Serviced apartments in Singapore are a great option for business travellers or people who are looking for accommodation in the country. If you plan to stay longer than a month, they can be cheaper than living in a hotel. They are also a viable option for locals who need short term housing while awaiting their future homes.
There are a number of locations to choose from when deciding on a serviced apartment. For those who want to be closer to the city centre, serviced apartments in Queenstown are a good option, as well as One-North serviced apartments in Singapore. Wherever you eventually choose to stay, the question of choosing a short term vs a long term lease will arise.
There are benefits and drawbacks to both short term and long term leases. Making the decision will depend on your circumstances, budget, and where your priorities lie. Read on as we do a comparison of both.
Short Term Lease
If your stay in the country is short, or if you only need temporary accommodation for a few months, then a short term lease absolutely makes sense. They provide flexibility, and are cheaper than other equivalent accommodation options. They are also less risky options as any major quality issues you find in the apartment may not impact you as much with a shorter lease.
A lot of Singapore apartments such as HDBs or Condominiums may not offer short term rentals as landlords prefer having longer term tenants to maximise their income. Furthermore, only Singapore citizens, PRs, or foreigners with valid employment permits, are allowed to rent property in Singapore. Business travellers who are only in Singapore for a matter of weeks, may have to choose between service apartments and hotels.
However there are a few downsides to opting for a short term serviced apartment lease. Chiefly, short term rentals tend to carry a more expensive monthly cost than long term rentals. If you play to stay for more than 3 months, a longer lease would be more economical. Of course location plays a big part in cost, so choosing a short-term service apartment in Jurong might be cheaper than selecting one nearer the central business district.
Long Term Lease
The main advantages of a long term lease are cost and availability. Landlords always prefer long term renters so there might be more choices for you to take your pick. There is also a sense of financial security, as you can be ensured that your rental price has been locked in at the moment of purchase and cannot be changed until your lease is up. This effect is compounded if you’re able to sign multi-year leases.
Adding on, there is less hassle if you are able to commit to a long-term lease. You won’t have to move your things as frequently, and you are afforded the time to get comfortable with your surroundings and truly transform your apartment into your home. Finally, long term leases are generally much cheaper and can represent significant savings over time, especially if you are considering relocating to Singapore.
Whether you’re looking for a short-term stay in a 1 bedroom serviced apartment in Singapore just for temporary accommodations, or need a long-term lease for a 3 bedroom serviced apartment in Singapore for the whole family, serviced apartments are a premium choice for discerning locals and expats alike. They come fully-furnished, have numerous amenities, and can be cost-effective as compared to other options.
Looking for serviced apartments in Singapore but not sure where to start? Contact us today with your questions and our highly experienced team will get back to you to help you on your journey.