Rents crept up in June, but the real story is volume

Singapore’s rental market picked up again in June 2026 after a slow May. Both condo and HDB rents inched higher, but the bigger signal for tenants and landlords is that far more homes changed hands, and volumes rose faster than prices.

Rents did not run away in June. According to SRX Property’s June rental flash data, private condominium rents rose 0.3% from May, while HDB rents rose 0.6%, lifting the HDB rental index to 145.1. Those are small, steady moves rather than the sharp jumps that defined the post-pandemic squeeze a few years ago.

The louder number is leasing activity. An estimated 6,973 condo units were rented in June, up 19.0% on May. HDB leasing rose too, with about 2,725 flats rented, up 4.8% on the month. After a quieter May, tenants and landlords were clearly back at the table.

Leasing volumes rebounded in June, led by private condos. Source: SRX Property, June 2026.

Why volume matters more than the headline rent

When volumes rise much faster than prices, it usually means new supply is being absorbed without creating a fresh bidding war. More completed condos and more available flats are meeting demand, so tenants have choice and rents are not being forced up. That is a healthier balance than the one renters faced in 2022 and 2023, when a shortage of homes and a wave of expats pushed rents up at double-digit annual rates.

There is a longer-term caution in the HDB numbers. While HDB leasing was up 4.8% on May, it was almost flat against a year earlier, rising just 0.1% versus June 2025. In other words, the June bounce was a recovery from a soft May, not a sign that the HDB rental pool is expanding quickly. Supply of flats available to rent stays tight, which is part of why HDB rents keep grinding higher even as private rents flatten.

The suburbs are doing the heavy lifting

June’s condo leasing was spread across the island, but the mass-market suburbs led. The Outside Central Region, which covers most heartland condo projects, accounted for 38.0% of all condo rentals. The Rest of Central Region, the city fringe, took 32.8%, and the prime Core Central Region took 29.2%. The report noted that the core was the softer end of the market, with prime rents under more pressure than suburban ones.

The suburbs took the largest share of condo leasing in June. Source: SRX Property, June 2026.

That tilt matters if you own or are hunting for a rental home. Demand is deepest where the rents are most affordable and where new suburban launches have been completing. Prime districts still command the highest absolute rents, but they are also where a tenant has the most room to negotiate right now.

What this means for you

• If you are a tenant, June’s rebound in choice works in your favour. More units on the market, especially in the suburbs and the prime core, means more room to compare and negotiate rather than accept the first asking price.
• If you are a landlord, the flat-to-firm rent picture argues for pricing to lease quickly rather than holding out for a top rent. Volume is strong, but tenants have options, so an empty unit costs you more than a slightly lower rent.
• If you own an HDB flat for rent, tight supply is still supporting rents, but the near-flat year-on-year volume is a reminder that the pool of renters is not growing fast. Realistic pricing keeps your flat occupied.
• If you are weighing rent versus buy, a calmer rental market removes some of the urgency to buy just to escape rising rents. Base the decision on your own numbers and timeline, not on fear of the next rent hike.