There may come a point when you wish to move out of your parents home. Whether it is to live with your friends, or to experience living alone, studio apartments makes for a great dwelling option!
That said, this step towards independence is very important, so you’ll have to do it right.
By moving out, you’ll have to start incurring your own utility bills, food expenses and might even have to purchase your own furniture. All these things will definitely add up. This is where budgeting plays a key role.
However, a limited budget doesn’t mean that your options will be vastly reduced.
Studio apartments are a great choice. They give you a lot of freedom and personal space, plus they’re a budget-friendly option.
If you don’t know how to rent or purchase a studio apartment in Singapore, you’ve come to the right place!
We’ll tell you how much studio apartment costs, what are their benefits compared to other types of apartments, and where to find the best ones according to your needs. Plus, bonus tips on how to rent or purchase your apartment.
What Is A Studio Apartment?
A studio apartment is a compact apartment with everything you need in one room. So, you’ll have a cosy bedroom, kitchen, and a living room in an area of 19 m² to 34 m². Of course, the small bathroom is separate, and your apartment may even feature a small balcony.
If you’re single and with a smaller budget a studio apartment is a great choice. You’ll enjoy your personal space plus all the necessary amenities. Besides, you can also share the room with a friend who has the same budget as you do.
That’s why studio apartments are so popular in Singapore. But, how much do they cost and why are so many people after them?
How Much Are Studio Apartments In Singapore?
The price you’ll pay for your studio apartment depends on factors such as:
- How new the apartment is
The rental price of a studio apartment starts at around $1,500/month, depending on location. However, you can find apartments as expensive as $6,000/ month.
The retail price of a studio apartment is at least $600,000, while more expensive studio apartments get north of $3,500,000. The retail price per square meter is usually between $1,000 and $3,500 depending on the apartment’s location and the other factors above.
5 Benefits Of Living In Studio Apartments
Now that you know the cost of a studio apartment and the commodities you can expect, let’s see why you should get one.
If you’re like most people, you may be wondering why not opt for a similarly-priced single-bedroom or two-bedroom apartment? Or why not rent a larger apartment with your friends?
We’ll highlight the benefits of a studio apartment below:
1. Low Maintenance
Studio apartments are smaller than other apartments, which means they’re easier to clean. If you’re renting a larger condo with other people, you’ll need a well-organised cleaning schedule. Conversely, you can clean your studio apartment whenever you want or need, depending on your free time.
2. You’ll Have Less Room For Useless Things
The bigger the apartment you get, the more room you have to clutter it. However, if you get a studio apartment in Singapore, you’ll be forced to keep it junk-free and tidy.
Single-bedroom apartments allow you to get a lot of junk too, even if they’re similarly sized. That’s because these apartments have separate bedrooms, where you can collect all sorts of trinkets and boxes.
By contrast, your bedroom is in your living room if you choose a studio apartment. As such, you’ll be less prone to cluttering the space where you’re entertaining guests.
3. The Rent Is Lower
Studio apartments are less expensive than other apartments of similar quality because they are smaller. Of course, you can purchase or rent a $300,000 two-bedroom apartment, but you have to expect poorer living conditions and a not-so-friendly location.
Another thing that saves you money with studio apartments is their outfitting expenses. You won’t have to pay as much for furniture because studio apartments are smaller and less prone to cluttering.
4. You’ll Pay Less For Utilities
With COVID-19, many of us might still be working from home. This way, we will consume more electricity as we get work done, or binge watch our favourite shows on television.
That said, your compact studio apartment will incur cheaper utility costs than a two-bedroom apartment because it’s smaller. However, the utility expenses are also smaller than for a one-bedroom apartment because:
- You have fewer lights, considering that the bedroom, kitchen, and living room aren’t separate.
- You have fewer corners so that you won’t have to turn your air conditioning up.
Pro tip: When you’re browsing through studio apartment ads, check to see if the utility expenses are included in the rent price.
5. Studio Apartments Have Better Locations
In Singapore, studio apartments are usually pretty close to the MRT, or bus stops, depending on your needs. Often, such apartments are located around transport hubs and intersections, as well as commercial hot-spots. Even so, they’re cheaper than other houses or apartments in the area, if you’re looking at the price per square meter.
Best Rental / Property Websites In Singapore
You probably figured that the majority of studio apartments in Singapore have online ads. However, you also notice that they’re hundreds of them all over the web.
