Rental transactions for both condominiums and Housing Development Board (HDB) flats in Singapore saw a decline in August 2026, according to the latest report by 99.co and SRX. The slowdown coincided with the start of the Hungry Ghost Month, a period traditionally associated with reduced property activity, and followed an exceptionally active July.
In the condominium market, rental volumes fell by 13.6% month-on-month, with 8,318 units rented in August compared to 9,627 in July. Despite this decrease, year-on-year volumes were 4.5% higher, and 11.6% above the five-year average for August. Rental prices remained stable overall, with slight increases in the Core Central Region (CCR) and Rest of Central Region (RCR) by 0.7% and 0.6% respectively, whilst the Outside Central Region (OCR) saw a 0.4% decrease.
The HDB rental market also experienced a decline, with volumes dropping by 9.5% month-on-month to 2,805 flats rented in August. However, year-on-year volumes were up by 1.3% and exceeded the five-year average by 1.9%. Rental prices for HDB flats decreased by 0.7% compared to July, with Mature and Non-Mature estates seeing declines of 0.5% and 1% respectively.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the rental supply is becoming more supportive of tenants, with around 13,500 HDB flats expected to reach their Minimum Occupation Period in 2026. This increase in eligible flats could heighten competition among landlords, particularly in areas with a concentration of newly MOP flats.
Looking ahead, rental volumes may continue to fluctuate, but the underlying demand suggests that prices are likely to remain stable or experience modest changes rather than sharp declines.
