The latest data from 99-SRX reveals a continued decline in rental volumes for both condominiums and Housing Development Board (HDB) flats in September 2026. This marks the second month of decreased activity following a busy July. Despite the drop, overall rental prices remain higher than last year, with condo rents edging down by just 0.1% and HDB rents by 0.6% compared to August.
Condo rental volumes saw an 18.6% month-on-month decrease, with 6,774 units rented in September. However, this figure is still 5% higher year-on-year and 6.9% above the five-year September average. The Core Central Region (CCR) experienced a slight increase in rental prices by 0.6%, whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) saw decreases of 0.3% and 0.8%, respectively.
HDB rentals also softened, with volumes dropping by 15.4% month-on-month to 2,379 flats. Year-on-year, this represents a 9.3% decrease and is 7.1% lower than the five-year average. The largest share of HDB rentals was for 4-room flats, accounting for 37.7% of the total volume.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the moderation aligns with expectations of stable rents and modest growth. He added that employment-related demand should continue to support leasing, whilst additional housing supply may limit significant rent increases.
Looking ahead, the rental market is expected to remain stable, with potential fluctuations as the year-end holiday period approaches.
