HDB rents slip 0.3% in May as mature estates weaken

The May data pointed to lower transactions and mixed price movements across segments.

Singapore’s HDB rental market recorded a broad-based monthly decline in both prices and volumes in May 2026, according to the 99-SRX Media Flash Report from 99.co and SRX.

Overall HDB rents fell 0.3% month on month (MoM) with mature estates declining 0.5%, whilst non-mature estates rose 0.2%.

By flat type, rents fell for 3-room units were down 0.8% and Executive flats were down 1.6%. In contrast, 4-room flats rose 0.1% and 5-room flats increased 0.4%.

On a year-on-year (YoY) basis, overall HDB rents were up 1.1%.

Rental volumes fell 7.7% MoM to an estimated 2,595 flats, compared with 2,813 in April. Volumes were stable YoY but 3.3% below the five-year average for May.

By flat type, 4-room units made up the largest share of transactions at 37.8%, followed by 3-room flats at 35.3%, 5-room flats at 22%, and Executive flats at 4.8%.

99.co chief data and analytics officer Luqman Hakim said the market is showing signs of normalisation after earlier strength.

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