If you don’t know what to choose, fret not. We understand you want a studio apartment that caters to your needs, which is why your best bet is to search on the best rental / property websites in Singapore.
Each of these websites has a unique advantage that sets it apart from all the rest. We’ll list down a few of these property websites that you can look out for, and what they have to offer!
1. PropertyGuru: Best For Smart Investments
The name of Property Guru says it all. You’ll get access to a wide database of spaces, whether you need them for residential or commercial use.
Property Guru is one of the top-rated property market leaders in Singapore because:
- They have lot of properties for rent and sale, with updated prices and info.
- There is a separate listing with plenty of new apartment launches.
- They provide you with a lot of reading resources that educate you matters related to real estate. You’ll learn how, when, and where to shop so that the home you purchase is an investment in itself.
2. 99.co: Best For Interactivity
99.co is another good choice because it’s a trustworthy website with plenty of listings. 99.co’s unique selling proposition is interactivity. As such, you’ll notice its intuitive website and property-hunting app that use top sorting algorithms. Most users agree that one of the best things about 99.co is its map-based search because you can find apartments easier depending on the location you need.
Besides, 99.co has a whole team of specialists behind it, such as engineers, data scientists, customer service people, plus former property agents. All these experts work together to ensure that you get the best apartment for your needs via 99.co.
3. RentInSingapore: Best User-Friendly Website
RentInSingapore has been around since 2012. The website has worked towards becoming the best user-friendly property market source since then because:
- It offers a lot of listings that cater to every need.
- These listings are updated in real-time.
- It has one of the friendliest customer services on the island.
- It practices affordable rates.
- The website is easy to navigate so that you can find an apartment quickly.
However, remember that RentInSingapore is a rental website, meaning the for-sale option is limited.
4. STProperty: Best For Personalised Housing Solutions
STProperty is your best bet if you’re not sure what sort of home to pick. Even if you’re settled on buying a studio apartment, that doesn’t mean you don’t have any questions. STProperty is the best place to find your answers because:
- You can browse through plenty of property options, from studio to bigger apartments, from private to commercial or even industrial properties. STProperty also has a lot of listings for properties abroad.
- You get access to their extensive library of resources so that you can pick the right home for your needs. As such, you can learn about market trends, rules, policies, and so forth.
- You can use their enquiry function once you create an account on their website. This function allows you to ask any question about housing, and an official representative will contact you with an answer shortly after posting your question.
5. iProperty: Best For Info
iProperty’s unique selling proposition is on the coverage and publishing niche. You should choose this website particularly if you want to find out everything about the real estate market in Singapore. Apart from its well-document website, iProperty also has its TV station that educates housing seekers.
Besides, iProperty is a good choice if you want an affordable studio apartment in Singapore. That’s because their selection of studio apartments features mostly budget-friendly and no-frills choices that fit business travellers and people with limited budgets.
Tips When Getting A Studio Apartment In Singapore
Before we leave you to start looking around for your studio apartment, we’ll leave you with some tips on how to get the right apartment for your needs:
1. Contact a property agent: They’ll show you the right places depending on your preferences, they’ll spare you the research, plus they’ll help you negotiate the price and loan instalments.
2. Use the apps: It’s easier to get the right apartment if you’re using the phone app. Once you enable your notifications, you’ll get updates of apartments in your favourite areas. That saves you a lot of time spent with browsing.
3. Double-check the online details. Sometimes, websites don’t publish all the rules and conditions for renting a studio apartment in Singapore. If you want to avoid surprise penalties, get in touch with a customer representative to get all the details.
4. Visit the place. You may not like the surroundings or your neighbours, even if the apartment is situated at a convenient location. As such, even if you appreciate an MRT nearby, you may not be able to live with the noise. Visit the location and take photos so that you can compare different places before making up your mind.
5. Consider a loan. Sometimes, it might be wise to get a loan because you can save more money in the long-term. It’s not a wise move to use all your savings for the rent, especially as you’ll have to pay a few months in advance. But, if you choose to take out an affordable personal loan with a licensed and trusted money lender, you won’t even feel the instalments, and you can continue to live a comfortable life. If you’re thinking of taking out a small loan to cover for your rental costs, you’ll be glad to know that Credit 21 offers affordable and personalized loans to suit your needs. Get in touch with us today to find out more!