Singapore’s rental market experienced a downturn in May 2026, with both condominium and Housing Development Board (HDB) rental prices and transaction volumes declining, according to the latest report by 99.co and SRX. The shift indicates a move towards a more balanced market, as an increasing supply of homes and cautious hiring trends ease the pressure on rental prices.
Condominium rental prices fell by 0.6% month-on-month, with the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) seeing decreases of 0.4%, 0.6%, and 1% respectively. Despite this, year-on-year figures show a 1.9% increase in overall condo rental prices. Rental volumes also dropped by 9.8% from April, with 5,853 units rented in May. However, volumes were still 4.2% higher than the previous year and 7.4% above the five-year average for May.
In the HDB sector, rental prices decreased by 0.3% compared to April. Mature towns saw a 0.5% decline, whilst Non-Mature towns experienced a slight increase of 0.2%. Year-on-year, HDB rental prices rose by 1.1%. Rental volumes for HDB flats fell by 7.7% month-on-month, with 2,595 flats rented in May, slightly below the five-year average.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market is transitioning from a landlord-led environment to a more balanced one. He added that whilst rental demand remains supported by household formation and expatriate leasing, global economic uncertainties may moderate growth. As supply continues to expand, rental prices are expected to remain stable throughout 2026.
