{"id":96567,"date":"2026-06-19T17:16:15","date_gmt":"2026-06-19T09:16:15","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=96567"},"modified":"2026-07-17T17:57:29","modified_gmt":"2026-07-17T09:57:29","slug":"condo-hdb-rental-market-may-2026","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/condo-hdb-rental-market-may-2026\/","title":{"rendered":"Condo and HDB rents ease in May 2026 as market moves towards greater balance"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p>Singapore&#8217;s rental market had softened in May 2026, with both condo and HDB rents recording month-on-month declines alongside lower leasing volumes. While demand remains healthy, tenants are increasingly benefiting from a growing supply of available homes and less intense competition.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2>Table of contents<\/h2><ul><li><a href=\"#h-condo-rental-prices-ease-after-reaching-record-high\" data-level=\"2\">Condo rental prices ease after reaching record high<\/a><ul><li><a href=\"#h-rental-prices-decline-across-all-market-segments\" data-level=\"3\">Rental prices decline across all market segments<\/a><\/li><li><a href=\"#h-more-supply-creates-a-more-balanced-market\" data-level=\"3\">More supply creates a more balanced market<\/a><\/li><li><a href=\"#h-demand-remains-resilient-despite-lower-volumes\" data-level=\"3\">Demand remains resilient despite lower volumes<\/a><\/li><\/ul><\/li><li><a href=\"#h-hdb-rental-market-continues-to-normalise\" data-level=\"2\">HDB rental market continues to normalise<\/a><ul><li><a href=\"#h-year-on-year-price-increase-across-all-segments\" data-level=\"3\">Year-on-year price increase across all segments<\/a><\/li><li><a href=\"#h-rental-transactions-fall-below-historical-averages\" data-level=\"3\">Rental transactions fall below historical averages<\/a><\/li><li><a href=\"#h-sought-after-rental-flats-due-to-affordability\" data-level=\"3\">Sought-after rental flats due to affordability<\/a><\/li><\/ul><\/li><li><a href=\"#h-market-outlook-stable-rents-likely-for-the-remainder-of-2026\" data-level=\"2\">Market outlook: Stable rents likely for the remainder of 2026<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-condo-rental-prices-ease-after-reaching-record-high\">Condo rental prices ease after reaching record high<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"803\" height=\"575\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T130315.837.png\" alt=\"\" class=\"wp-image-96579\"\/><\/figure>\n\n\n\n<p>After hitting an <a href=\"https:\/\/www.99.co\/singapore\/insider\/condo-and-hdb-rental-market-april-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">all-time high in April 2026<\/a>, condo rents moderated slightly in May. According to the latest 99-SRX Rental Flash Report, overall condo rents fell by 0.6% month-on-month. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rental-prices-decline-across-all-market-segments\">Rental prices decline across all market segments<\/h3>\n\n\n\n<p>The decline was broad-based across all regions, with rental prices in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) falling by 0.4%, 0.6%, and 1%, respectively, compared to April.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"842\" height=\"513\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T130328.119.png\" alt=\"\" class=\"wp-image-96580\"\/><\/figure>\n\n\n\n<p>Despite the monthly decline, rental prices remain higher than a year ago. Overall condo rents were up 1.9% year-on-year, with the CCR recording the strongest growth at 2.8%, followed by the OCR at 1.4% and the RCR at 0.9%.<\/p>\n\n\n\n<p>In the CCR, the price resilience likely remained supported by expatriates and higher-income tenants who continue to prioritise proximity to the CBD, lifestyle amenities, and established prime districts. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-more-supply-creates-a-more-balanced-market\">More supply creates a more balanced market<\/h3>\n\n\n\n<p>The latest data suggest the market may be consolidating after a strong run-up in rents. Condo rental prices had climbed steadily over the past year before reaching a new peak in April.<\/p>\n\n\n\n<p>According to Mr Luqman Hakim, Chief Data &amp; Analytics Officer at 99.co, &#8220;Singapore&#8217;s rental market is transitioning from a landlord-led market towards a more balanced environment.&#8221;<\/p>\n\n\n\n<p>A growing supply of available homes appears to be giving tenants more options, reducing some of the upward pressure that has supported rental growth over the past few years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-demand-remains-resilient-despite-lower-volumes\">Demand remains resilient despite lower volumes<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"834\" height=\"474\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T131509.589.png\" alt=\"\" class=\"wp-image-96582\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T131509.589.png 834w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T131509.589-160x90.png 160w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T131509.589-256x144.png 256w\" sizes=\"(max-width: 834px) 100vw, 834px\" \/><\/figure>\n\n\n\n<p>Condo rental transactions fell by 9.8% month-on-month, with an estimated 5,853 units rented in May, down from 6,492 units in April.<\/p>\n\n\n\n<p>However, demand remains relatively healthy when viewed against longer-term trends. Rental volumes were still 4.2% higher than a year ago and stood 7.4% above the five-year average for May.<\/p>\n\n\n\n<p>This is one reason why the recent slowdown should not be interpreted as a weakening rental market. As Mr Luqman noted, &#8220;condo rental volumes remain above historical norms despite the monthly decline&#8221;.