# Private residential rents rise 0.7% in Q2 as home prices inch up 0.5%: URA

- **Source:** The Business Times
- **Published:** 2026-07-24T01:32:17.000Z
- **Author:** Ry-Anne Lim
- **Original:** https://www.businesstimes.com.sg/property/private-residential-rents-rise-0-7-q2-home-prices-inch-0-5-ura
- **Topics:** Private Residential, Government & Policy

## Featured rationale

Fewer completions and steady leasing demand may support moderate rental growth, although rising vacancies and additional HDB rental supply could intensify competition for tenants.

## AI summary

Singapore private-home rents rose 0.7 per cent and prices increased 0.5 per cent in Q2 2026, even as vacancy climbed to 6.4 per cent.

## Original article

[SINGAPORE] Rents for Singapore private homes were up 0.7 per cent in the second quarter of 2026, rising slightly faster than the 0.3 per cent increase in the first quarter of the year.

Home prices rose 0.5 per cent, as previously indicated in flash estimates released earlier in July, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jul 24).

The Q2 movements brought rental growth for H1 2026 to 1 per cent, down slightly from 1.2 per cent in H1 2025. The pace of growth for private home prices also eased to 1.4 per cent in the latest half year, from the 1.8 per cent increase in H1 2025.

The quarterly uptick in both rents and prices came even as the vacancy rate climbed to 6.4 per cent as at end-Q2, from 6.2 per cent in Q1.

It follows the completion of 1,212 private housing units in Q2, of which 512 were executive condominiums (ECs) and 700 were private residential units.

This was a tad lower than the 1,271 units completed in the previous quarter, and around half the quarterly average of 2,317 units over the past two years.

Asean Intelligence

PropNex chief executive Kelvin Fong noted higher leasing demand in Q2. Caveats data showed a 5.1 per cent increase in private home rental contracts, excluding ECs – from 21,203 in Q1 to 22,290 in Q2.

Wong Xian Yang, Cushman & Wakefield’s research head for Singapore and South-east Asia, said that fewer new completions and steady demand have supported rental growth, though global economic uncertainty could cap upside.

Rents for landed properties rose the most in Q2, increasing 2.7 per cent against a 0.1 per cent gain in the previous quarter. Non-landed home rental growth was flat, with a 0.4 per cent increase mirroring the rise in Q1.

Singapore retail rents rise 0.6% in Q2 as vacancy rate creeps up: URA

Singapore prime offices shine as URA rent index rises 0.8% in Q2

Singapore industrial rents inch up 0.5% in Q2 amid macro uncertainty: JTC

“Sustained wealth migration into Singapore is expected to support leasing demand in the Core Central Region (CCR) market,” added Wong.

Rents in the “mid-tier” Rest of Central Region (RCR) market were unchanged after slipping 0.2 per cent in Q1. Rents of mass-market Outside Central Region (OCR) condos eased 0.3 per cent in Q2, reversing from their 1 per cent increase in the previous quarter.

In the public housing market, there were 58,855 Housing & Development Board (HDB) flats rented out as at end-Q2, with 10,002 approved rental cases in the quarter, up 4.9 per cent from Q1.

The highest median monthly rental price was for five-room flats in the central area at S$5,100, while the lowest was for two-room flats in Sengkang at S$2,350.

Christine Sun, chief researcher and strategist at Realion Group, expects landlords to see stiffer competition for tenants in the coming months, as more HDB flats complete their five-year minimum period (MOP) and become eligible for rental.

In 2026, 13,480 HDB flats will meet their MOP.

The private residential market, meanwhile, is expected to see a “moderate” 5,012 private home completions in H2 2026, said Fong from PropNex.

The bulk of H2 2026 completions are expected to come from the RCR and OCR, noted Tricia Song, CBRE research head for Singapore and South-east Asia. She added that the limited upcoming supply in the CCR is likely to support rents in the area.

Fong pointed out: “That said, a larger supply of new completions is projected to come on in 2027 and 2028 at 8,440 and 9,856 units, excluding ECs, respectively.”

