Rental prices for both condominiums and Housing Development Board (HDB) flats in Singapore experienced a slight decline in May 2025, as detailed in the latest 99-SRX Media Flash Report. The report, released by 99.co and SRX, highlights a 0.4% decrease in condo rental prices and a 0.1% drop in HDB rental prices compared to April 2025.
The report attributes these shifts to seasonal factors, with rental demand typically slowing during the second quarter of the year. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that “ongoing economic uncertainties and a more cautious job market” may have influenced tenants’ decisions to delay or downsize their rental choices.
Despite the month-on-month decline, the year-on-year figures present a more resilient picture. Condo rental prices increased by 2.7% compared to May 2024, with the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) seeing increases of 1.7%, 3.1%, and 2.3%, respectively. Similarly, HDB rental prices rose by 3.2% year-on-year, with Mature and Non-Mature estates experiencing increases of 4.3% and 1.7%.
Rental volumes also saw a decrease, with condo rentals dropping by 7.8% month-on-month and HDB rentals by 10.2%. However, condo rental volumes were 8.9% higher year-on-year and 5.9% above the five-year average for May. HDB rental volumes remained unchanged year-on-year but were 2.7% below the five-year average.
Looking ahead, the report suggests that if condo rents continue to ease, some HDB tenants might shift towards private rentals, potentially affecting condo prices further.
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