Non-landed home rentals rise 3.4% YoY in 2024

There were 80,000 non-landed residential units rented out in 2024.

Rental transactions for non-landed private homes in 2024 rose by 3.4% year-on-year (YoY) to 80,000 units from 77,382 a year ago, Huttons reported.

Notably, transactions in the Outside Central Region (OCR) increased 0.5 percentage points (pp) in 9M2024 to 36.2%, compared to 35.7% for the whole of 2023.

According to Huttons, some tenants took advantage of the soft rents in 1H 2024 and shifted from an HDB flat or co-living space to a condo unit in 2H 2024 by paying slightly higher rents.

Meanwhile, Huttons estimates that the number of landed rental contracts in 2024 will be 4,900, similar to the 4,886 units in 2023.