Sun observed anecdotally that expatriate professionals have been “adjusting their housing arrangements”, following job changes or corporate restructuring over the past few months. This is especially so for those working in sectors affected by automation and artificial intelligence.

“Demand may soften in the second half of this year if the macroeconomic outlook worsens,” she said.

While the URA index showed private residential prices inching up by 0.5 per cent in Q2, much of the increase came from landed homes, where prices rose 2.5 per cent, compared with a 0.1 per cent dip for non-landed homes.

As indicated in the earlier flash estimates, CCR prices of non-landed homes also outpaced the other markets with a 1.8 per cent increase, versus the 1.2 per cent and 0.1 per cent declines seen for such residences in the RCR and OCR, respectively.

In the primary market, developers launched 1,783 private homes (excluding ECs) for sale in Q2, some 3 per cent less than Q1’s 1,844 units. Sales volume however rose to 2,141 units in Q2, from 2,013 units previously.

Resale market

Meanwhile, resale transactions rose 18.2 per cent to 3,813 units in the quarter, and sub-sales by 10.9 per cent to 194 units. Inventory of unsold uncompleted homes fell 7.2 per cent from Q1 to 14,929 units (excluding ECs) at end-Q2. PropNex’s Fong noted this was only slightly higher than the record low of 14,087 units in Q1 2022.

Including completed units, unsold inventory fell 7.2 per cent to 15,057 units. This is significantly lower than the previous peak of 37,799 units in Q1 2019, and implies less than two years’ landbank for developers, based on the five-year annual average new home sales of 8,766 units, said Song of CBRE.

Given the low unsold inventory, she noted that developers became increasingly bullish at state land tenders that closed in the CCR in Q2. “In particular, (the parcels at) Peck Hay Road, Dunearn Road and River Valley recorded benchmark bid prices above comparable 2025 government land sale tenders in the same location.”

In public housing, resale flat prices extended a 0.1 per cent dip in Q1 to ease another 0.3 per cent in Q2, data from HDB showed.

Transaction volumes of resale flats, on the other hand, rose 1.8 per cent in Q2 to 6,396 units, from 6,285 units in the previous quarter. Year on year, this was an around 10 per cent decline.

Wong Siew Ying, PropNex head of research and content, noted that the easing in resale prices “came without a contraction in transaction activity which indicates that buyers have not stepped away from the market”.

“It is likely that flats recently out of their five-year MOP had helped to support the resale volume in Q2.”

ERA key executive officer Eugene Lim also observed that there were markedly more million-dollar HDB transactions – with 491 of such deals in Q2, up 19.5 per cent quarter on quarter and 18.3 per cent year on year. The Q2 tally also surpasses the previous record of 480 units in Q3 2025.

These transactions accounted for 7.7 per cent of all resale transactions in Q2, from 6.5 per cent in Q1.

## Chinese translation

> Translation model: grok

### 私人住宅租金第二季上升0.7%，房价微升0.5%：URA

有地住宅租金升幅最大；核心区公寓跑赢其他区域，郊区租金回软

[新加坡] 新加坡私人住宅租金在2026年第二季上涨0.7%，略快于今年第一季的0.3%。

房价上涨0.5%，与7月早前发布的预估数据一致。市区重建局（URA）于周五（7月24日）发布的数据显示。

第二季变动使2026年上半年租金增长达1%，略低于2025年上半年的1.2%。私人住宅价格增速亦放缓至最新半年的1.4%，低于2025年上半年的1.8%。

租金与价格的季度回升，是在空置率升至第二季末6.4%（第一季为6.2%）的背景下出现的。

此前第二季落成1,212个私人住房单位，其中512个为执行共管公寓（EC），700个为私人住宅单位。

这略低于上季落成的1,271个单位，约为过去两年季度平均2,317个单位的一半。

Asean Intelligence

PropNex首席执行官Kelvin Fong指出，第二季租赁需求更高。备案数据显示，私人住宅租约（不含EC）增加5.1%——从第一季的21,203份增至第二季的22,290份。

