The rental market in December 2024 showed a significant uptick in activity, breaking previous downward trends. Heightened rental transactions in both condominiums and HDB flats can be attributed to seasonal factors, as expatriates and other tenants typically secure leases before the new year. This increase also signals a potential pivot from a tenants’ market to a landlords’ market, supported by stabilising rental rates and a tightening inventory.
This article provides an in-depth analysis of December’s rental market activities and price trends, offering a forward-looking perspective on 2025.
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Condo rental market in December 2024
In December 2024, condominium rental prices rose for the third consecutive month, increasing by 0.9% compared to November. This growth was consistent across key regions, with prices in the Core Central Region (CCR) and Rest of Central Region (RCR) each rising by 1.1%. The Outside Central Region (OCR) saw a smaller increase of 0.3%.
Year-on-year, overall rental prices experienced a slight rise of 0.1% compared to December 2023. However, regional trends varied: prices in CCR and OCR declined by 0.8% and 0.7%, respectively, while RCR prices grew by 0.7%.
Rental volumes surged by 17% month-on-month, with approximately 5,862 units rented in December 2024, up from 5,010 in November. Year-on-year, volumes were 3.4% higher, though still 10.3% below the five-year average for December. The OCR accounted for 38.2% of total rental transactions, followed by RCR at 32.5% and CCR at 29.2%.
HDB rental market in December 2024
The HDB rental market also recorded a rise in December 2024, with prices increasing by 0.4% month-on-month. Both Mature and Non-Mature Estates experienced a 0.4% increase in rental prices. Among room types, 3-room, 4-room, and 5-room flats saw price hikes of 0.5%, 0.5%, and 0.7%, respectively, while Executive flat rental prices remained steady.
Year-on-year, HDB rental prices climbed by 3.6%. Mature Estate rentals grew by 3.9%, while Non-Mature Estate rentals rose by 2.9%. Price increases were observed across all room types, with 3-room flats rising by 3.5%, 4-room by 4.6%, 5-room by 2.5%, and Executive flats by 2.7%.
Rental volumes for HDB flats increased by 13.6% month-on-month, with an estimated 2,448 units rented in December 2024 compared to 2,155 in November. However, year-on-year, rental volumes were down by 15.4% and 13.6% lower than the five-year average for December.
By room type, 3-room flats made up 34.2% of transactions in December 2024, 4-room flats accounted for 38.4%, 5-room flats represented 22%, and Executive flats contributed 5.4%.
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What to expect in 2025 rental market?
Looking ahead to 2025, the rental market is poised for continued recovery. Factors such as improving macroeconomic conditions, higher employment rates, and constrained rental supply are expected to drive growth. In the HDB rental market, the limited supply of flats reaching their Minimum Occupation Period (MOP) could result in additional price increases. Renters may encounter intensified competition, while landlords enjoy a strengthened negotiating position. Both segments of the market will likely remain dynamic as supply-demand balances and external economic conditions evolve.
What do you think about the rental market in December 2024? Share your thoughts in the comments section below or on our Facebook page.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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