Condo rental volume falls after July record; HDB also dips

Singapore’s rental market slowed in August 2026, as both condominium and HDB leasing volumes declined from July. However, the fall in activity came after an unusually busy month, with condo rental transactions reaching a record high in July and HDB leasing activity also rising strongly.

The timing may have played a role as well. August’s slowdown coincided with the start of Hungry Ghost Month, when some tenants and landlords may have chosen to postpone their property decisions. Nevertheless, this seasonal period was likely only one of several factors behind the decline.

According to Luqman Hakim, Chief Data & Analytics Officer at 99.co, August’s results should therefore be viewed in the context of both the Hungry Ghost Month and July’s exceptionally high base.

Condo rents remain stable despite lower leasing volume

Overall condo rental prices remained unchanged in August 2026, even as fewer units were rented during the month.

However, rental movements varied across the different market regions. Month-on-month rents in the Core Central Region (CCR) increased by 0.7%, while rents in the Rest of Central Region (RCR) rose by 0.6%. In contrast, rents in the Outside Central Region (OCR) declined by 0.4%.

These differences suggest that tenants remained selective. Although overall prices held steady, demand and rent movements continued to vary depending on the location and type of home available.

Compared to August 2025, overall condo rents were 2.5% higher. The CCR recorded the strongest year-on-year growth at 3%, followed by the RCR at 2.2% and the OCR at 2%..

Condo rental volume falls after July’s record high

An estimated 8,318 condo units were rented in August, representing a 13.6% decline from the 9,627 units recorded in July.

Although the month-on-month fall appears sizeable, July had set a record for condo rental volume. As a result, part of August’s decline likely reflects a return to a more typical level of activity after the previous month’s spike.

Moreover, August’s rental volume was still 4.5% higher than in the same month last year. It also stood 11.6% above the five-year average for August, which points to continued underlying demand.

The OCR accounted for the largest share of condo rental transactions at 35.2%. Meanwhile, the RCR contributed 34.1%, while the CCR made up 30.8% of the month’s leasing volume. The relatively balanced distribution across the three regions shows that rental activity remained spread across the island, even as overall volume declined.

HDB rents and leasing activity both ease

Unlike the condo market, the HDB rental market recorded declines in both prices and transaction volume during August. Overall HDB rents fell by 0.7% from July. Rents in Mature estates declined by 0.5%, while those in Non-Mature estates fell by a slightly larger 1%.

However, the changes differed across flat types. Rents for 3-room flats remained stable, while rents for both 4-room and 5-room flats declined by 0.8%. Executive flat rents saw the largest month-on-month drop at 2.5%.

Nevertheless, HDB rents remained higher than they were a year ago. Overall rental prices rose by 1.6% compared to August 2025. Rents in Mature and Non-Mature estates increased by 1.9% and 1.3%, respectively.

All flat types also recorded year-on-year rental growth. Rents for 3-room and 4-room flats increased by 1.7%, while 5-room and Executive flat rents rose by 1.1% and 1.2%, respectively.

Fewer HDB flats rented in August

An estimated 2,805 HDB flats were rented in August, down 9.5% from the 3,099 transactions recorded in July. Even so, rental volume remained 1.3% higher than in August 2025 and 1.9% above the five-year average for the month. As such, the decline points to a slowdown from July rather than a broad withdrawal of rental demand.

Four-room flats continued to account for the largest share of HDB leasing activity, making up 38.8% of transactions. Three-room flats followed at 32.7%, while 5-room flats accounted for 23.5%. Executive flats formed the remaining 5%. The larger shares held by 3-room and 4-room flats may reflect their wider availability as well as their more manageable rents compared to bigger homes.

Could more housing supply give tenants more choices?

Rental supply could become more supportive of tenants over time. Around 13,500 HDB flats are expected to reach their Minimum Occupation Period (MOP) this year, nearly twice the number recorded in 2025.

“Not every owner will put their flat up for rent once it reaches its MOP. Still, a larger pool of eligible flats could gradually add more rental options, particularly in estates with a concentration of newly MOP homes”, Luqman adds. 

As more units become available, landlords in these areas may face greater competition. Tenants, meanwhile, could gain more room to compare rents, locations and unit conditions before making a decision.

Similarly, additional private-home completions may expand the selection available to condo tenants. However, the effect will depend on how many completed units enter the rental market and where these homes are located.

What can tenants and landlords expect next?

Rental transaction volumes may continue to fluctuate over the next few months, especially following July’s unusually strong performance. Seasonal factors and the timing of new leases may also influence monthly figures.

“Still, August’s volume remained above both year-ago levels and historical averages in the condo and HDB markets. This indicates that underlying demand remains present despite the month-on-month slowdown. As a result, rental prices are more likely to stay broadly stable or move modestly in either direction, rather than experience a prolonged and steep decline”, Luqman notes.