Authored by the expert who managed and guided the team behind the Singapore Property Pack
Everything you need to know before buying real estate is included in our Singapore Property Pack
Singapore's rental market remains one of the most expensive globally, with condominiums averaging S$5,000–S$15,000 per month for 3-bedroom units in the city center as of September 2025.
Understanding rental costs in Singapore requires looking beyond headline prices to include location premiums, property sizes, and hidden costs like stamp duty and agent fees. The market shows clear patterns with HDB flats providing more affordable options at S$3,100–S$5,200 monthly, while landed properties command premium rents of S$8,000–S$20,000 in prime locations.
If you want to go deeper, you can check our pack of documents related to the real estate market in Singapore, based on reliable facts and data, not opinions or rumors.
Singapore rental costs vary dramatically by property type and location, with city center condos commanding the highest rents while HDB flats offer more affordable alternatives.
Current rental yields average 3.29% across all residential properties, with the best investment opportunities found in Districts 2, 25, and 14.
| Property Type | Average Monthly Rent (S$) | Rental Yield |
|---|---|---|
| City Center Condo (3-bed) | 5,000 - 15,000 | 2.5% - 3.5% |
| City Fringe Condo | 4,000 - 7,200 | 3.0% - 4.0% |
| HDB 3-Room Flat | 3,100 - 3,600 | 3.5% - 4.5% |
| HDB 4/5-Room Flat | 3,500 - 5,200 | 3.2% - 4.2% |
| Landed Property | 8,000 - 20,000 | 2.8% - 3.8% |
| Studio Apartment | 1,300 - 7,000 | 3.0% - 4.5% |
| Serviced Apartment | 2,800 - 8,000 | 2.5% - 3.5% |
What's the current average rent across different property types in Singapore?
Singapore's rental market shows distinct pricing tiers across property types as of September 2025.
Condominiums in the city center command the highest rents, with 3-bedroom units ranging from S$5,000 to S$15,000 monthly. Studio condos vary dramatically from S$1,300 to S$7,000 depending on location and amenities. City fringe condominiums offer more moderate pricing at S$4,000 to S$7,200 for similar units.
HDB flats provide more affordable rental options across Singapore. 3-room HDB flats typically rent for S$3,100 to S$3,600 monthly, with mature estate flats commanding premium rates due to established infrastructure and connectivity. Larger 4-room and 5-room HDB units range from S$3,500 to S$5,200 monthly, while executive flats can reach S$5,000 or more in prime locations.
Landed properties represent the premium segment, with rents typically ranging from S$8,000 to S$20,000 monthly for prime locations and larger homes. Serviced apartments occupy a middle ground, offering studio units from S$2,800 to over S$8,000 monthly depending on district and amenities included.
It's something we develop in our Singapore property pack.
How do rents differ by location and neighborhood?
Location remains the primary driver of rental pricing across Singapore's diverse districts.
Orchard and Central Business District areas command the highest rents citywide, with premium rates for both condominiums and serviced apartments. These districts attract high-earning expatriates and professionals willing to pay for convenience and prestige.
East Coast and Marine Parade areas are popular with expatriate families, offering rents slightly below Orchard levels but above most heartland areas. Properties near international schools or waterfront locations command additional premiums in these neighborhoods.
Clementi and western districts provide more affordable family-friendly options, with 1-2 bedroom units priced for middle-income budgets. These areas offer good value while maintaining decent connectivity to the city center.
Northern and northeastern areas like Punggol and Woodlands offer the best value per square foot for both condominiums and HDB flats, making them attractive to cost-conscious renters and investors seeking higher yields.
What's the typical rent depending on the property size and surface area?
Property size directly correlates with rental pricing across all Singapore property types.
| Property Size | Typical Area (sqft) | Monthly Rent Range (S$) |
|---|---|---|
| Studio/1-bedroom | 400 - 700 | 1,300 - 4,500 |
| 2-bedroom | 700 - 1,000 | 2,500 - 6,500 |
| 3-bedroom | 1,000 - 1,400 | 3,500 - 12,000 |
| 4-bedroom | 1,400 - 1,800 | 4,500 - 15,000 |
| 5-bedroom+ | 1,800+ | 6,000 - 20,000+ |
| Landed Property | 2,000 - 5,000+ | 8,000 - 20,000+ |
What's the total cost of renting once you include fees, taxes, and other charges?
The total cost of renting in Singapore extends beyond monthly rent to include several mandatory fees and taxes.
Stamp duty applies at 0.4% of total rent for leases up to 4 years, calculated on annual rent amount. This represents a significant upfront cost that tenants must factor into their budget planning.
