January 2025 saw more tenants jumping into the rental market, with over 6,000 condo units and 2,000 flats leased during the month. Expatriates rushed to secure leases ahead of the new year, while others seized the chance to get better deals with lower rental prices. Landlords seemed to be more open to negotiation, choosing to adjust prices rather than let their units sit empty. However, with strong demand, this rental price drop may not last long. Let’s dive into the details of Condo and HDB rental market in January!
Table of contents
Condo rental market in January 2025
Rental prices in city centre locations slightly dropped
Condo rental prices dipped slightly in January 2025, dropping by 0.3% from the previous month. The Core Central Region (CCR) and the Rest of Central Region (RCR) saw declines of 0.6% and 0.4%, while the Outside Central Region (OCR) held steady. This suggests that while centrally-located rentals experienced some softness, the demand in the outer part of the city remained stable.
Even with this dip, overall rental prices were still 0.5% higher than in January 2024. Notably, CCR rents fell by 1.8%, while RCR and OCR rents went up by 1.9% and 0.4%, respectively. The divergence in price trends highlights shifting tenant preferences, with some opting for city-fringe locations while others look for better-value options further out.
6,306 condo units were rented in the month
Rental activity picked up, with transactions rising 7.6% from December. An estimated 6,306 condo units were leased in January, compared to 5,862 the previous month. On a year-on-year basis, transactions climbed 4.5%, though they remained 5.6% below the five-year January average.
Regionally, OCR took the biggest share of rental deals in January at 36.6%, followed by RCR with 32.8% and CCR with 30.6%. The steady demand in the OCR reflects the continued appeal of affordable suburban rentals. With new condo completions expected this year, tenants may have more choices, potentially keeping rents in check.
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
1
-1
-1
-1
-1
1
-1
1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
HDB rental market in January 2025
4-room HDB flat rentals saw the most price drop
HDB rental prices slipped by 0.6% in January 2025. Mature Estates saw a minor 0.1% dip, while Non-Mature Estates had a bigger drop of 0.9%. Among flat types, 3-room rentals ticked up by 0.1%, but 4-room, 5-room, and Executive flats saw declines of 1.3%, 0.6%, and 0.2%, respectively.
However, HDB rental prices were still 3.8% higher than a year ago. Both Mature and Non-Mature Estates saw increases of 4.9% and 2.3%, respectively. Across all flat types, rents remained up year-on-year, with 3-room flats rising 4.8%, 4-room flats climbing 3.2%, 5-room flats up 2.5%, and Executive flats increasing by 5.6%.
Rental volume increased, but still far below January 2024
HDB rental volumes increased by 7.5% month-on-month. Around 2,636 flats were leased in January, up from 2,452 in December. However, compared to January 2024, rental activity fell by 12.9%, sitting 10.3% below the five-year January average.
With the most rental price drop, the 4-room flats became sought-after in January 2025, accounting for 37.7% of the total volume. It is followed by 3-room flats at 34%, 5-room flats at 23.3%, and Executive flats at 5%. The higher share of smaller flats in rental transactions highlights their continued appeal to tenants looking for budget-friendly options.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
2
2
1
3
2
1
2
1
1
1
1
2
1
1
1
2
1
Rental market outlook
The shift in rental trends also reflects broader economic factors. Rising homeownership costs may have kept more people in the rental market, sustaining demand despite price fluctuations. HDB flats remained a go-to option for budget-conscious tenants, offering an affordable alternative to private apartments. However, if condo rents continue to slide, some renters might make the switch to private housing, which could push HDB rental prices down further in the coming months.
Another factor influencing HDB rental prices is the new supply of completed Build-To-Order (BTO) flats. As more homeowners receive their keys to the new developments, some may choose to rent out their existing flats. BTO projects hitting the Minimum Occupation Period (MOP) this year further increase the supply in the rental market. This could stabilise or soften HDB rental prices even more.
For now, both renters and landlords should watch market trends closely. The next few months will determine if this is just a seasonal dip or a sign of further rental price adjustments ahead. With more supply entering the market, tenants may find greater bargaining power, while landlords may need to stay competitive to attract steady rental demand.
What do you think about the rental price drop? 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".
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment