Rental volumes for both condominiums and Housing Development Board (HDB) flats in Singapore increased in January 2025, according to the latest report from 99.co and SRX. This rise in activity comes despite a decline in rental prices, driven by expatriates securing leases and tenants capitalising on lower rents.
Condominium rental prices saw a slight decrease of 0.3% from December 2024, with the Core Central Region (CCR) and Rest of Central Region (RCR) experiencing declines of 0.6% and 0.4%, respectively. The Outside Central Region (OCR) remained stable. Year-on-year, overall condo rental prices increased by 0.5%, with the CCR seeing a 1.8% decrease, whilst RCR and OCR rose by 1.9% and 0.4%, respectively.
Rental volumes for condos increased by 7.6% month-on-month, with 6,306 units rented in January 2025 compared to 5,862 in December 2024. However, volumes were 5.6% lower than the five-year average for January.
In the HDB market, rental prices fell by 0.6% from the previous month, with Mature and Non-Mature Estates seeing decreases of 0.1% and 0.9%, respectively. Despite this, year-on-year rental prices increased by 3.8%. Rental volumes for HDB flats rose by 7.5% month-on-month, although they were 12.9% lower than January 2024.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that landlords were more willing to negotiate lower prices rather than leave units vacant. He added that the price decline might be temporary due to firm demand. As condo rents potentially fall further, some tenants may opt for condos over HDB flats, potentially impacting HDB rental prices in the coming months.
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