Singapore's rental market eased further in September, with both condo and HDB leasing volumes declining for a second consecutive month after July's busy period. Rents also softened, although the monthly changes were more modest and remained above last year's levels.
The two markets showed somewhat different pictures. Condo leasing activity remained above both September 2025 and the five-year average for the month, suggesting demand continued to hold up despite the monthly slowdown. HDB rental volumes, meanwhile, fell below both benchmarks.
"September's rental market continued to moderate, broadly in line with expectations of stable rents and modest growth this year," said Luqman Hakim, Chief Data & Analytics Officer at 99.co.
An estimated 6,774 condo units were rented in September 2026, down 18.6 per cent from 8,318 in August. Despite the monthly decline, rental volumes were still five per cent higher year-on-year and 6.9 per cent above the five-year September average.
This means that while fewer leases were signed than in August, September's activity remained relatively healthy against past years.
Luqman noted that the figures suggest "activity is normalising after the mid-year peak, with underlying demand holding up".
Leasing activity was also fairly evenly distributed across the three market regions. The Outside Central Region (OCR) accounted for 34.5 per cent of rental volume, followed closely by the Rest of Central Region (RCR) at 34.4 per cent. The Core Central Region (CCR) contributed the remaining 31.1 per cent.
Overall condo rents edged down by 0.1 per cent month-on-month, a modest movement alongside the larger decline in leasing volume.
The regional picture was mixed. Rents increased in the CCR, while the RCR and OCR recorded decreases. All three regions, however, remained more expensive to rent in than a year earlier.
For tenants, the figures point to some easing in the RCR and OCR, although rents remained above September 2025 levels.
Luqman suggested that expatriate demand likely continued to support rents, while additional housing completions widened tenants' options. Together, these factors may be helping to keep rental movements measured as leasing activity settles after the mid-year peak.
The HDB rental market showed more signs of softening. An estimated 2,379 flats were rented in September, down 15.4 per cent from 2,811 in August.
Unlike the condo market, HDB leasing activity was also lower against both historical comparisons. Volumes fell 9.3 per cent year-on-year and were 7.1 per cent below the five-year September average.
Four-room flats made up the largest share of rental transactions at 37.7 per cent, followed by three-room flats at 36 per cent. Five-room flats accounted for 21.2 per cent, while Executive flats contributed 5.1 per cent.
The figures suggest a quieter month across the HDB rental market, with three- and four-room flats together accounting for nearly three-quarters of leasing activity.
Overall HDB rents decreased by 0.6 per cent month-on-month, although they remained 1.1 per cent higher than in September 2025.
Rents in Non-Mature estates recorded a larger monthly decrease of 1 per cent, compared with 0.3 per cent in Mature estates. On a year-on-year basis, rents remained higher by 0.8 per cent and 1.2 per cent, respectively.
Every flat type recorded a monthly rental decline, with four-room flats seeing the largest adjustment.
Executive flats continued to record the strongest annual rental growth, despite the monthly easing. "Greater competition for tenants may be contributing to the moderation as more flats reach their Minimum Occupation Period and become eligible for whole-flat rental," Luqman said.
Looking ahead to the rest of October and the final months of the year, Luqman expects the rental market to remain broadly stable Employment-related demand should continue to support leasing, while additional housing supply is likely to limit landlords' scope for substantial rent increases.
Leasing volumes may still fluctuate from month to month. The approaching year-end holiday period could also slow activity as tenants complete their housing arrangements ahead of their travels.
For those approaching a lease renewal, September's figures offer a useful starting point. Recent transactions for comparable homes will help tenants and landlords assess a reasonable rental range, with the property's location, condition and available alternatives shaping the final agreement.
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