Condo and HDB rental demand holds firm despite price hikes

In April, 6,088 condominiums and 2,881 HDB flats were rented.

Condo and HDB flat rental volumes increased despite rental prices continuing to hike, demonstrating the rental market's resilience in April despite evolving tenant preferences and pricing dynamics, a report by 99.co and SRX said.

In April, rental prices increased by 0.1%. The core central region (CCR) and outside central region (OCR) increased by 0.3% and 0.5%, respectively, whilst the rest of the central region (RCR) remained the same compared to March 2025.

Year-on-year (YoY), overall rental prices increased by 2.5% compared to April 2024. Rental prices in CCR, RCR, and OCR increased by 1.6%, 2%, and 2.9%, respectively.

Despite this, rental volumes increased by 2.7% month-on-month. An estimated 6,088 units were rented in April 2025, compared to 5,929 in March 2025. This is 3.6% higher than during the same period last year.

Overall, rental volumes were 0.7% lower than the 5-year average for April. Breaking it down by region, in April 2025, 34.1% of the total rental volume was from OCR, 32.9% from RCR, and 33% from CCR.

In the HDB rental market, prices increased by 0.3% compared to March 2025. Rental prices in Mature and Non-Mature Estates saw increases of 0.4% and 0.2%, respectively. 3-room and 4-room flats rose by 0.3% and 0.7%, respectively, whilst 5-room flat rentals held steady. In contrast, Executive flat rental prices declined by 0.9%.

Overall rental prices increased by 2.9% compared to April 2024. Both Mature and Non-Mature Estate rental prices increased by 3.5% YoY and 2.3% YoY, respectively. All room types recorded rental price increases: 3-room by 4.1%, 4-room by 2.5%, 5-room by 2.1%, and Executive by 2.4% compared to the same period last year.
Rental volumes increased by 5.9% month-on-month. An estimated 2,881 HDB flats were rented in April 2025, compared to 2,720 in March 2025.

Comparing the same period last year, rental volumes decreased by 3.4% compared to April 2024. Rental volumes were 7.8% lower than the 5-year average for April. Breaking it down by room type, in April 2025, 33.5% of the total rental volume was from 3-room, 36.8% from 4-room, and 24.3%

“This shift may be driven by multiple factors such as tighter household budgets amidst global economic uncertainty. As such, the public rental market is still seeing slight upward pressure on prices, even as volumes rise,” Luqman Hakim, Chief Data & Analytics Officer at 99.co, said.

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