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Slower HDB Rental Market by Year-End With More New Launches Reaching TOP in 2023

Maelyn Lagman

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The HDB rental market has slowed across Singapore in 2023. There has been a moderate increase in rental prices and some fluctuation in demand, with the lowest volume of transactions seen in the last quarter of the year. 

A bar and line chart showing the rental transaction volume and rental price movement of HDB flats in Singapore in 2023

EP holders driven towards HDB rental flats with the rise in condo rental prices

The monthly rental trend for HDB flats has consistently risen throughout 2023. Starting from $2,966 in January, monthly rental prices have reached $3,109 in December, showing an overall increase of approximately 4.8%. This could be due to a higher number of EP holders seeking more affordable rental options in the HDB rental market.

HDB landlords less prone to financial strain with smaller loan amounts

Man using the calculator

Landlords leasing HDB flats or rooms were also less prone to financial strain which typically led to rent reductions. This could be due to their smaller loan amounts or lower susceptibility to rising interest rates as compared to landlords in the condo rental market. 

However, HDB rental transactions have declined over time. The first half of the year showed healthy demand, with the highest number of transactions of 6,743 rentals recorded in July.

The upward trend in HDB rental transactions did not persist towards the end of the year, with the lowest number of rentals of 3,035 recorded in November. This could have been influenced by the typical year-end lull and an influx of new condo launches in 2023, providing ample supply to satisfy rental demand.

Artist render of the facade of The Woodleigh Residences

Several new condo launches received their Temporary Occupancy Permit (TOP) in the second quarter of the year, including The Woodleigh Residences, Affinity at Serangoon, and Riverfront Residences, on top of first-quarter completions such as Avenue South Residences and Kent Ridge Hill Residences. 

Additionally, as more homes were completed, the number of local households who moved into their new dwellings also increased. As land borders between Malaysia and Singapore were reopened, workers from Malaysia might not have needed to resume their rental leases in Singapore as well. 

Download our 2023 Singapore Property Market Review for the full analysis

Get a full analysis of the trends, challenges, and opportunities that defined the past year. Click the image below to get started.

Should you rent or lease a HDB flat in 2024?

Despite the moderation in overall HDB rental prices, if you’re genuinely looking to rent or lease a home in 2024, you should remain level-headed when it comes to your property transaction. It may be dangerous to gamble on whether we’re at an inflection point. Rather than timing the market, you should seek the advice of a property agent to make your property decision based on your real financial situation. 

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What’s the HDB rental price of flats near you?

With Homer AI, you can get a list of recent HDB rental transactions to figure out how high you can position your rental price according to the current market rate.

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With Homer AI, you can also know:

  • What your home is worth based on the recent transactions in your area
  • How much cash you get to keep after selling
  • If you have enough to buy your next home
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