There are various reasons why one may choose to rent an HDB flat in Singapore as opposed to buying one, and not all of them revolve around considering ‘financial sense’, especially with rental prices in both HDB and private rental markets currently at an all-time high.
They may not qualify for an HDB BTO flat, which means they need to buy an HDB resale flat or rent instead, among other options. While most BTO construction delays have been alleviated, it will still take time for upcoming flats to be built. This will leave some may to rent while waiting to collect their keys. Other singles may rent to have more space and privacy from their families, while unmarried couples may attempt to wait out the record-high HDB resale flat prices before purchasing their forever home.
Renting provides more mobility, especially if the occupants prefer to live closer to their workplace. Flexibility is another boon – instead of paying a 25-year mortgage on their HDB flat and spending money on renovation, renters are free to look for another flat (typically renovated and furnished) once their existing rental contract with the landlord is up. It’s also a good option for those who may consider migrating overseas in the future.
Interested to rent an HDB flat? Here’s what you need to know about renting an HDB flat from the government and from the open market.
HDB Rental Flats Under the Public Rental Scheme
If you’re looking to rent an HDB flat but still find yourself short on funds, you can seek help and go for the HDB Public Rental Scheme.
You first need to fulfil some eligibility criteria. You can apply as a family under the Family Scheme or as a single under the Joint Single Scheme. The general rule of thumb is that you cannot apply alone, must be a Singaporean (who is at least 21 years old under the Family Scheme; at least 35 years old for the Joint Singles Scheme) and must show that your gross household income is $1,500/month or less.
On the HDB Public Rental Scheme, HDB rental flat prices can be extremely low. Depending on their household income, successful applicants then pay a subsidised rent of $26 to $275 each month. This is different from the Parenthood Provisional Housing Scheme (PPHS).
However, most of us reading this don’t qualify for the HDB public rental scheme and will need to rent on the open market. So how much are HDB rental prices in Singapore?
HDB Rental Prices in Singapore (Q1 2023)
| Towns | 3-room | 4-room | 5-room | Executive |
| Ang Mo Kio | $2,500 | $3,200 | $3,500 | * |
| Bedok | $2,500 | $2,800 | $3,500 | $3,500 |
| Bishan | $2,850 | $3,200 | $3,500 | * |
| Bukit Batok | $2,300 | $2,800 | $3,300 | $3,650 |
| Bukit Merah | $2,800 | $3,630 | $4,000 | – |
| Bukit Panjang | $2,500 | $2,800 | $3,200 | $3,500 |
| Bukit Timah | * | * | * | * |
| Central | $2,980 | $3,650 | * | – |
| Choa Chu Kang | $2,500 | $2,900 | $3,000 | $3,300 |
| Clementi | $2,700 | $3,300 | $3,400 | * |
| Geylang | $2,400 | $3,100 | $3,280 | * |
| Hougang | $2,500 | $3,000 | $3,000 | $3,250 |
| Jurong East | $2,500 | $2,950 | $3,500 | $3,400 |
| Jurong West | $2,500 | $3,000 | $3,190 | $3,100 |
| Kallang/Whampoa | $2,500 | $3,300 | $3,950 | * |
| Marine Parade | $2,800 | $3,130 | * | – |
| Pasir Ris | * | $3,000 | $3,100 | $3,800 |
| Punggol | $2,900 | $3,200 | $3,300 | * |
| Queenstown | $2,800 | $3,800 | $4,300 | * |
| Sembawang | * | $3,000 | $2,850 | $3,280 |
| Sengkang | $2,700 | $3,100 | $3,200 | $3,500 |
| Serangoon | $2,650 | $3,300 | $3,750 | * |
| Tampines | $2,650 | $3,000 | $3,500 | $3,700 |
| Toa Payoh | $2,500 | $3,350 | $3,550 | * |
| Woodlands | $2,300 | $3,000 | $3,100 | $3,100 |
| Yishun | $2,500 | $3,000 | $3,200 | $3,050 |
By the way, an asterisk (*) means there were fewer than 20 HDB rental transactions for the location and flat type in the quarter, while a dash (-) means there were no rental transactions.
3-room HDB Rental Prices in Q1 2023
Based on the HDB rental transactions for 3-room flats in Singapore for Q1 2023, it looks like renters can expect to pay anything from $2,300 to $2,850 per month for an entire 3-room HDB flat.
