Singapore’s rental market continued to show resilience in April 2025, with both condominium and Housing Development Board (HDB) rental volumes rising despite increasing prices.
According to the latest report by 99.co and SRX, rental prices for private condominiums increased by 0.1% month-on-month, with the Core Central Region (CCR) and Outside Central Region (OCR) seeing increases of 0.3% and 0.5%, respectively. The Rest of Central Region (RCR) remained stable.
The report highlighted a 2.7% month-on-month increase in condo rental volumes, with 6,088 units rented in April. Year-on-year, rental prices rose by 2.5%, with the OCR leading the growth at 2.9%. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that “prospective tenants are displaying increased price sensitivity and demonstrating greater reluctance towards premium asking rates.”
In the HDB segment, rental prices rose by 0.3% from March, with Mature and Non-Mature Estates seeing increases of 0.4% and 0.2%, respectively. The demand for 3-room and 4-room flats was particularly strong, with prices rising by 0.3% and 0.7%. However, Executive flat rentals saw a decline of 0.9%.
HDB rental volumes increased by 5.9% month-on-month, with 2,881 flats rented in April. Despite this, year-on-year rental volumes were down by 3.4%. The report suggests that the shift towards HDB flats may be driven by tighter household budgets amidst global economic uncertainty.
Overall, the rental market’s upward trajectory in both volume and price indicates a robust demand, although tenant preferences are shifting towards more cost-effective options. As the market adapts to these changes, further fluctuations in rental dynamics are expected.
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