Agent commission typically equals half a month's rent for one-year leases, paid upfront upon signing. Security deposits usually require 1-2 months' rent, refundable upon lease completion subject to property condition.
Income tax implications affect rental arrangements, with net rental income subject to progressive tax rates ranging from 10% to 20% based on annual value for non-owner occupied properties. Maintenance fees for condominiums are typically included in rental agreements, while utilities and internet often remain tenant responsibilities.
Administrative costs including legal documentation, property inspection fees, and insurance can add several hundred dollars to initial rental setup costs.
How does rent compare to the cost of ownership including mortgage payments?
Comparing rental costs to ownership requires analyzing mortgage payments alongside additional ownership expenses as of September 2025.
Current mortgage rates range from 2.00% to 2.30% for fixed-rate loans, with effective rates of 3.6% to 4% for private resale properties. HDB loans maintain a fixed rate of 2.6% for eligible buyers.
A S$900,000 condominium typically requires monthly mortgage payments of approximately S$3,600 for qualified young couples, excluding maintenance, insurance, and property taxes. This payment level often falls below equivalent rental costs for similar properties.
Ownership involves additional costs including stamp duties (up to 4% for foreigners), property taxes, maintenance fees, insurance, and opportunity costs on down payment funds. CPF contributions can offset some ownership costs for eligible Singapore citizens and permanent residents.
Long-term ownership costs may exceed rental expenses in some market segments, particularly when factoring in maintenance, repairs, and market volatility risks. However, ownership provides equity accumulation and inflation hedging benefits that rental arrangements cannot offer.
Don't lose money on your property in Singapore
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
What are the main differences between short-term rentals and long-term rentals in terms of profitability?
Short-term and long-term rental strategies offer distinct profitability profiles and operational requirements in Singapore's market.
Short-term rentals generate higher per-night revenue through flexible pricing and premium rates during peak periods. These arrangements suit hands-on investors in prime tourist areas or business districts. However, they require intensive management including cleaning, guest services, and marketing while facing higher vacancy risks and seasonal demand fluctuations.
Long-term rentals provide stable monthly income with predictable cash flows and lower operational overhead. Most Singapore landlords prefer this approach due to regulatory stability and reduced management burden. Long-term arrangements typically show lower vacancy rates and more predictable returns over time.
Regulatory considerations favor long-term rentals in Singapore, with government policies generally supporting residential stability over short-term tourist accommodations. Operating costs including cleaning, maintenance, and guest services significantly impact short-term rental profitability.
Long-term rental strategies align better with Singapore's housing policies and provide more sustainable investment returns for most property owners.
Can you give example rental prices for different property types like condos, landed houses, and HDB flats?
Specific rental examples across Singapore demonstrate clear pricing patterns by property type and location as of September 2025.
HDB flat examples include a 3-room unit in Punggol (1,184 sqft) renting for S$3,500 monthly, while a similar-sized flat in Bukit Panjang (1,313 sqft) commands S$3,600 monthly. Prime locations like Telok Blangah can achieve S$5,200 monthly for a 3-room flat of 1,291 sqft.
Condominium rentals vary dramatically by location and amenities. A typical 2-bedroom city fringe unit ranges from S$3,000 to S$5,500 monthly, while equivalent city center properties command S$4,500 to S$8,000 monthly. Luxury developments in premium districts can exceed S$10,000 for 2-bedroom units.
Landed property examples include terraced houses in suburban areas starting around S$8,000 monthly, while premium landed homes in districts like Bukit Timah or Tanglin can command S$15,000 to S$20,000 monthly depending on size and condition.
Serviced apartment pricing reflects amenity levels and location, with basic studio units starting at S$2,800 monthly while luxury serviced residences in prime areas can exceed S$8,000 monthly for similar space.
What are the main renter profiles in Singapore right now and how do they influence demand?
Singapore's rental market serves diverse tenant profiles that shape demand patterns across different property segments.
1. **Expatriate professionals** prefer condominiums in central or eastern districts, willing to pay premium rents for amenities and CBD proximity2. **Local and expatriate families** choose larger HDB flats in mature towns like Clementi and Punggol, or landed homes in suburban districts3. **Young professionals and couples** opt for city fringe condominiums or co-living spaces, prioritizing flexibility and affordability over space4. **Students and early-career workers** prefer shared HDB arrangements or affordable studio apartments with good public transport access5. **Short-term business travelers** drive demand for serviced apartments and flexible lease arrangementsExpatriate demand significantly influences premium rental segments, with multinational corporations and financial institutions driving consistent demand for high-end properties. Family-oriented renters prioritize school proximity, safety, and community amenities over luxury features.