Those looking for more affordable options can look for 3-room rental HDB flats in Bukit Panjang, Bukit Batok, Jurong West, and Woodlands. Surprisingly however, more mature towns like Ang Mo Kio and Bedok, which are well-connected and full of amenities like shopping malls and eateries, are also quite affordable with HDB rental prices at about $2,300 per month.
4-room HDB Rental Prices in Q1 2023
Looking at the HDB rental transactions in Q1 2023, we estimate HDB rental flat prices for a 4-room flat to range from $2,800 to $3,800 per month.
For families on a budget, Bedok, Bukit Batok, and Bukit Panjang offer the lowest rental prices. While these towns may have a longer travel time to the city centre, they do offer many amenities. If you’re looking to rent in the city fringe or Central area, expect to fork out at least $3,100 to $3,800.
5-room HDB Rental Prices in Q1 2023
The HDB rental transactions for 5-room flats in Q1 2023 tell us that median HDB rental rates range from $2,850 to $4,300 per month, depending on location.
Space is likely to be your main priority if you’re looking to rent a 5-room HDB flat. The cheapest area to rent a 5-room flat was Sembawang at $2,850 monthly. However, for everywhere else you can expect to fork out $3,000 and higher.
But if you’re looking to live in city-fringe neighbourhoods like Bukit Merah or Queenstown, be prepared to pay price premiums as the HDB rental rates here can be quite steep!
| HDB towns | 4-room HDB rental flat prices (Q4 2022) | 4-room HDB rental flat prices (Q1 2023) | % change |
| Ang Mo Kio | $2,900 | $3,200 | 10.34% |
| Bedok | $2,800 | $2,800 | 0.00% |
| Bishan | $3,200 | $3,200 | 0.00% |
| Bukit Batok | $2,650 | $2,800 | 5.66% |
| Bukit Merah | $3,500 | $3,630 | 3.71% |
| Bukit Panjang | $2,850 | $2,800 | -1.75% |
| Bukit Timah | * | * | NA |
| Central | $3,850 | $3,650 | -5.19% |
| Choa Chu Kang | $2,800 | $2,900 | 3.57% |
| Clementi | $3,200 | $3,300 | 3.13% |
| Geylang | $3,000 | $3,100 | 3.33% |
| Hougang | $2,750 | $3,000 | 9.09% |
| Jurong East | $2,900 | $2,950 | 1.72% |
| Jurong West | $2,900 | $3,000 | 3.45% |
| Kallang/ Whampoa | $3,100 | $3,300 | 6.45% |
| Marine Parade | $3,350 | $3,130 | -6.57% |
| Pasir Ris | $2,700 | $3,000 | 10.34% |
| Punggol | $3,000 | $3,200 | 0.00% |
| Queenstown | $3,600 | $3,800 | 0.00% |
| Sembawang | $3,000 | $3,000 | 5.66% |
| Sengkang | $3,000 | $3,100 | 3.71% |
| Serangoon | $3,200 | $3,300 | -1.75% |
| Tampines | $2,800 | $3,000 | 7.1% |
| Toa Payoh | $3,450 | $3,350 | -5.19% |
| Woodlands | $2,650 | $3,000 | 3.57% |
| Yishun | $2,800 | $3,000 | 3.13% |
What Is the HDB Rental Trend in 2023?
HDB rental prices surged throughout the COVID-19 pandemic. Currently, rental prices are at a 15-year high. According to HDB, the number of approved HDB flat rental applicants rose by 13.9% quarter-on-quarter (QoQ) in Q1 2023 compared to Q4 2022, from 8,476 approved applicants to 9,657. However, this was 5.2% lower year-on-year (YoY), compared to Q1 2023.
While HDB rental prices remain on an upward trajectory, there are hints that price growth may have or be reaching a peak in 2023. Property agents across Singapore have noted rental property viewings decline in Q1 2023, and listings “taking a longer time to secure tenants”.
As COVID-19 construction delays continue to alleviate, more young Singaporeans will able to move into their newly finished BTO flats soon. Prospective tenants may also find the record-high asking rental prices to be unjustifiable. As a result, landlords may soon have to contend with the readjustment in demand for HDB rental flats.
In the meantime, if you’re looking for a room for rent in Singapore now, you can check out listings and browse all available properties for rent on PropertyGuru.
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