Creating a budget when renting an apartment can be tricky, especially if you are living with family and need to manage your household expenses. In general, the recommended budget for renting is around 30% of your income. However, depending on your lifestyle and needs, this method of budgeting may be a little too simplistic at times.
The most important thing to consider when renting a budget short term accommodation in Singapore is the value you will get out of the rental itself. For instance, choosing to rent a cheaper apartment far away from the city centre can compromise your transport journey experience, but if you are someone that prefers staying out, a cheaper rental allows you to have more money to spend on experiences like dining out and shopping.
Here are 3 ways for you to stay within your budget while getting the most out of the apartment you are renting.
1. Consider the facilities available
If you are someone that enjoys working out, a condominium rental may be for you. Although it may be more expensive, condos come with facilities like fully-equipped gyms and swimming pools.
Renting a condo means you will not have to spend additional monthly expenses on gym memberships as you can make use of the facilities provided. This allows you to maximise the cost of your rent, allowing you to stay within your monthly budget expenditure. On the flip side, if you are someone not making use of what you are paying for, then perhaps it’s better to opt for a simpler and cheaper apartment instead.
2. Consider if the rental location suits your lifestyle
Other than facilities, another important factor to look into is the location of your rental apartment. Cheap rental apartments tend to be located far away from the central business district, resulting in longer travel time. The additional time and expenses you waste on daily transportation can potentially be put to better use such as learning new skills or family time.
Opting for a more expensive rental may cut your initial budget, but the time and money you will eventually save in the long-run can justify the cost spent.
3. Consider if you need a furnished or unfurnished apartment
Typically in the market, an unfurnished apartment is cheaper than a furnished one. If you are planning to sign a long-term lease, picking an unfurnished apartment to rent can help you save on costs while giving you the flexibility to decorate your home according to your preferences.
On the other hand, if you are only planning to stay for a short period, then picking furnished rentals should be your priority. This option can save the effort and costs of buying and moving new furniture into your home, which may not be worth, considering how short your lease is.
Best budget short term accommodation in Singapore
Here at ST Residences, we understand the frustrations that go behind budgeting for your apartment. This is why we provide various short and long term accommodation options for our clients to enjoy at reasonable rates. Our serviced apartments come fully-furnished and can be found in strategic locations across Singapore to cater to diverse needs.
To book your ideal budget short or long term accommodation in Singapore, email us at [email protected] for more information.