Young professional demand supports the growing co-living and compact apartment segments, while student populations create steady demand for affordable shared accommodations near educational institutions.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Singapore versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What are the vacancy rates by property type and area?
Singapore's residential vacancy rates remain relatively low across most property segments as of September 2025.
Private non-landed residential properties maintain vacancy rates below 6% for condominiums, reflecting strong rental demand and limited supply in popular areas. Landed properties show slightly higher vacancy rates at 9-10%, partly due to higher rental costs limiting tenant pools.
HDB rental vacancy remains particularly tight, especially in mature estates with established infrastructure and transport connectivity. These areas benefit from consistent demand from both local families and expatriates seeking affordable options.
Commercial property vacancy provides context for the overall market, with retail spaces in central regions showing 7.1% vacancy in Q2 2025, while office spaces maintain 11.4% vacancy rates island-wide. Prime offices specifically show 11% vacancy with secondary offices performing better.
Regional variations show central districts maintaining lower residential vacancy due to employment concentration, while suburban areas may experience slightly higher vacancy rates depending on transport connectivity and amenity availability.
Which properties or areas are considered the smartest choices for investors today?
Investment opportunities in Singapore's rental market favor specific districts and property types that offer optimal yield-to-risk ratios.
District 2 (CBD area) leads with approximately 4.07% rental yields, benefiting from consistent business district demand and premium rental rates. District 25 (Woodlands) follows at 3.95% yield, offering good value in the growing northern corridor.
District 14 (Eunos/Paya Lebar) provides 3.83% yields with strong connectivity and development pipeline benefits. Districts 7 (Bugis/Rochor) and 22 (Jurong) both offer 3.72% yields with different risk-return profiles.
Emerging areas show strong investment potential, particularly Punggol with its smart city development, Woodlands benefiting from Johor-Singapore connectivity improvements, and Jurong Lake District with its growing business hub status.
It's something we develop in our Singapore property pack.
What are the current rental yields and how do they break down by property type?
Singapore's rental yield landscape averages 3.29% gross across all residential properties as of September 2025.
| District | Rental Yield | Investment Appeal |
|---|---|---|
| District 2 (CBD) | 4.07% | High demand, premium rents |
| District 25 (Woodlands) | 3.95% | Growth corridor, affordability |
| District 14 (Eunos/Paya Lebar) | 3.83% | Transport hub, development |
| District 7 (Bugis/Rochor) | 3.72% | Central location, tourism |
| District 22 (Jurong) | 3.72% | Business hub growth |
| Districts 21, 26 | 2.67% | Luxury segment, capital gains |
How have rents and yields evolved compared to one year ago and five years ago, and what's the forecast for the next 1, 5, and 10 years including how Singapore compares with other major global cities?
Singapore's rental market has shown significant evolution over recent years with clear trends emerging for future periods.
Over the five-year period from 2019-2024, private residential prices increased by 32%, while HDB rents rose 3.2% year-over-year in 2025, representing a stabilization after previous rapid growth phases. This demonstrates the market's maturation and regulatory policy effectiveness.
Short-term forecasts for the next 12 months project modest rental growth of 0-3%, with property prices forecast to increase 4-7%. This reflects continued demand balanced against supply increases and policy measures.
Medium-term projections for the next 5 years indicate continued strong demand with moderate price appreciation and rental yields stabilizing at 3-4%. New completions, especially condominiums in emerging districts, will create market shifts and opportunities.
Long-term outlook over 10 years expects Singapore's market to remain stable with low vacancy rates and ongoing capital appreciation. Regulatory changes may affect investor strategies, but fundamental demand drivers remain strong.
Globally, Singapore yields remain slightly lower than Hong Kong, higher than Tokyo or Sydney, with rental prices ranking among the top worldwide. This positioning reflects Singapore's status as a premium Asian financial center with corresponding property market dynamics.
It's something we develop in our Singapore property pack.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Singapore's rental market offers stable investment opportunities with diverse options across property types and locations, providing moderate but reliable yields for investors.
Understanding total costs, location premiums, and tenant profiles enables better investment decisions whether for rental income or personal relocation purposes.
Sources
- Singapore Global Network - Renting in Singapore 2025
- 99.co - HDB Rental Prices Singapore
- ERA Singapore - Q1 2025 Rental Report
- Urban Redevelopment Authority - Media Release
- Wise - Rental Yield Singapore
- IRAS - Stamp Duty for Property Rental
- Business Times - Singapore Retail Rents Q2
- DollarBack Mortgage - Property Market Analysis