Singapore private residential rents stabilise in 2024 after sharp growth

The average monthly rent for luxury condominiums in Savills’ basket increased by 1.7% QoQ in Q4/2024.

Rental levels in Singapore's private residential leasing segment stabilised in 2024, signaling a return to market norms after experiencing sharp growth from 2021 to 2023.

According to Savills Research, the average monthly rent for luxury condominiums in Savills’ basket increased by 1.7% QoQ in Q4 2024.

Despite the increase in rental prices, overall leasing volume experienced a significant decline. Leasing volume for private residential properties, excluding executive condominiums, dropped by 24.2% QoQ to 19,733 transactions in Q4 2024.

The decrease in leasing activity was mainly due to seasonal year-end factors and a reduction in net new demand from foreign employees. The decline was especially pronounced in the landed housing segment, where rental contracts decreased by 30.8% QoQ.

Similarly, leasing volume for non-landed apartments and condominiums fell by 23.7% QoQ across all market segments, with declines ranging from 23% to 25%. However, on a YoY basis, overall leasing numbers still rose by 3.7%.

Vacancy rates showed improvement in the fourth quarter, with vacant stock decreasing by 7.9% QoQ.

The vacancy rate dropped by 0.6 percentage points QoQ to 6.6%, leading to faster absorption of vacant units across the high-end, mid-tier, and mass-market segments.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia