After several quarters of moderation, Singapore’s residential rental market is showing early signs of renewed activity as rental rates appear to have stabilised near a cyclical bottom. More tenants are returning to the market, attracted by improved affordability and a wider supply of units.

Tenants Returning as Prices Stabilise

Following the sharp run-up in 2021–2023, rental rates have softened steadily, creating opportunities for:

• New expatriate arrivals
• Locals seeking temporary accommodation during renovations
• Young professionals moving closer to workplaces
• Families upgrading to larger units at more manageable rents

This stabilisation is prompting previously hesitant tenants to re-enter the market.

Landlords Becoming More Flexible

With more units available due to the completion of new condos and a normalisation of supply, landlords are adjusting expectations. Many are now more open to:

• Negotiating asking rents
• Offering partial furnishing
• Flexible lease terms
• Accepting earlier move-in dates to secure tenants

The shift has helped shorten average vacancy periods across many districts.

Which Segments Are Picking Up Fastest?

Activity has been strongest in:

• City-fringe and RCR condos — improved value for both singles and families
• Mass-market OCR units — stable demand from long-term tenants
• Larger units — more competitive rents attracting households seeking space

High-end luxury rentals remain steady but more price-sensitive.

What May Happen in the Coming Months

As rents stabilise, analysts expect:

• Rental activity to continue rising
• Rents to move sideways with slight upward bias in high-demand districts
• Improving occupancy rates as expat hiring picks up
• More choices for tenants due to ongoing project completions

TopBroker Insight

The rental market is entering a healthier, more balanced phase. Rates are unlikely to fall sharply from here, meaning tenants who have been waiting for “one last drop” may miss the window. For landlords, realistic pricing and proactive marketing remain key to securing quality tenants quickly.