Finances 101: How Serviced Apartments Actually Help You Save Money

Suppose you aren’t familiar with what furnished and serviced apartments are and who they are for. In that case, you might end up thinking that it is expensive because it generally comes with more space and is equipped with the necessities such as a decked-out kitchen, dining area, living room, and bedroom.

Yes, serviced apartment rentals can be pricier than unfurnished or bare units, but comparing the two is like comparing apples to oranges – they aren’t the same. Furnished apartments are usually rented on a short-term basis, while unfurnished apartments are on a long-term.

Depending on your reason as to why you’re renting out a unit, the former can help you save more money – here are some examples;

If you’re using it as accommodation during your vacation

When you think about going on a vacation, the accommodation type that first comes to mind is probably hotel rooms because of their luxury feel and amenities such as an in-house gym or an outdoor pool. However, hotel rooms are usually very expensive, especially if your vacation lasts for a week or longer.

In this scenario, you might find renting a serviced apartment more ideal because not only can they be as luxurious as hotels, but they can also feature amenities that most hotels have – all while maintaining a price point that is lower than that of the average hotel. But even if you’re not staying for an entire week at your destination, serviced apartments are still going to be your best bet if you want to have luxury accommodation that isn’t expensive.

If you’re doing major home renovations

Suppose you’re doing a major renovation to your home. On average, a residential overhaul takes about 7 or 8 months to complete, during which time vacating the house might be necessary. In that case, you might want to consider a short-term apartment rental that is furnished so that you wouldn’t need to purchase moving services for your home essentials. 

Short-term apartment rentals are also flexible in terms of the duration of your tenancy. With a minimum length of stay of 6 nights for a service apartment and 3 months for a residential apartment, ST Residences can accommodate however long a stay you require. In contrast, long-term rentals have a minimum one-year contract – you have to pay monthly rent for at least an entire year, even if you move out early.

If you’re an international student

Suppose you’re an international student in one of Singapore’s universities. In that case, a serviced apartment might be a better option than an unfurnished one. Why? It’s improbable for expats to bring a lot of home appliances with them. While you can always build your personal belongings from the ground up, you’re going to need some of them from the get-go – stovetops, cooking pans, refrigerators, and so on. Buying them right then and there can be costly.

To help you ease into the way of life in Singapore, it’s best to live in an apartment that has all the essentials you would need while you pursue your degree. Buying your own appliances isn’t ideal because you probably are only staying temporarily unless you plan to settle for good in Singapore.

Conclusion

ST Residences feature approximately 400 serviced apartments, all located conveniently in areas such as CBD, Orchard, Novena, Jurong, and East of Singapore. Find your stay with us for apartments that feature comfort, accessibility, affordability, and peace of mind. The flexibility of tenancy duration and its exceptional value for money are just some of the reasons why serviced apartments are ideal stays.

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