In this softening market, shorter leases are becoming the proffered choice of renters Singaporeans were seeking shorter leases to be able to take advantage of the softening market. There has been a 3% drop for the year 2014 on rentals for private homes. In the area of public class is only 2.1%. At the end of 2014, the vacancy rate was at 7.8% private homes or the index’s highest in almost 10 years for Sol Acres. Analysts believe that tenants have taken control and created a “”Tenants Market””, as more units that are residential will be completed in the next 2 years. This will create a glut of vacant Sol Acres residential units.
Sol Acres EC in Choa Chu Kang
At horizon real estate’s key executive officer, Lena Low stated that 9 out of 10 rental inquiries that she is was getting calls for two-year leases. Nowadays it has risen to 50% of our calls are asking for only a one year lease. 39% of private resident rentals were for one-year leases in 2014 and this is an increase from the previous year from only 36% for Sol Acres. One-year leases for public housing rose to 90% in 20 14/87% in 2013. However, there are extenuating circumstances and not everyone desires the shorter lease, according to Derek Teng an agent with Orange Tee.
“”If the residential property as a good price, local amenities, and a great location they will sign for the longer lease”” he went on to say, “”Those who want 2 to 3 year leases are still in the majority.”” More Singaporeans are flocking to the rental market as it continues to soften seeking bargains in Sol Acres. In 2013, only 1 in 20 were locals in the CCR now it has 2 in 10 people are seeking private residences in the CCR according to Orange Tee real estate agent Tan Zhi Wei who works this market.
Sol Acres EC
“”Singaporeans are renting to reposition their portfolios as they are waiting for the prices to go even lower before buying,”” the agent went on to say in Sol Acres.