Rents can be diminished by higher
Wages and Productivity
On that topic :
California is undergoing a transformation of office towers to town homes.... Summer 2023. Pvt Contractor's*
are being offered excellent contracts ....
* Requesting + 40 k
I read about some comments from netizens on FB saying why should government bother to control the HDB rent, since most of the tenants are foreigners and the locals are the ones that benefit. Now they should know not only the foreigners are suffering but also the locals. Thumbs up for this documentary, hopefully raise the awareness of the government!
New MRT line in woodlands is Thomson East Coast line. Not downtown line.
Is it the time to go back and work in Malaysia ?
Hdb should increase the quota of 6 tenants to 8 or 10 tenants to deflect the rental cost as more people come to singapore to work.
Housing is getting insane in Singapore - why isn’t the government addressing the inflated prices more?
It's not in the government's interest to step in. If government steps in and housing prices and rent fall, then they would collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let housing prices and rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
Because the government benefits from it in the form of higher property tax revenue.
I am no Singaporean, but Honestly, when i Know the Prop Tax is base on estimated market rent price. It is insane. How come the regulator think out this tax. Which they prefer citizen to? own house or rent house?
I still believe tax should only base only on income, and use historical number (not market).
Garmen happy to receive more tax... So... Rental MUST increase
Yeah, it's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
Ya
The one benefitting is sg govt
Most Sgreans are homeowners, they're happy to receive more rental income as well.
Rental affects all…Can’t imagine next year’s property tax 🙁
i just dont get it with singapore's police. They person must have a phone number registered with an identity card and just to a simple search and you are able to get the person name, address etc. Why cant they apprehend that scammer or at least bring him to the station for questioning and this will teach other scammer to not do this.
Ya lor they would even has the local bank account to which the amount would have been transferred. For opening bank account KYC details are already there mah.
Typically scammers are based overseas. They collect from local money mules. While the police can easily get to the mules, coordination with overseas law enforcement will take time and money transferred overseas are gone forever
Thank God I am living in Nigeria. Paying 3000 dollars for rent when you can pay 100 dollars for rent in Nigeria. Many people are suffering.
is a Housing Bubble forming in Singapore?
Singapore overlook one thing. Tbh i heard of this for long time. And the rental game has been a big pain. As a fellow singaporean myself, i ever thought of renting out my own space, but, 2019 covid, 2022 ok madness. 2023, they increase the rental by 50%.... it didn't help myself suffocating huge bill, for what? The reason why i go for two bedroom bto because, first of all, its free, consider, i don't need to pay a thing just, consider the reno. Next, family will be happier once i'm out, because we all need our own space so brother say.... so... yeah. And now gov wants to come up with the NUS dorm to be where single rent.... hmm..... nah... i rather, save up in your 20s, than just aim for any room of bto. I do hope though the gov have a rule, to not increase rental anyhow. Like there should be a margin? Cos i heard, of people not willing to pay the 50% increase, and landlord simply put it "if you can't, get out" along that line. So.... yeah.
Wdym by nus dorm be single ren?Care to explain more?
13:58 please note , that WhatsApp number can be faked, so make sure the actual number can be call via line (easier to track as all phone number is tagged to an IC) or else, do not believe it.
But u can enter the scammer WhatsApp no in CEA website to know whether it belongs to the legitimate agent or not..
@@sumit6190p can be a case where , the whatsapp number is compromised ,cause it is login via internet only, but the agent is still using the said number.
@@douglaskaicong131 it's rare but yes possible. But in any case do NOT ever pay money without viewing the unit with the said agent in person.
1st you have the property Agent who behave like loan shark who jerk up the price on behalf of landlord, then you have ppl in power who benefit from the property TAX.
Authority who cant do anything about rental dispute, scam etc
Fresh grad - rental $3500 monthly co-shared with others and his paying $1500 for his share and that took a huge chunk of the salary from him? No insurance coverage and not enough to save for rainy days?
That guys is threading on landmines.
He needs to re-work his finances and continue living with his parents instead if this continue his bank account gonna be desert dry.
I am currently searching a rental property... And I'm tired of all those points mentioned in this program 😫
Every price increase but not salaries
It's really an anxiety for Singaporeans to buy HDB flats with prices way above, let alone the ridiculous price renting. Both are equally bad! Just have to take a deep breath and hope for the better.
People who cashed out their EC now need to wait 15 mths to buy resale HDB. Holding a lot of cash and need to rent, hmm where do you think they spend their money...
The government already planned it for them to spend on insanely high rent, cos then the government can tax the rental income from the landlord. So from the government's point of view, it's better to let housing prices and rent continue to climb higher and higher. It's more money for the government. They would collect more taxes from rental income tax, property tax, etc. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
What cooling measures , we wonder ???
now it’s post pandemic and seriously rental prices and recent days as of Feb 2023 has been going up … this documentary should move to part 2 on how G is going to address housing , not about just BTO or Resale , Renting pricing keeps going up 😂😂😂😂
It's not in the government's interest to step in. If government steps in and rent falls, then they will collect less taxes from rental income tax, property tax, etc. So from the government's point of view, it's better to let the rent continue to climb higher and higher. It's more money for the government. The government has a monopoly on HDB flats. So naturally, it controls the supply for its maximum benefit.
@@alantew4355 Taxation is another topic and it's far more complex to discuss .
Here is just a simple topic on Rental in HDB that affects lots of people who does not fall the gap to be able to rent. Those who Benefit are the people pocketing the $ not the one who suffer to pay .