Singapore’s rental market continued to show resilience in April 2026, even as broader property market momentum has started to moderate. Data from SRX and 99.co showed that condo rents climbed to another all-time high in April, while HDB rents also continued edging upwards, albeit at a slower pace.
Table of contents
- Condo rental prices hit a fresh record high
- CCR and OCR drive condo rental growth
- Higher numbers of leasing activity
- Overall HDB rental prices continue to edge higher
- HDB rental demand remains supported by affordability
- Rental activities are still below historical norms
Condo rental prices hit a fresh record high
Overall condo rental prices rose by 0.3% month-on-month in April 2026, bringing the rental index to a new record high of 145.4. Year-on-year, condo rents were up 2% compared to April 2025.
Commenting on the latest figures, Mr. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that, despite the new record high, rental growth has become noticeably more measured compared to the sharp spikes seen during the post-pandemic years.
“This aligns with expectations that the market is gradually entering a more balanced phase in 2026, as tenants become more price-sensitive and landlords face growing competition from an expanding pool of housing options,” he added.
CCR and OCR drive condo rental growth
One of the more notable trends in April was the stronger rental growth seen at both ends of the private housing spectrum. The CCR recorded the biggest monthly increase, with rents rising by 1.4% compared to March 2026, while the OCR posted a 0.7% increase. Meanwhile, rents in the Rest of Central Region (RCR) slipped by 0.4%.
Year-on-year, CCR rents rose by 3.1%, also outperforming the RCR and OCR, which saw rental growth of 1.5% and 1.1%, respectively.
This is significant because it points to sustained demand across both premium and suburban rental markets, despite affordability concerns becoming more pronounced over the past year.
In the CCR, demand likely remained supported by expatriates and higher-income tenants who continue to prioritise proximity to the CBD, lifestyle amenities, and established prime districts. Amid global economic conditions, Singapore continues to attract regional headquarters, finance professionals, and technology firms, which helps underpin leasing demand in the city centre.
On the other hand, the OCR’s continued rental growth reflects how suburban condos are increasingly becoming the preferred option for tenants seeking a balance between affordability and lifestyle. Many suburban developments today offer facilities and connectivity that rival city-fringe projects, while still coming at lower rents than central locations.
Higher numbers of leasing activity
The rise in rental prices did not come alongside weaker leasing activity. Instead, transaction volumes also moved higher. An estimated 6,491 condo units were rented out in April 2026, up 1.6% from the 6,386 units leased in March.
Compared to a year ago, rental volumes were 6.5% higher, while also sitting 6.8% above the five-year average for April.
“The increase in rental volumes alongside higher rents also indicates that tenants are still actively securing homes despite elevated price levels, particularly in the CCR and OCR, where rents saw the strongest monthly gains,” Mr Luqman explained.
That is an important signal for the market because it suggests that demand remains fundamentally healthy instead of being driven purely by price inflation. In earlier periods, higher rents occasionally came alongside weaker volumes, which could indicate tenant resistance.
The rental volume distribution also remained relatively balanced across regions. In April 2026, 34.9% of condo rental transactions came from the OCR, followed by 33.1% from the RCR and 32% from the CCR.
“While macroeconomic uncertainties and softer expatriate hiring could temper demand moving forward, the relatively limited pipeline of completed private homes should continue to provide support for condo rents in the near term,” Mr Luqman noted.
This means that although rental growth may continue slowing, a major decline in condo rents still appears unlikely for now unless Singapore experiences a significantly weaker labour market or a sharp pullback in expatriate demand.
Overall HDB rental prices continue to edge higher
In April 2026, the HDB rental market also recorded another month of growth, although the increases remained modest. According to the SRX and 99.co flash report, HDB rental prices rose by 0.1% month-on-month. On a yearly basis, overall HDB rents were up 1.3% compared to April 2025.
Mature estates saw rents increase by 0.4%, while non-mature estates recorded a slight 0.2% decline. Among flat types, Executive flats posted the strongest growth with a 2.5% increase in rents. Meanwhile, rents for 3-room and 5-room flats dipped by 0.1% and 0.3% respectively, while 4-room flat rents remained unchanged.
Year-on-year, the price movements are all upwards for each segment:
- Mature Estates increased by 1.6%
- Non-Mature Estates increased by 1%
- 3-room flat increased by 1.5%
- 4-room flat increased by 1.1%
- 5-room flat increased by 1%
- Executive flat increased by 2.7%
HDB rental demand remains supported by affordability
Unlike the condo market, where tenants often prioritise lifestyle or proximity to work, HDB rentals tend to be more closely tied to budget considerations. Additionally, with condo rents sitting near record highs, more tenants are likely to turn towards HDB flats for affordability.
Mr Luqman explained, “Rental demand appears to be holding up due to HDB flats’ relative affordability compared to private homes, especially for tenants seeking budget-conscious alternatives.” This is especially true for families, students, and lower-to-middle-income tenants who may have been priced out of parts of the private rental market.
Rental activities are still below historical norms
While demand for HDB rentals remains stable, transaction activity still appears softer compared to historical levels. An estimated 2,806 HDB flats were rented out in April 2026, representing a 5.2% increase from March’s 2,667 units.
Despite this monthly increase, rental volumes were still 2.7% lower year-on-year and remained 7.4% below the five-year average for April. According to Mr Luqman, it may reflect a market that is becoming more competitive as more flats gradually enter the rental pool after reaching their Minimum Occupation Period (MOP).
In terms of rental activity by flat type, 4-room flats continued to dominate the HDB rental market in April 2026. They accounted for 38.8% of total rental transactions, followed by 3-room flats at 32.2%, 5-room flats at 24%, and Executive flats at 5%.
This trend is not surprising because 4-room flats typically offer the broadest appeal across tenant groups. They are large enough for families and shared living arrangements, yet still remain relatively affordable compared to private homes.
As rental affordability becomes an increasingly important consideration in 2026, demand for practical mid-sized flats could remain resilient.
The post Condo rental prices set new record high in April amid continued growth in the HDB rental market appeared first on .
