Summary
Singapore's standard 2-month rental security deposit can cost $6,000 to $16,000+, creating a major financial barrier for many renters.
Traditional solutions like negotiating with your landlord, asking for installments, or finding a guarantor are unreliable as they depend on landlord approval and market conditions.
Government assistance is available but has strict income criteria, making most renters ineligible.
Services like Rently's Lower Move-In Costs offer a guaranteed way to pay your deposit in small monthly installments without needing landlord approval.
Let's be blunt: if you're renting in Singapore, the security deposit alone can feel like a gut punch.
Before you even get the keys to your new place, you're expected to hand over two months' rent as a security deposit — and in today's market, that can easily run anywhere from $6,000 to $16,000+ depending on where you're renting. Stack that on top of your first month's rent, agent fees, and moving costs, and you're looking at an eye-watering sum of cash to produce before you've spent a single night in your new home.
It gets worse. Talk to enough renters in Singapore — especially expats — and a frustrating pattern emerges: even after paying that enormous deposit, there's no guarantee you'll see it again. On Reddit's r/askSingapore, one user shared: "A lot of my friends (especially expats) have recently moved out of their rental properties due to rent increases, and 3 out of 4 have told me that their landlords did not return their security deposit." Another tenant, who by all accounts was a model renter, vented: "I lost $1.2k in my last tenancy because of silly wear and tear claims."
So not only is the deposit a massive upfront financial hurdle — it's also a sum of money you might never fully recover.
The good news? You have more options than you think. Whether you're a young Singaporean moving out for the first time, a BTO-waiting couple managing cash flow, or an expat navigating a huge relocation budget, here are 7 practical fixes when you find yourself without enough money for a rental deposit in Singapore.
Fix #1: Lower Your Move-In Costs with Rently
This is the most practical fix on this list — and the only one that doesn't require you to negotiate with your landlord at all.
Rently's Lower Move-In Costs is a deposit financing service that lets you spread your 2-month security deposit over the duration of your lease, instead of paying it all upfront. Here's how it works:
You sign up for Rently and activate the Lower Move-In Costs add-on.
Rently pays your full security deposit directly to your landlord via a standard FAST bank transfer — on day one, in full.
You repay Rently in small monthly installments over the course of your lease.
Your landlord receives their complete deposit on time and via a normal bank transfer. They don't need to approve anything, sign anything, or even know you're using a financing service. There are no awkward negotiation dynamics to navigate.
The cost? $12 per month for every $1,000 of deposit. For an $8,000 deposit on a 12-month lease, that's $96/month — instead of $8,000 upfront.
This matters most if you're:
A BTO-waiting couple trying to preserve cash for your downpayment and renovation
A young single who simply can't produce $6,000–$12,000 overnight
An expat facing a massive capital drain on arrival before your first local paycheck
Anyone who needs better cash flow without the awkwardness of asking favours
No competitor in Singapore offers deposit financing. Banks don't offer rental deposit loans. Other rent payment platforms are simply payment routers — they physically cannot take on deposit liability. Rently is structurally unique in this space and fills a real gap in Singapore's rental finance market.
👉 Use Rently's free deposit calculator to see your monthly cost
Fix #2: Negotiate a Lower Deposit with the Landlord
This one requires courage, but it can work in a soft rental market or when a landlord is eager to fill a unit quickly.
The ask is simple: request that the landlord accept one month's deposit instead of two, or agree to a deposit amount below the standard rate. To make this work in your favour:
Present proof of stable income (payslips, employment letter)
Offer references from previous landlords
Demonstrate a clean rental track record
Pros: If successful, it directly reduces your upfront cost with no ongoing fees.
Cons: Highly dependent on the landlord's willingness and how competitive the rental market is at the time. In a hot market, landlords have little incentive to budge.
Fix #3: Propose Paying the Deposit in Installments
If you can't pay the full deposit upfront, another approach is to ask the landlord whether you can split it across the first few months of the tenancy — for example, one month's deposit on signing and the second month spread over your next two rent payments.
Pros: Makes the immediate financial hit more manageable without needing a third-party service.
Cons: Still requires the landlord to agree — and many won't. You'll also want to ensure any installment arrangement is explicitly documented in the tenancy agreement to protect yourself from future disputes. Without clear written terms, this can become a source of conflict later, especially given how common deposit disputes are in Singapore.
Fix #4: Explore Deposit Replacement Products
Deposit replacement products — sometimes called deposit bonds or surety bonds — let you pay a small, non-refundable fee to an insurer, who then provides the landlord with a guarantee equivalent to the deposit value. You skip the large cash outlay and the insurer backs the landlord's risk instead.
Rently has also explored deposit-free rental models in Singapore, pushing this concept further into the mainstream.
Pros: Dramatically lowers day-one cash requirements.
Cons: The fee is non-refundable — unlike a traditional deposit, you won't get it back at the end of the lease. If the landlord makes a valid claim, you may still be liable to reimburse the insurer. These products are also less common in Singapore compared to markets like the UK or Australia, so availability can be limited.
Fix #5: Tap into Government Rental Assistance
For lower-income households, Singapore's social support network does offer a safety net.
ComCare Short-to-Medium-Term Assistance (SMTA) provides temporary financial support — which can include help with rent and utilities — to eligible families going through difficult periods.
Eligibility requirements include:
Singapore Citizen or PR (with at least one SC family member in the household)
Monthly household income per capita of $800 or less
How to apply:
Apply online via the SupportGoWhere portal
Or walk in to your nearest Social Service Office (SSO)
Prepare key documents: NRIC, payslips, bank statements, utility bills
Pros: A crucial lifeline for those who qualify, with no repayment required.
