Rental volumes dip in August as tenants hold out for new supply

Tenants also prefer not to move during August.

Rental volumes in both the condo and HDB rental markets decreased in August as tenants hold out for fresh supply from newly completed projects entering the market in late 2025.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, also added that August is a seasonal pause that naturally slowed down rental activity as the month falls within the Seventh Lunar Month or ‘ghost month’ where many tenants prefer not to move homes.

Rental volumes in the HDB market decreased by 13% month-on-month (MoM), whilst rental volumes in the condo rental market decreased by 8.6% MoM.

In the HDB market, year-on-year, overall rental prices increased by 2.8% compared to August 2024. Both Mature and Non-Mature Estate rental prices increased by 2.7% each. Meanwhile, all room types recorded rental price increases: 3-room by 3.4%, 4-room by 2.4%, 5-room by 2.4%, and Executive by 2.7%.

Overall rental prices for condos increased by 2.9% compared to August 2024. The rental prices in CCR, RCR, and OCR increased by 3.4%, 3.2%, and 2%, respectively.

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