Singapore’s rental market showed renewed energy in March 2025, with volumes climbing sharply across both condominium and HDB segments. This surge comes despite ongoing rental price increases, signalling a return of tenant demand after the quieter early-year period.
According to the latest data, both private and public housing rentals recorded double-digit month-on-month growth in volume, even as prices remained firm; or rose modestly.
Table of contents
- Condo market overview: Higher prices, higher volumes
- HDB rental market: Demand climbs as prices hold
- What’s behind the March rental surge?
- Future outlook for Singapore rental market
Condo market overview: Higher prices, higher volumes
In the private rental market, March brought a strong recovery in leasing activity. An estimated 5,929 condo units were rented during the month, up 17.1% from the 5,062 units recorded in February.
This represented a 4% increase compared to the same period last year, although volumes remained slightly below the 5-year average for March by 1.2%.
Breaking it down by region, in March 2025, 35.6% of the total rental volume was from Outside Central Region (OCR), 33.9% from Rest of Central Region (RCR), and 30.5% from Core Central Region (CCR).
These figures suggest that tenants continue to prioritise affordability and accessibility, particularly in the OCR and city-fringe districts, even as price pressures persist across the board.
Rental prices also edged higher, continuing a trend of moderate monthly increases. Compared to February, overall condo rents rose by 0.4%.
On a year-on-year basis, overall condo rental prices climbed by 2%. Rents in both the RCR and OCR were up 1.9% each, while the CCR posted a 1.4% rise. Regionally, the OCR contributed the largest share of March’s rental transactions at 35.6%, followed closely by the RCR at 33.9% and the CCR at 30.5%.
By region, the CCR saw a 0.2% increase, the RCR rose by 0.8%, and the OCR experienced a 0.5% gain.
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HDB rental market: Demand climbs as prices hold
The HDB rental market mirrored this upward trend in leasing volume. March saw approximately 2,720 flats rented out, marking a 15.6% increase from February’s 2,353 units.
Compared to March 2024, volumes were up by 1%, although they remained 6.1% below the five-year average for the month.
The distribution of rental transactions in March 2025 was led by 4-room flats, which accounted for 36.8% of the total. This was followed by 3-room flats at 32.9%, 5-room flats at 24.9%, and executive flats at 5.4%.
Despite the growth in activity, HDB rental prices held steady on a month-on-month basis. Prices in both mature and non-mature estates remained unchanged overall.
However, there were notable shifts within flat types. Rents for 3-room, 5-room, and executive flats rose by 0.6%, 0.5%, and 0.5%, respectively, while 4-room flat rents dipped by 0.7%.
All flat types posted year-on-year rental growth, with 3-room flats leading at 4.3%, followed by executive flats at 3.5%, 4-room flats at 2.2%, and 5-room flats at 1.7%.
Over a 12-month period, however, HDB rental prices increased by 2.8%. Mature estates recorded a 3.7% rise, while non-mature estates saw a 1.9% gain.
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What’s behind the March rental surge?
The jump in rental activity likely reflects a natural rebound following the seasonal slowdown in January and February. The beginning of the year often sees lower leasing activity due to the holiday period and Chinese New Year. March typically signals a turning point, with new leases commencing and tenants returning to the market.
The increase in condo rentals may also be supported by a growing number of expatriates and foreign professionals returning to Singapore or starting new roles. Additionally, some tenants may be choosing to rent temporarily while awaiting new launch completions or to avoid additional taxes such as ABSD. However, these effects are likely marginal compared to the broader rental cycle.
In the HDB market, the flat rental supply has tightened due to fewer units reaching their Minimum Occupation Period (MOP). With fewer eligible units entering the rental pool, landlords may find themselves in a stronger position to hold firm on pricing, even if the monthly index remains flat.
Future outlook for Singapore rental market
March’s data reinforces the view that rental demand in Singapore remains resilient. While prices continue to rise gradually in the condo market and hold steady for HDB flats, the pickup in transaction volume signals tenant confidence and sustained need for rental housing.
For landlords, this presents a favourable environment; especially for those holding well-located or uniquely positioned units. Renters, on the other hand, may face increasing competition and fewer bargains in the months ahead, particularly in high-demand locations or within family-friendly layouts.
As always, the key for both groups lies in understanding micro-market dynamics. From lifestyle-rich patio condos to budget-friendly 3-room flats near transport hubs, demand remains strong; provided the offering aligns with tenant needs and price expectations.
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