戴德梁行新加坡及东南亚研究主管Wong Xian Yang表示，新落成减少与需求稳健支撑了租金增长，但全球经济不确定性可能限制上行空间。

有地住宅租金在第二季升幅最大，上涨2.7%，而上季仅升0.1%。非有地住宅租金增长持平，上升0.4%，与第一季增幅相同。

新加坡零售租金第二季上升0.6%，空置率微升：URA

新加坡优质写字楼表现亮眼，URA租金指数第二季上升0.8%

新加坡工业租金第二季在宏观不确定性中微升0.5%：JTC

“持续进入新加坡的财富迁移，预计将支撑核心中央区（CCR）市场的租赁需求，”Wong补充道。

“中档”的中央区其他地区（RCR）市场租金持平，此前第一季下滑0.2%。大众市场中央区以外地区（OCR）公寓租金在第二季回落0.3%，扭转上季上涨1%的走势。

公共住房市场方面，截至第二季末有58,855套建屋发展局（HDB）组屋在外出租，本季获批出租个案10,002宗，较第一季上升4.9%。

最高中位月租为中央区五房式的5,100新元，最低为盛港两房式的2,350新元。

Realion集团首席研究员兼策略师Christine Sun预期，业主未来数月将面临更激烈的租客竞争，因为更多HDB组屋完成五年最低居住年限（MOP）并符合出租条件。

2026年将有13,480套HDB组屋满MOP。

与此同时，私人住宅市场预计2026年下半年将有“适中”的5,012套私人住宅落成，PropNex的Fong表示。

CBRE新加坡及东南亚研究主管Tricia Song指出，2026年下半年落成的大部分预计来自RCR与OCR。她补充道，CCR即将供应有限，可能支撑该区租金。

Fong指出：“话虽如此，预计2027年与2028年将有更大供应落成，分别为8,440与9,856个单位（不含EC）。”

Sun根据坊间观察指出，外籍专业人士过去数月因工作变动或企业重组而“调整住房安排”。这对受自动化与人工智能影响行业的从业者尤为明显。

“若宏观前景恶化，下半年需求可能走软，”她说。

虽然URA指数显示私人住宅价格在第二季微升0.5%，但大部分升幅来自有地住宅——价格上涨2.5%，而非有地住宅则微跌0.1%。

如早前预估所示，CCR非有地住宅价格亦跑赢其他市场，上涨1.8%；RCR与OCR同类住宅则分别下跌1.2%与0.1%。

一级市场方面，发展商在第二季推出1,783套私人住宅（不含EC）发售，较第一季的1,844个单位约少3%。销量则升至第二季的2,141个单位，此前为2,013个单位。

转售市场

与此同时，转售交易本季上升18.2%至3,813个单位，转售（sub-sale）上升10.9%至194个单位。未售未落成住宅库存较第一季下降7.2%，至第二季末的14,929个单位（不含EC）。PropNex的Fong指出，这仅略高于2022年第一季14,087个单位的历史低位。

若计入已落成单位，未售库存下降7.2%至15,057个单位。这显著低于2019年第一季37,799个单位的前高，并意味着发展商土地储备不足两年——按五年年均新房销量8,766个单位计算，CBRE的Song表示。

鉴于未售库存偏低，她指出发展商在第二季于CCR关闭的国有土地招标中日益看涨。“尤其是Peck Hay Road、Dunearn Road与River Valley（地块）录得高于同地段2025年政府售地可比招标的基准投标价。”

公共住房方面，转售组屋价格在第一季下跌0.1%后，第二季再缓跌0.3%，HDB数据显示。

另一方面，转售组屋成交量在第二季上升1.8%至6,396个单位，高于上季的6,285个单位。同比则约下降10%。

PropNex研究与内容主管Wong Siew Ying指出，转售价格缓和“并未伴随成交活动收缩，表明买家并未离开市场”。

“近期刚满五年MOP的组屋，很可能帮助支撑了第二季的转售成交量。”

ERA首席执行官Eugene Lim也观察到，百万新元HDB交易明显增多——第二季有491宗此类成交，环比上升19.5%，同比上升18.3%。第二季总数亦超过2025年第三季480个单位的前高。

这些交易占第二季全部转售成交的7.7%，高于第一季的6.5%。