For many seniors in Singapore, a Housing and Development Board is more than a roof over their heads. It can also double up as a source of retirement income in their silver years.
Renting out your room Seniors who own a three-room or larger flat can follow Madam Wong’s lead by renting out a spare room for additional income. The minimum rental period for a tenant renting a bedroom is six months, and up to a maximum of three years if he or she is Singaporean or Malaysian. For tenants of other nationalities, the maximum rental period is two years. As the flat owner renting out rooms, you must continue to live in the flat during the period of rental.You can also rent out your entire flat if you wish to. This option is most suitable if you own a flat and plan to live with your children or other family members.
Having rented out her spare bedroom for the past four years, Madam Wong still keeps in touch with her tenants and has forged close friendships with some of them.