Cons: The income ceiling is strict, meaning the majority of renters — especially expats and middle-income earners — won't qualify. This is very much a last-resort option for a specific demographic, not a general solution to the deposit problem.
Fix #6: Find a Co-Signer (Guarantor) for Your Lease
A co-signer, also called a guarantor, is someone — typically a family member or trusted friend based in Singapore — who agrees to be legally responsible for your rent and any damages if you default. Their creditworthiness and local standing may give a landlord enough confidence to accept a lower deposit.
Pros: Can be useful for students, fresh graduates, or expats with no local credit history who need to strengthen their application.
Cons: This places significant legal and financial liability on your co-signer. Not many people are willing to take on that level of risk for someone else, and asking can put real strain on personal relationships. It also doesn't actually reduce the amount of money you need to pay — it just reassures the landlord enough that they might ask for less.
Fix #7: Time Your Move Strategically
Sometimes the simplest fix is a timing play. If your need to move isn't urgent, plan your move-in date to coincide with a period when you'll have more cash available — a year-end bonus, a tax rebate, completion of a freelance contract, or the receipt of a CPF withdrawal.
Pros: No negotiation, no fees, no debt — just better cash flow alignment.
Cons: Housing needs are rarely convenient. This strategy falls apart when you're facing an expiring lease, a job relocation, or a sudden life change like a separation or family emergency. As one Reddit user plainly put it about temporary solutions: "These are not long term solutions." Timing your move is a nice-to-have strategy, not a reliable fix.
Cost Comparison: Lump Sum Deposit vs. Rently Monthly Installments
To make this concrete, here's what the numbers look like for a typical condo rental at $4,000/month (requiring an $8,000 two-month deposit) on a 12-month lease:
Standard 2-Month DepositRently Lower Move-In CostsUpfront Cash Required$8,000$0Monthly Cost$0$96/month ($12 × 8)Total Cost Over 12 Months$8,000 refundable$1,152 (non-refundable service fee)Cash Freed Up on Day 1$0$8,000Landlord Approval Needed?N/A❌ NoLandlord Receives Full Deposit?✅ Yes✅ Yes
The trade-off is clear: Rently's service costs $1,152 over a year in exchange for freeing up $8,000 on day one. For many renters — particularly those juggling BTO savings, relocation costs, or a tight budget — that liquidity is worth far more than the service fee.
For a different deposit amount or lease length, use Rently's deposit calculator to run your own numbers.
The Bottom Line
If you don't have enough money for a rental deposit in Singapore, you're not alone — and you're not out of options. The seven fixes above range from free (timing your move, finding a guarantor) to government-backed (ComCare SMTA) to negotiation-based (asking your landlord directly).
But the honest truth is that most of these options come with a catch: they depend on landlord goodwill, strict eligibility criteria, or life circumstances that may not be in your control.
Rently's Lower Move-In Costs is the only fix on this list that works regardless of your landlord's personality, your income bracket, or how competitive the rental market is. Your landlord gets their full deposit on day one. You keep your cash. No negotiation, no awkward conversations, no compromise on your housing choice.
Frequently Asked Questions
What is the standard security deposit for renting in Singapore?
The standard security deposit for a rental property in Singapore is typically two months' rent for a two-year lease, or one month's rent for a one-year lease. This amount can range from $6,000 to over $16,000 depending on the property, creating a significant upfront financial barrier for many tenants.
How can I pay my rental deposit in installments in Singapore?
Yes, you can pay your rental deposit in installments using a service like Rently's Lower Move-In Costs. Rently pays your full deposit to the landlord upfront, and you repay Rently in small, fixed monthly amounts over your lease term. While you can try negotiating an installment plan directly with a landlord, many are unwilling to agree to such arrangements.
Do I need my landlord's permission to use Rently for my deposit?
No, you do not need your landlord's permission to use Rently. The service is designed to be seamless for the landlord, who receives the full security deposit via a standard bank transfer on time. They do not need to sign any additional documents or even be aware that you are using a financing service.
Is the fee for Rently's Lower Move-In Costs refundable?
No, the monthly service fee for Rently is not refundable. It is a charge for the service of financing your deposit and freeing up your cash on day one. This is different from a traditional deposit, which is refundable at the end of the lease, assuming no damages. The trade-off is paying a non-refundable fee in exchange for immediate liquidity and better cash flow.
What happens if the landlord makes a claim on the deposit when I use Rently?
If your landlord makes a valid claim for damages at the end of your lease, the process works similarly to a traditional deposit. Rently will facilitate the claim with the landlord. You are still responsible for any valid deductions, and you will be required to reimburse Rently for the amount paid out to the landlord on your behalf.
Are there government grants to help with rental deposits in Singapore?
Yes, for lower-income households, help is available through ComCare Short-to-Medium-Term Assistance (SMTA). This scheme provides temporary financial support, which can include rental costs, for Singapore Citizens or PRs who meet the strict income eligibility criteria (typically a monthly household income per capita of $800 or less).
Is it possible to negotiate a lower security deposit in Singapore?
Yes, it is possible to negotiate a lower deposit, especially in a softer rental market. To increase your chances, you can present proof of stable income, offer references from previous landlords, and demonstrate a strong rental history. However, success is not guaranteed, as landlords in a competitive market have little incentive to accept less than the standard two-month deposit.
Ready to see your numbers? Use the free deposit calculator on Rently's website to find out exactly how much you can free up on your next move — in under a minute.
