HDB rental market may face a downturn in H2

Leasing volumes to fall to 36,500–38,000 units in 2024.

The HDB rental market may see a downturn in the second half of the year, driven by reduced inventory and the typical year-end lull.

OrangeTee highlighted that fewer flats reaching their minimum occupation period over the past two years has led to a decline in available rentals.

"Demand may also decrease as more tenants shift back to the private market, attracted by the competitive rental rates landlords offer," the expert said.

For the year, OrangeTee expects leasing volumes to drop to 36,500-38,000 units from 39,138 units in 2023.

Meanwhile, the experts foresee an easing of HDB rental price to only 2% to 3%, from 10.2% growth in 2023.

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