You’re in your 20s and have a stable job. Now that you’ve had a taste of financial independence, you want more: To move out from your parents’ place and live on your own. Thing is, you’re not married and you’re not 35 yet, so you can’t buy a HDB flat, and you definitely aren’t raking in the big bucks to buy your own private property. So, what do you do?
“The only viable option is to rent,” says Chew Changhui, Head of Consumer Marketing at PropertyGuru. Say what? Don’t Singaporeans typically move out only when they get married? As it turns out, there’s a growing trend of millennials moving out earlier. According to a recent PropertyGuru survey, 80 per cent of millennials aged between 22 and 37 move out of their parents’ homes (compared to 61 per cent in the same period last year), and about 24 per cent of those who moved out are below 27 years old.
But do you have to be a hotshot banker or lawyer to start renting your own place? Is it possible to for someone with a take-home pay of about $2.5k to rent their own place… and not have to survive on instant noodles only? “Although it is possible to rent on a fresh grad pay, you have to be modest and get your finances right,” advises Changhui. Read on for more tips.