Singapore’s rental market cooled in August, with both condominium and HDB rental volumes falling from July’s unusually strong levels. But the latest figures suggest the slowdown may be more of a pullback from a record month than a major loss of demand.
An estimated 8,318 condominium units were rented in August, down 13.6 per cent from the 9,627 units recorded in July, when condo rental activity reached a record high. Despite the monthly decline, August’s volume was still 4.5 per cent higher than the same month a year earlier and 11.6 per cent above the five-year average for August.
Condo rents themselves remained stable from July. Rents in the Core Central Region rose 0.7 per cent, while those in the Rest of Central Region increased 0.6 per cent. Outside the central region, rents fell 0.4 per cent. Compared with August 2025, overall condo rents were still 2.5 per cent higher.
The HDB rental market also recorded a decline in activity. An estimated 2,805 HDB flats were rented in August, 9.5 per cent fewer than the 3,099 units rented in July.
HDB rents also slipped 0.7 per cent month on month. Rents for three-room flats were unchanged, while four-room and five-room flats fell 0.8 per cent each. Executive flats recorded a larger 2.5 per cent decline.
Even with the monthly declines, HDB rents remained above their level a year earlier, rising 1.6 per cent year on year. August’s HDB rental volume was also 1.3 per cent higher than August 2025 and 1.9 per cent above the five-year average.
One factor that may have affected August activity was the Hungry Ghost Month period, when some tenants and landlords may choose to postpone property transactions. Property analysts have also pointed to July’s exceptionally high rental activity as an important reason why the month-on-month drop looks particularly large.
The July figures provide important context. Condo rental volume jumped 38.1 per cent from June to 9,627 units, while HDB rental volume increased 13.6 per cent to about 3,097 units. That means August’s decline came after an unusually active July rather than from a prolonged slide in leasing activity.
For tenants, the latest numbers suggest that competition has not disappeared. Condo rental volumes remain above last year’s level and the five-year average, while both condo and HDB rents remain higher than a year ago.
For landlords, however, the figures point to a market where tenants may be becoming more selective. Overall condo rents held steady despite lower transaction volume, while HDB rents edged lower in August.
The bigger question now is whether September will bring a rebound after the seasonal slowdown — or whether Singapore’s rental market is beginning to settle into a more measured pace after months of strong activity.
