Singapore’s rental market continued its dynamic shifts in February, with rental prices trending upward while transaction volumes dipped. In February, 5,062 condos and 2,352 HDB flats were rented out, fewer than the previous month and below the five-year average for this time of year.
Let’s dive into the details.
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Condo rental market in February 2025
Central region and OCR see price uptick
In February 2025, rental prices for condos edged up by 0.3% month-on-month. Year-on-year, overall rental prices rose by 1.8%, with Core Central Region (CCR) increasing by 1.5%, Rest of Central Region (RCR) by 1.9%, and Outside Central Region (OCR) by 1.2%.
The CCR saw the most significant increase at 1.6%, followed by the OCR, which rose by 0.2%. However, the RCR experienced a slight decline of 0.5%.
5,062 condos were rented out this month
Rental volumes, however, experienced a sharp contraction of 19.7% month-on-month. An estimated 5,062 units were rented out in February 2025, compared to 6,306 in January. This seasonal dip follows the typical post-Lunar New Year slowdown.
Despite a 5.7% increase Year-on-year, rental volumes were still 5.7% lower than the five-year average for February. In terms of regional distribution, 34.5% of total rentals came from OCR, 35% from RCR, and 30.5% from CCR.
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HDB rental market in February 2025
Rental prices increase for larger units
Compared to February 2024, Year-on-year HDB rental prices climbed by 3.4%. Mature estates saw a stronger Y-o-Y increase of 4.3%, while non-mature estates recorded a 2.6% rise.
HDB rental prices saw a 0.7% month-on-month increase in February 2025. Rental prices in mature estates grew by 0.7%, while non-mature estates saw a slightly higher increase of 0.8%.
Among different flat types, 3-room flat rental prices remained unchanged, while 4-room, 5-room, and executive flat rental prices rose by 1.5%, 0.5%, and 1.2%, respectively.
3-room flats led the Year-on-year price growth at 4.5%, followed by 4-room flats at 3.2%, 5-room flats at 2.7%, and executive flats at 4.3%.
2,352 HDB flats rented out this month
Despite rising rental prices, volumes decreased by 10.8% month-on-month. In February 2025, 2,352 HDB flats were rented, down from 2,637 in January. Year-on-year, rental volumes saw a 3.9% decline and were 7.8% lower than the five-year average for February.
In terms of distribution by room type, 33.9% of rentals came from 3-room flats, 36.9% from 4-room flats, 23.4% from 5-room flats, and 5.8% from executive flats.
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Market observations: seasonal effects and sustained demand
The February slowdown in rental transactions is consistent with past trends. January usually sees a surge in rental volumes as expatriates and tenants try to secure leases ahead of the new year, with a seasonal lull post the festivities.
Rental activity typically eases after the Lunar New Year, as many prospective tenants tend to travel or take time off.
Despite the slight softening of demand, the condo and rental unit prices are picking back up as expected. The increase in rental prices for larger HDB units (4-room and above) and condos, shows that the demand for spacious living options continues to rise.
Our outlook for the year maintains a steady 2%-4% growth in rental prices for the rest of the year. The private rental market is also expected to recover well, backed by stable economic conditions and a constrained housing inventory. The limited availability of HDB flats reaching their 5-year MOP will also continue to be a factor influencing HDB rental prices throughout the year.
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