A 10-Step Guide to Renting
Your private property
Updated May 2024
Having a passive income is always welcoming.
If you intend to rent out your private condo, landed property or a spare room, here is a 10-step process that will give you a good overall picture to guide you in becoming a landlord in Singapore :)
Step 1: Knowing the Regulations
Step 2: Check the Market Rental Rates
_______in Your Area
Step 4: Schedule Viewings
Step 5: Negotiation
Step 6: Receive Letter of Intent &
_______Good-Faith Deposit
Step 7: Check Tenant’s Eligibility,
_______Verify Documents
Step 8: Issue Tenancy Agreement &
_______Collect Security Deposit
Step 9: Prepare Inventory List, Walk-Through
_______& Passing of Keys
Step 10: What’s After?
Step 1: Knowing the Regulations
As of 2024 to 2026
*Note: The common lease period for private properties in Singapore are 1 to 3 years.
Step 2: Check the Market Rental Rates in Your Area
Researching on the past market rental rates in your area, and having an understanding of the current market demand, will help you make an informed decision on setting your rental price.
Step 3: Advertise Your Property
Step 4: Schedule Viewings
Schedule viewing appointments of your property when potential tenants or their agents respond to your advertisement.
Step 5: Negotiation
This includes not only the rental price but also the furniture, appliances and repainting of the walls etc.
For instance, a potential tenant may request the landlord to be responsible for the replacement of a high-usage appliance if it breaks down within 6 months of moving in eg. the washing machine which has been used by previous occupants.
Step 6: Receive Letter of Intent (LOI) & Good-Faith Deposit
If the potential tenant wishes to proceed after the terms are mutually agreed upon, he/she will give you a Letter of Intent (LOI) with a good-faith deposit to secure the deal.
The good faith deposit is usually equivalent to one month’s rent, and it will become the security deposit later on.
<Important> Do not sign and return the LOI until Step 7 is completed.
Step 7: Check Tenant’s Eligibility, Verify Documents
It is the landlord’s responsibility to verify the tenant’s identity and permit for long-term stay in Singapore.
Step 8 : Issue the Tenancy Agreement (TA)
Step 9 : Prepare Inventory List, Walk-Through & Passing of Keys
Step 10: What’s After?
Should I Engage a Property Agent?
Engaging a property agent can save you time and handle various tasks, including addressing issues during the lease period.
A reliable agent should research the current rental market, create effective marketing campaigns, arrange viewing appointments, negotiate terms, screen tenants, handle paperwork promptly, and provide post-lease support. They ensure that rent is paid on time, the tenants comply with regulations, and assist with lease renewals.
Agent Fees
In Singapore, the common market rate is one month's rent for a 2-year lease and half a month's rent for leases of 1 year or less + Good & Services Tax (GST)