Condo, HDB rental volumes ease in November

Overall market remains stable, whilst a slow season is expected.

Singapore rental volumes ease further across condo and HDB markets, whilst rental prices remain stable in November, 99-SRX says in a report.

There is a slight price fall on condo rentals by 0.1% month on month, with mild pullbacks in the Core Central Region and Rest of Central Region offset by continued firmness in the Outside Central Region.

Rental transactions also fell by 9.1% month on month, with approximately 5,295 units rented in November 2025, compared to 5,825 in October 2025.

This decrease suggests that tenant demand remains price-sensitive in higher-rent segments, whereas affordability-driven demand in suburban areas continues to support rents.

The HDB market had a slight 0.5% month-on-month price increase driven by smaller 3- and 4-room flats, after three months of falling prices. Mature and Non-Mature towns increased by 0.4% each.

However, leasing dipped slightly at 0.9% month on month, with an estimate of 2,452 HDB flats rented in November 2025, compared to 2,474 in October 2025.

This reflects sustained demand from budget-conscious renters—including singles, young couples, and foreign workers—even as overall leasing activity slows.

The market is experiencing a seasonal slowdown rather than a structural decline, with stable rental prices and year-on-year increases of 2.3% for condos and 1.8% for HDBs. Rental volumes also rose modestly, 5.6% for condos and 13.7% for HDBs.

Rental activity is projected to remain subdued over the year-end holidays, with clearer trends emerging in early 2026 as hiring, immigration, and interest-rate factors evolve.

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