Rental volumes for both HDB flats and condominiums in Singapore saw a decline in August 2025, according to the latest 99-SRX Media Flash Report. The Seventh Lunar Month, a period traditionally associated with reduced moving activity, contributed to this slowdown. Additionally, families with school-going children typically secure leases earlier in the year, further easing demand by August.
In the condo rental market, prices remained stable overall, with the Core Central Region (CCR) and Rest of Central Region (RCR) experiencing slight increases of 0.4% and 0.8%, respectively. The Outside Central Region (OCR) saw a minor decrease of 0.1% compared to July 2025. Year-on-year, rental prices rose by 2.9% overall, with CCR, RCR, and OCR increasing by 3.4%, 3.2%, and 2%, respectively. Rental volumes dropped by 8.6% month-on-month, with 7,949 units rented in August compared to 8,695 in July. However, volumes were 6.4% higher year-on-year and exceeded the five-year average for August by 4.7%.
The HDB rental market experienced a 0.8% decrease in prices compared to July 2025, with Mature and Non-Mature estates seeing declines of 1.1% and 0.4%, respectively. Prices for 3-room, 4-room, and Executive flats fell, whilst 5-room flats saw a slight increase of 0.1%. Overall, rental prices increased by 2.8% year-on-year. Rental volumes decreased by 13% month-on-month, with 2,758 flats rented in August compared to 3,170 in July. Year-on-year, rental volumes rose by 3.8% and were 3.9% above the five-year average for August.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that tenants might be delaying renewals or new leases in anticipation of more supply from newly completed projects later in the year.
