Condo and Housing Development Board (HDB) rental volumes in Singapore saw a significant increase in March 2025.
The report highlights a 17.1% month-on-month rise in condo rentals and a 15.6% increase in HDB rentals, attributed to a resurgence in demand following the typical January–February slowdown, according to the latest 99-SRX Media Flash Report.
The condo rental market experienced a sharp rebound, with 5,929 units rented in March, up from 5,062 in February. This increase comes despite a 0.4% rise in rental prices, with year-on-year figures showing a 2% increase. The Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) all saw rental price increases of 0.2%, 0.8%, and 0.5%, respectively.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the uptick in rental volumes could be driven by returning expatriates and new foreign hires, as well as tenants seeking more affordable options amid rising rents. “Whilst some temporary demand may have stemmed from buyers entering the new launch market—potentially choosing to rent to avoid ABSD exposure—this effect is likely limited and secondary to broader rental cycle trends,” he said.
In the HDB rental market, prices remained flat month-on-month, although year-on-year figures indicate a 2.8% increase. The report suggests that a slowdown in supply, with fewer flats reaching their Minimum Occupation Period, has given landlords more pricing power. Rental volumes for HDB flats reached 2,720 in March, compared to 2,353 in February.
As the rental market continues to evolve, the demand dynamics and pricing trends will likely influence future rental strategies for both landlords and tenants.
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