Rental activity in Singapore experienced a downturn for the third consecutive month in October 2025, with both condominium and HDB rental volumes declining, according to the latest report by 99.co and SRX. Despite this, rental prices have remained stable, reflecting a resilient market amidst fluctuating demand.
In the condominium sector, rental prices saw a slight regional variation. The Core Central Region (CCR) and Outside Central Region (OCR) experienced minor decreases of 0.2% and 0.6%, respectively, whilst the Rest of Central Region (RCR) saw a 0.5% increase compared to September 2025. Year-on-year, overall condo rental prices rose by 2.5%.
Rental volumes for condos dropped by 9.7% month-on-month, with 5,819 units rented in October, down from 6,447 in September. However, this figure was still 1.9% higher than the previous year. The distribution of rental activity showed 33.5% in OCR, 34.3% in RCR, and 32.2% in CCR.
The HDB rental market mirrored this trend, with prices decreasing by 0.5% from the previous month. Mature and Non-Mature towns saw declines of 0.4% and 0.5%, respectively. Notably, Executive flats bucked the trend with a 2.8% price increase. Year-on-year, HDB rental prices rose by 1.8%.
HDB rental volumes fell by 5.8% month-on-month, with 2,471 flats rented in October. Despite the monthly decline, this represented a 5.2% increase compared to October 2024. The breakdown by room type showed 32.5% of rentals were 3-room flats, 36.7% were 4-room, 24.9% were 5-room, and 5.8% were Executive flats.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, commented on the stability of rental prices despite the decline in activity, suggesting a balanced market as demand adjusts. The report indicates that whilst rental volumes have decreased, the overall market remains robust, with stable pricing providing a buffer against fluctuating demand.
