Singapore May 2026 Private Home Rental Volume and Rents Soften as Market Shifts Towards Balance

Preliminary data released by property websites 99.co and SRX on Friday (Jun 19) shows that Singapore’s private home rental market softened in May 2026, with rents and transaction volume both declining. Overall private home rents fell 0.6 per cent month on month, reversing two consecutive months of increases.

All market segments saw rents slip. The Outside Central Region (OCR), representing mass-market private homes, recorded the largest decline at 0.9 per cent. The Rest of Central Region (RCR) mid-tier segment fell 0.6 per cent, while the Core Central Region (CCR) high-end segment saw a relatively modest decline of 0.4 per cent.

On a year-on-year basis, however, rents were still up 1.9 per cent, and rental volume was 4.2 per cent higher than a year ago, suggesting that the market remains on a broadly stable footing despite the monthly softening.

About 5,853 private home rental transactions were completed in May, down from April’s 6,492, representing a decline of 9.8 per cent. The RCR accounted for the largest share of rental transactions at 36.1 per cent, followed by CCR high-end homes at about 32 per cent, while mid-tier homes made up 30.4 per cent. The CCR share was broadly in line with April’s 32 per cent, showing a slight easing.

99.co chief data officer Luqman Hakim pointed out that the May data shows the private home rental market is transitioning from a landlord-led market towards a more balanced environment. Despite demand remaining stable, increased supply of rental units, combined with the knock-on effects of hiring activity and salary trends, has put downward pressure on rents, even as transaction volumes remain above historical highs.

The HDB rental market mirrored the private home trend. Overall HDB rents fell 0.3 per cent month on month in May, while transaction volume declined 7.7 per cent. The decline was more moderate than in the private market, reflecting continued demand for public housing rentals supported by household formation growth.

Looking ahead, Hakim said the global economic environment remains cautious, but household formation growth and strong underlying housing demand will continue to support the rental market. After years of strong rental growth, the supply-demand balance means the rental market will likely see milder fluctuations in the remaining months of the year, with rent increases becoming more moderate.