<\/p>\n\n\n\n<p>The data suggests that tenants are still actively leasing homes, although increasing supply is helping to improve market balance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"843\" height=\"494\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T131531.180.png\" alt=\"\" class=\"wp-image-96583\"\/><\/figure>\n\n\n\n<p>By region, the OCR accounted for the largest share of leasing activity in May at 36.1%, followed by the RCR at 33.5% and the CCR at 30.4%. The continued dominance of the OCR suggests that affordability remains a key consideration for many tenants. <\/p>\n\n\n\n<p>With rents in suburban locations generally lower than those in the city centre, the OCR continues to attract a broad pool of renters, including young families, local households awaiting the completion of new homes, and expatriates seeking larger living spaces at more accessible rental rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-hdb-rental-market-continues-to-normalise\">HDB rental market continues to normalise<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"838\" height=\"560\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T154032.634.png\" alt=\"\" class=\"wp-image-96597\"\/><\/figure>\n\n\n\n<p>The HDB rental market recorded another month of modest movements in May, extending the trend of stabilisation that has emerged over the past year. Overall, HDB rents dipped 0.3% month-on-month, with rental prices in mature estates falling by 0.5%. In contrast, non-mature estates registered a slight 0.2% increase. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"841\" height=\"525\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T154150.199.png\" alt=\"\" class=\"wp-image-96599\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"826\" height=\"409\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T154119.495.png\" alt=\"\" class=\"wp-image-96598\"\/><\/figure>\n\n\n\n<p>At the flat-type level, rents for 3-room and Executive flats declined by 0.8% and 1.6% respectively, while 4-room and 5-room flats posted marginal gains of 0.1% and 0.4%. <\/p>\n\n\n\n<p>The pullback in Executive flat rental prices comes after the segment led rental growth in April with a 2.5% month-on-month increase. Given the relatively smaller pool of Executive flats available for rent, rental movements in the segment can be more volatile from month to month compared to other flat types.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-year-on-year-price-increase-across-all-segments\">Year-on-year price increase across all segments <\/h3>\n\n\n\n<p>Despite the monthly decline, HDB rents remained higher across all segments on an annual basis. Overall rental prices rose 1.1% year-on-year, with rental growth ranging from 0.7% to 1.4% across the various flat types.<\/p>\n\n\n\n<p>The relatively modest pace of growth suggests that the HDB rental market is continuing to stabilise after experiencing strong demand and rapid rental increases in previous years.<\/p>\n\n\n\n<p>Mr Luqman believes this moderation reflects a market that is gradually returning to more sustainable conditions. &#8220;The HDB rental market appears to be normalising after several years of strong demand, resulting in softer transaction activity and more modest rental growth,&#8221; he explained.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rental-transactions-fall-below-historical-averages\">Rental transactions fall below historical averages<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"845\" height=\"494\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T154052.202.png\" alt=\"\" class=\"wp-image-96600\"\/><\/figure>\n\n\n\n<p>Rental activity in the HDB market also moderated in May, with an estimated 2,595 flats rented during the month, down 7.7% from April&#8217;s 2,813 transactions.<\/p>\n\n\n\n<p>Unlike the condo segment, where leasing activity remains comfortably above historical norms, HDB rental volumes have largely returned to typical pre-surge levels. May&#8217;s rental volume was broadly unchanged from a year ago and sat 3.3% below the five-year average for the month.<\/p>\n\n\n\n<p>As more households move into newly completed homes and fewer renters are forced to stay in the market for extended periods, leasing activity has become more measured.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"854\" height=\"501\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T154159.754.png\" alt=\"\" class=\"wp-image-96601\"\/><\/figure>\n\n\n\n<p>Four-room flats continued to dominate the HDB rental market, accounting for 37.8% of all rental transactions in May. Three-room flats followed closely at 35.3%, while 5-room and Executive flats made up 22% and 4.8%, respectively.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sought-after-rental-flats-due-to-affordability\">Sought-after rental flats due to affordability<\/h3>\n\n\n\n<p>The popularity of 3-room and 4-room flats is unsurprising, as these unit types typically offer the most affordable entry point for families and local tenants seeking larger living spaces. <\/p>\n\n\n\n<p>Together, they accounted for more than 70% of all HDB rental transactions during the month, underscoring the continued importance of affordability within Singapore&#8217;s public housing rental market.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"839\" height=\"631\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/06\/download-2026-06-19T154107.337.png\" alt=\"\" class=\"wp-image-96602\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-market-outlook-stable-rents-likely-for-the-remainder-of-2026\">Market outlook: Stable rents likely for the remainder of 2026<\/h2>\n\n\n\n<p>Looking ahead, Mr Luqman expects rental conditions to remain relatively stable. He noted that &#8220;rental demand should continue to be supported by household formation and expatriate leasing activity, although a more cautious global economic environment could temper the pace of growth.&#8221;<\/p>\n\n\n\n<p>As more homes enter the market, rental prices are expected to remain broadly stable through the remainder of the year. Rather than another period of sharp rental escalation, both landlords and tenants are likely to see more modest movements in rental rates as the market continues to rebalance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore&#8217;s rental market had softened in May 2026, with both condo and HDB rents recording month-on-month declines alongside lower leasing volumes. While demand remains healthy, tenants are increasingly benefiting from a growing supply of available homes and less intense competition. Condo rental prices ease after reaching record high After hitting an all-time high in April&hellip;<\/p>\n","protected":false},"author":142,"featured_media":96606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"59689,7832,58429,82179,49898,95350","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53631,57131,53590],"tags":[53604,58762,53636,53658,59694],"persona":[57125,57127,57126,57128],"class_list":{"2":"type-post","20":"entry","21":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - 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