What's driving the uptick in HDB rentals?

International students, upgraders lifted HDB rental demand in 2025.

Rental transactions of Housing & Development Board (HDB) flats is expected to rise by 2.3% to 37,500 in 2025, up from 36,673 recorded last year, Huttons data showed.

Incremental demand came from some international students and HDB upgraders who rented whilst waiting for the completion of their private home.

There was also a surge in buying demand in new homes in the second half of 2025 (H2).

Based on caveats lodged, close to 15% of the buyers of new homes in H2 had an HDB address, Huttons said.  

However, 600 job losses amongst S Pass holders in the first half of the year affected the HDB rental market, it added.

Earlier this year, HDB flats were considered the only housing segment in any Asia Pacific capital city that was attainable for purchase, according to the 2025 ULI Asia Pacific Home Attainability Index, released by the Urban Land Institute Asia Pacific.

Minister for National Development Desmond Lee has announced the launch of over 50,000 new flats between 2025 and 2027.

The number of non-HDB households that own at least two or three cars is greater than their HDB counterparts, data from Acting Minister for Transport Jeffrey Siow showed.