Fair tenancy framework launched to promote sound practices in rental market

The Singapore Business Federation (SBF) has launched a set of guidelines to promote sound practices in the rental market.

Called the Fair Tenancy Framework, it sets down key reference points to help tenants and landlords work out rental agreements under three initiatives.

  1. To work with the Government to provide rental data information for businesses.
  2. The introduction of a guide to help small businesses understand typical terms and conditions in lease agreements, as well as a basic reference containing common obligations found in tenancy deals.
  3. To tap on the Singapore Mediation Centre to resolve tenant-landlord disputes, should they arise.

The framework was developed in consultation with the Government, private sector landlords and various trade associations. A key thrust is to provide transparent information to stakeholders for them to make decisions, with soaring rental rates being a common complaint among businesses.

However, being a guide, the framework does not have legislative teeth as leasing practices in Singapore currently operate on a free-market principle. SBF said legislation in this area would require greater in-depth study on the implications.

Source : Channel NewsAsia – 20 Jan 2015

Join The Discussion

Compare listings