Rental volumes for both condominiums and Housing Development Board (HDB) flats in Singapore experienced a notable decline in February 2026, according to the latest report by 99.co and SRX. The drop is largely attributed to the seasonal slowdown during the Chinese New Year period, which typically sees a pause in leasing transactions as households defer moving decisions.
In the condominium rental market, overall rental prices saw a slight decrease of 0.2% month-on-month. The Rest of Central Region (RCR) and Outside Central Region (OCR) experienced declines of 0.5% and 0.4%, respectively, whilst the Core Central Region (CCR) saw a 0.8% increase. Despite the monthly dip, year-on-year figures show a 2% increase in overall rental prices, indicating resilient demand.
Rental volumes for condos fell by 25.5% from January 2026, with an estimated 4,995 units rented in February. This represents a 1.3% decrease year-on-year and is 4.5% lower than the five-year average for February. The OCR accounted for 35.6% of the total rental volume, followed by the RCR at 33.8% and the CCR at 30.6%.
The HDB rental market also saw a decrease in activity, with rental volumes dropping by 20.1% month-on-month. Approximately 2,239 HDB flats were rented in February, down from 2,802 in January. Year-on-year, this marks a 5% decline, with volumes 9.7% below the five-year average. However, HDB rental prices increased by 0.3% month-on-month, with Mature towns seeing a 0.5% rise.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that whilst the February slowdown is seasonal, the slight year-on-year price growth suggests that underlying rental demand remains strong. This indicates that the market fundamentals are stable, despite the temporary dip in activity.
