Will Singapore Condo Rental Prices Drop in 2024?

We sell your home at

better prices
record speed
only 1% commission

Ohmyhome helps you maximize your returns on your property with expert advice and negotiation. Plus, at a low 1% commission fee, you get to keep more profits in your pocket.

Will Singapore Condo Rental Prices Drop in 2024?

Maelyn Lagman

Join our Telegram channel and follow our Facebook page for the latest property updates.

Singapore’s residential property market saw sky-high rental rates across the board at the start of 2023 as the global economy opened up post-Covid and foreign investment started flowing back in with the return of expats. The question on everyone’s minds now is: Will rental prices finally drop in 2024?

A look back at the 2023 condo rental market

In 2023, the average rental price for a 3-bedroom condo in the Core Central Region (CCR) reached a peak of $8,522 in July.

As a result, we saw condo rental demand and prices fall considerably.

2023 Average Condo Rental Prices and Rental Volume in the CCR 

A chart of the 2023 Average Condo Rental Prices and Rental Volume in the CCR by Ohmyhome
Source: Ohmyhome Research

With the rising rental prices in the CCR, many tenants have chosen to move to the Rest of Central Region (RCR). You can probably guess what happened next: 

As rental demand grew for RCR properties, prices began to trend upwards. 

However, unlike in the CCR, rental prices in the RCR remained strong — hovering around $6,200 for a 3-bedroom unit. 

On the other hand, rental prices in the Outside Central Region (OCR) decreased steadily.

Overall Condo Rental Prices and Rental Volume in 2023

A chart of the Overall Condo Rental Prices and Rental Volume in 2023 by Ohmyhome
Source: Ohmyhome Research

Despite the price hikes we saw in the OCR and the RCR in 2023, overall rental demand for the whole island fell. 

What to expect in Singapore’s 2024 condo rental market

With lower rental demand, we can expect to see rental prices stabilise in the CCR and RCR. This means HDB owners looking to achieve the Singapore dream of selling their resale flat and buying a new condo (or at least a good-sized resale one) may now be able to afford it. 

That said, the outward pressure caused by the sustained high condo rental rates in the RCR could lead to higher demand and prices in the OCR.  

And if economic conditions were to remain uncertain and high interest rates persist, foreign investment may drain away, particularly for luxury homes and condos in the central region. So those looking to rent out their home in 2024 may be faced with lower demand and thus, lower rental prices, in the market. 

Need help finding a condo room or unit to rent?

Save your time searching for the right home. Let us do it for you. Simply fill up this form and our MATCH algorithm will find all the available condo rental listings for rent and send them straight to your WhatsApp.

Woman holding a laptop, smiling

Should you rent out your condo in 2024?

Female Ohmyhome property agent

Our Super Agents will fight for your ideal condo rental price and find the right tenant for you. Their years of experience and skill have helped homeowners rent out their properties at the right time and at the right price. Learn more about our customers’ Ohmyhome experience on Instagram or YouTube, or read thousands of 5-star reviews on Facebook and Google.

Drop us a message on WhatsApp to reach out, or chat with us via our Live Chat at the bottom, right-hand corner of the screen. We promise, a real person will be talking to you.

For more about Ohmyhome, follow us on Instagram or subscribe to our YouTube channel.

Subscribe to the property newsletter read by 200,000 homies

Get our finest insights sent straight to your inbox. Enter your best email.
Unsubscribe anytime.

Consult an expert for free!

Send us your details and we’ll be in touch within 15 min (daily 9am to 9pm GMT +8).

Our finest insights you'll be looking forward to receive.

Read by 200,000 Homies. Enter your best email below to join in.

Unsubscribe anytime.

SHARE WITH YOUR FRIENDS!

Featured Blogs

Highlighting unique property views for every Singaporean