Recently Nested, a property portal based in the UK, performed a research. According to this research, based on the available property, Singapore has secured the fifth spot in the list of most expensive place to rent a home in the world over.
According to the research, the average rental cost in Singapore is £2.68 psf or S$4.73. For a single, the monthly rent is just about £1,125 (S$1,985) and a family has to pay £2,134 (S$3,766) every month as rental charges. Based on this figure, an individual has to earn £46,542 (S$82,127) in a year in order to meet the rental cost. Likewise, a family income should be around £88,310 (S$155,830) in order to meet the rental cost.
In the recent Rental Affordability Index created by Nested, San Francisco is at number one spot. New York is at the second most expensive place to rent a home, Hong Kong stands on the third spot followed by Dubai in the fourth spot. The average rental cost in the top four cities range between £3.98 and £2.83.
In California, for a single, the average rent is £1,670 per month, whereas for a family, the amount is around £3,168. According to Nested’s statistics, a single person has to draw annual salary of £69,087 and a family has to generate £131,087 every year in order to pay the rents.
In Hong Kong, the third most expensive city to rent a home, the average rental cost is £3.08 psf. The individual has to pay £1,292 and a family has to pay £2,452 every month in rents. Based on Nested data, in order to meet the rental cost, an individual has to make £53,481 and a family has to draw £101,477 annually.
The recent market prices in 72 different cities the world over was the basis of the psf rental price. As for the minimum space required for an individual and a family, Nested used the recommendations from the Greater London Authority. According to the Greater London Authority, an individual requires minimum space of 420 sq ft and a family of four requires 797 sq ft area.
In order to calculate minimum average salary for a person and a family, Nested referred to the view of Loughborough University Institutional Repository. According to Loughborough University Institutional Repository, rent should be less than 29 percent of the average salary.
Expensive places defines the economic status of the community. The Flow @East Coast has a reasonable price, an investment that guarantees a bright future of the family.
