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Condo Rental Timeline: How to Rent a Condo in Singapore

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Ohmyhome

Excited by the prospect of enjoying condo facilities within your reach, 24/7? Renting a condo is a popular choice for home searchers and with good reason! Forget condo staples such as swimming pools and gyms, these days you’ll find more imaginative facilities such as sprawling clubhouses with exciting entertainment areas for your next party and even a rejuvenating Himalayan Salt Room plus spas in more holistic developments.

Ready to enjoy the condo life? Here we’ve put together the steps and timeline to note in a typical rental journey.

Condo Rental Timeline

TimelineSteps
Step 1: Search for a condo to rent.

The Ohmyhome app offers genuine rental units by direct owners. Begin your search by inputting an address, MRT station, or a nearby school to view available listings.

Unique to the Ohmyhome app, the ShoutOut feature allows you to post what you are looking for in a room or unit. Landlords will then suggest their property to you.

Step 2: Engage an agent.

Engaging a good agent is your best bet for a stress-free experience. He or she will represent your best interests and facilitate a smooth rental transaction for you.

Here are the qualities of a top-notch agent:

  • Holds a valid license
  • Knowledgeable with key facts like rental transaction data around the area
  • Familiar with the location and upcoming developments in the area
Step 3: Chat with the homeowner and arrange for home viewings.

Schedule an appointment for viewing. It is advisable to schedule it in advance to provide sufficient time for the landlord to prepare the property for viewing.

The Ohmyhome app provides an in-app chat that allows for direct communication between tenants and homeowners.

Step 4: Prepare your Tenancy Requirements.

Here is the list of tenancy requirements that you (or your agent) must prepare:

  • Photocopy/ Softcopy and Original Singapore Pass Card
  • Photocopy/ Softcopy and Original Travel Document
  • One-month advance Rental Fee, Security Deposit, and Stamp Duty
  • Local contact number and email so that the real estate agent and the landlord may contact you
Step 5: Draft your Letter of Intent (LOI).

Drafting up an LOI would be an indication to the landlord that you are a serious tenant. The landlord would have to stop advertising the unit once LOI is received.

Important details you must include in an LOI:

  • Reservation Deposit, also known as a “good faith deposit.”
  • Good Faith Deposit which will become your security deposit. This amount is normally 1 month of your rental fee. The minimum rental period is 3 months.
  • Term of Lease. The minimum tenancy period is 6 months.
3 days after LOI is submittedStep 6: Enter the Tenancy Agreement (TA).

The TA will be drafted by the landlord according to the details in the LOI.

Before the execution of the TA, if you were to withdraw, the landlord is entitled to forfeit the deposit. Likewise, should the landlord have a change of mind, the deposit shall be fully refunded to you.

1 week to signStep 7: Sign the TA.

A one-week period is granted for the tenant and landlord to sign the TA. Normally, the landlord will also request an advance one-month rental fee.

2 weeks from date of TAStep 8: Pay stamp duty.

You will need to pay the stamp duty within 14 days from the date of the TA.

Step 9: Manage administrative matters.

For precaution, an inventory list would have to be vetted through and signed by you. Note the condition of existing furniture and items to risk forfeiting your security deposit at the end of your lease.

You are advised to take a video of the property or photos as a record of the property prior to taking over the property.

You would also need to register for a Singapore Power (SP) e-Services account to apply for a change of ownership to the utility account. After these administrative processes, you can start moving into your new home.

One-month warranty periodStep 10: Take over the unit.

Upon getting the keys to your rental unit, go through the inventory list, and check that all the items are in working condition. There will be a one-month warranty period. Be sure to inform the landlord or agent in writing of any faulty items or defects before moving in. Should there be any defects or repairs after the warranty period, it would be borne by you, the tenant.

It’s good practice to do up a Home Condition Report and get the Landlord to acknowledge it to prevent any potential disputes when it comes to the end of your lease.


Rent a Condo with Ohmyhome

Enjoy Ohmyhome’s world-class Condo Tenant Agent Service! Experience exceptional speed and dedicated customer service with our tried-and-tested formula: innovative Proptech combined with the excellent teamwork of our real estate consultants, customer care, and technical support teams.
Book a consultation with us now!

Call 6886 9009 now!

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