Rental prices in Singapore remained stable in November 2025, despite a decline in rental volumes, according to the latest report from 99.co and SRX. The report highlights a seasonal softening in the market, with condo rental volumes dropping by 9.1% month-on-month and HDB volumes dipping slightly by 0.9%.
Condo rental prices saw a marginal decrease of 0.1% from October, with the Core Central Region (CCR) and Rest of Central Region (RCR) experiencing slight declines of 0.4% and 0.3%, respectively. However, the Outside Central Region (OCR) saw a 0.2% increase, indicating continued demand in more affordable suburban areas. Year-on-year, condo rental prices have risen by 2.3%, reflecting underlying market stability.
In contrast, HDB rental prices increased by 0.5% in November, driven by demand for smaller flats such as 3-room units, which rose by 1.4%. This growth comes after three months of declining prices, suggesting sustained demand from budget-conscious renters, including singles, young couples, and foreign workers. Year-on-year, HDB rental prices have increased by 1.8%.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market is experiencing a typical year-end lull rather than a downturn. “With year-on-year volumes still positive for both condos and HDBs, and rental prices broadly stable, the market appears to be normalising,” he stated.
Looking ahead, the report anticipates subdued activity through the festive period, with clearer rental momentum expected in early 2026 as hiring patterns, immigration flows, and interest-rate expectations become more defined.
