Lately the rental prices had soared in Singapore. My tenant of 2 years since pre-Covid is moving out and getting their own place. We managed to get new tenant 2 months before the place is available, after posting in market for just few days and received 3 offers from the very first viewing! In any case, we received offer that was even higher than the publicized price.
Finally this weekend is the handover.
In Singapore, based on the current law, the minimum rental period of any residential units is 6 months. A property agent can be the facilitator, and commonly the agent would represent the landlord and collect commission. The renter generally should not need to pay the agent commission, unless the agent exclusively worked for the renter over filtering multiple units and thus earn comission based on mutual agreement.
For a rental period of 1 year, it is common to pay agent half-month's commission, and for the renter to be keeping 1 month's rental deposit to the landlord that shall be returned at the end of rental period. For 2 years' rental, agent commission is a month's rental and the security deposit is 2 month's rental.
During the period, the renter can enjoy the unit in peace and quiet, and potentially accommodate viewings if/when the unit is open for sale, or at the end of rental for new prospective rental. In my case, we discussed and agreed whether the renter would continue to extend their lease around 2-3 months prior to the end of lease.
