Depending on the location, amenities, and other factors, rental rates for studio apartments may vary. On average, rates start at around $1500/month and go up to $6,000/month. If you’re on a tight budget, the latter price isn’t ideal. What you need are affordable rentals.
But don’t worry, staying in a studio apartment does not mean you’re going to compromise comfort or give up a conducive space to boost your productivity. Sounds too good to be true? With a wise arrangement of furniture, a studio apartment can be spacious too.
Of course, taking a step out of your comfort zone will not be easy. And knowing how expensive rent in Singapore can get, the search for affordable studio units is a tedious process.
We created a list of the cheapest studio apartments in the market you can rent for $1700 or less. We hope this could help you tick off one burden out of your to-do list!
What is Studio Apartment or Shoebox Condo Living?
A small room with all the basic amenities you need to live comfortably — that’s shoebox condo living in a nutshell. With an area size of 19 m² to 34 m², you’ll have a space for your bed, a compact kitchen, a cosy living room, and a decent bathroom where you can sing your heart out. And if you’re lucky, you may spot a space that has a small balcony where you can breathe in the fresh morning breeze.
If you’re single, a working professional on a budget, renting a studio apartment is a perfect fit for you. All you need is a small space where you can rest, have fun, and you can even set up a basic office space just in case you’ll be required to go back to a work-from-home set-up. You know, with an unpredictable surge of covid cases, you shouldn’t let your guard down.
The key to living in small spaces is to be creative, resourceful, and being able to adjust to unexpected and even unwanted circumstances.
What are the factors that affect the price of rent in Singapore?
Curious about what factors are affecting the rental rates of studio apartments? Here are some insights:
Having a convenient location can greatly affect the price of a studio unit. Why? Because you’re not only paying for the studio unit but also for its accessibility. Imagine if all of the major establishments like the MRT station are within walking distance. Imagine how much money you can save on the fare.
As equally important as the location, the area around the unit you’re renting should affect the price. Concerns include safety, how quiet or noisy the neighborhood is, and how the condo personnel keeps the vicinity clean and liveable.
One thing that makes condo living in demand is its amenities, and it can affect the price of the units being rent out. Does it have a pool area, a space for fitness activities, or a lounge where you can chill without spending too much? These perks can pretty much affect the rental rates.
How new the apartment is
Of course, the newer the studio apartments are, the higher the prices will be. Being the first one to use the space is like a bonus perk!
Rent in Singapore can be really hefty. Some units are priced at a whopping $6,000/month. Wise young professionals building their careers opt to settle for apartments with affordable rentals ranging from $1700 and below.
Approximate rentals of studio condos based on their location
To help you sort out the choices, here are the average rate of the cheapest studio apartments from various locations you can consider.
|Location||Neighborhood||Studio Apartment||Property Details||Monthly Rent|
|Central Singapore||Bishan||MaryMont||Furnished with internet access, aircon; cooking allowed||$1450|
|Eastern Singapore||Changi||59 Lorong Melayu||Furnished with internet access, aircon; cooking allowed||$1500|
|North Singapore||Yishun||Eight Courtyards||Furnished with internet access, aircon; cooking allowed; near Canberra MRT station||$1700|
|North East Singapore||Serangoon||Serangoon 2||Furnished with internet access, aircon; cooking allowed||$1500|
|West Singapore||Bukit Batok||205 Bukit Batok St. 21||Furnished with aircon; cooking allowed||$1400|
Benefits of Living in Studio Apartments in Singapore
Studio apartments are easier to clean and very manageable. Having a tight schedule, young professionals can’t spend their free time cleaning and organizing the whole weekend. This is the top reason why most people in Singapore prefer to live in compact condominiums.
Pro tip: to lessen the chance of the mess piling up, try to put back the things in their places immediately after using them. Once you’ve done eating, put the plates and the utensils in the sink. This may sound so simple, but it can make a huge difference once done regularly.
Lesser room for clutter
The bigger space is, the more tempting it is to buy things that you don’t need. It might be confusing, but one-bedroom apartments have more room for clutters because you’ll have a separate room where you can store unnecessary stuff.
Whether it’s a result of impulsive buying or not, the goal is to save as much space as you can.
Pro tip: When moving in, only take the things you need. If you feel guilty about leaving all your clutters in your parent’s house, you may consider putting your things on sale.
More affordable rent
The cheapest unit you can rent in Singapore is the one with a simple and basic interior design. Although same in size, one-bedroom apartment is naturally more expensive than a bare studio unit. To rent a small area means having minimal spots to fill in. That means your landlord won’t charge you for extra furniture if the room is fully furnished.
Cheaper Utility Cost
A studio apartment unit is basically a room where you can have a view of the bed and kitchen at once. That means you will also need less lighting than units with a separate room for the bed and work-from-home area. And since you have a single room for everything, one cooling appliance is enough to keep you fresh all the time.
Ideal studio apartments to rent in Singapore are those that are located near MRT station, bus stops or shopping centres (you’re lucky if you can find a property near Sembawang Shopping Centre). Living in a place where everything is almost within your reach is indeed a great investment in the long run.
Things to consider before renting out a property in Singapore
The first important thing to check is the location. Establishments don’t have to be literally beside your unit. If it’s within walking distance, it’s still a good find. A little walk can be good for your health too!
Contact the agent or the landlord and ask whether the studio is furnished or not. This part could be tricky. A furnished apartment sounds like a perfect plan for those renters who haven’t invested in appliances and furniture. However, for those moving in with their own things, a bare studio apartment will suit them best.
Depending on what you need, amenities like a gym, playground, lounge can be either a want or a need. If you hate sharing equipment with other people, most likely, you’ll not like the idea of common areas. Naturally, condos with bonus amenities may cost more. However, having these perks can greatly improve one’s lifestyle. Listing down your priorities might help you decide whether you need this stuff or not.
Another important thing to confirm is the fees you’d be paying later on. Most condominiums in Singapore have maintenance fees ranging from around $250 to $350 per month. Take note that the bigger the unit, the higher the cost.
Whether you’re moving out to gain more life experiences by living alone or a promotion demands you to stay around the workplace, comfort and affordability should be your top priority.
With studio apartments, you can have the best of both worlds. It’s cheaper but won’t let you miss the comfort while giving you the privacy you need. Plus, it’s a major relief that studio apartments won’t make it hard for you to maintain the place.
No wonder more and more Singaporeans are loving the idea of shoebox-living: it’s convenient and more practical for young professionals.
Earning and saving is one of the most challenging parts of the journey. After you pay for the downpayment, you will need funds to keep everything smooth sailing. Fortunately, reliable moneylenders like Raffles Credit offer a flexible personal loan that can give you that much-needed kickstart.