New tenant for my Centris unit

My previous Japanese tenants (couple with young daughter) had decided my unit (936sqft 2beds) was too small for them (stayed at my unit for 3.5yrs & recently add a baby boy to their household). They decided not to renew after their lease ends 30/9 & shifted to my neighbouring blk’s 3bed unit.

My agent found another Japanese tenant (MD of a Japanese Co) & secured a 2+1 years lease for me at $3.3k per month. Quite a good deal i must say in today’s market. New tenant would be moving in coming Mon (8/10) & i only have exactly 1 week to get the unit ready (minor touch up required).

Me & wife would be staying over next 2days (Fri & Sat) to complete the touch up as well as enjoy it (cheap staycation 🙊). From day 1 since we bought the unit back in 2015 (bought with Tenancy) we never had a chance to hang around. Centris is located on top of Jurong Point and it is extremely convenient. We plan to catch a movie 🍿 🎥 or 2 over the weekend. It’s been years since we last went for a show. 😓

Rents had been sliding since we bought. Back in 2015 the unit was tenanted for $3.8k. Renewed for $3.7k in 2016 (2yrs) & extended for another 6mths at $3.5k (2018). Now only left $3.3k and it is considered very good as past 3mths URA history shows average rents are fetching around $3k for Centris. Fortunately we did a 3yr fixed mortage loan with BOC last year at 1.68% ($2.3k per mth so still positive cash flow!). Hopefully come 2020 the rental market will recover. 🙏🏻

 

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