# Singapore private home rents forecast to remain flat in 2026

- **Source:** Real Estate Asia
- **Published:** 2026-08-18T23:28:16.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/residential/news/singapore-private-home-rents-forecast-remain-flat-in-2026
- **Topics:** HDB & Public Housing, Private Residential, Government & Policy

## Featured rationale

Mixed tenant demand, new completions and easier private-to-HDB downgrading may restrain overall rents, although expatriate demand could continue supporting homes above S$10,000 monthly.

## AI summary

Savills expects Singapore private home rents to remain broadly flat in 2026, despite Q2 leasing transactions rising 5.1% quarter-on-quarter and 3% year-on-year.

## Original article

There are various offsetting forces driving this forecast.

Singapore's residential leasing market recorded a stronger-than-expected second quarter, but private home rents are still expected to remain broadly flat in 2026 amid mixed demand drivers and an uncertain economic outlook, according to Savills.

Leasing transactions for private residential properties rose 5.1% quarter-on-quarter and 3% year-on-year in Q2 2026. Savills said this increase was notable because market feedback during the quarter was mixed, with most leasing agents describing activity as relatively slow, while a smaller group reported strong demand in the higher-end segment.

The consultancy said the divergence may partly reflect tenants whose one-year leases signed during the post-pandemic recovery period expired in 2026, prompting them to re-enter the market. The availability of newly completed projects may also have encouraged leasing activity.

Savills also pointed to demand from foreign students enrolled in master's programmes who were unable to secure university accommodation and turned to HDB and private rental homes. However, their budget constraints mean this group is unlikely to generate significant upward pressure on rents.

This was reflected in smaller non-landed homes in the Rest of Central Region (RCR) and Outside Central Region (OCR), where rents for one- and two-bedroom units fell 0.1% and 0.4% quarter-on-quarter respectively, even as leasing transactions increased 5.9% and 3.2%.

Other factors supporting leasing demand included landlords taking back properties, forcing displaced tenants to find alternative homes. Savills also observed increased demand from senior expatriate executives from North Asian countries excluding China, who appeared to favour higher-end homes with monthly rents above S$10,000. Four- and five-bedroom non-landed homes in the Core Central Region saw rents rise 2% quarter-on-quarter in Q2.

Looking beyond quarterly fluctuations, Savills said rental trends will be shaped more by economic and business fundamentals, employment conditions and the volume of new housing supply.

Singapore's Ministry of Trade and Industry forecasts 2026 GDP growth at 2% to 4%, although Savills said strong first-half performance and persistently elevated semiconductor prices could push full-year growth closer to 5% to 6%.

However, stronger economic growth may not translate into equivalent employment growth or corporate expansion. Savills noted that technological advances and productivity gains are allowing companies to increase output without proportionately increasing headcount. Meanwhile, free cash flow among large multinational corporations remains uneven, with some hyperscalers recording negative free cash flow amid heavy investment, while traditional sectors such as energy, materials and healthcare continue to show stable or growing cash flows.

These trends could temper corporate expansion and expatriate inflows, Savills said. On the domestic front, the removal of the 15-month wait-out period for private property owners looking to downgrade to HDB flats could also reduce short-term rental demand by allowing households to transition more directly between housing types.

Given these offsetting forces, Savills said it is maintaining its forecast that Singapore's private residential rents will remain broadly flat in 2026.

## Chinese translation

> Translation model: grok_cli

### 新加坡私人住宅租金预计2026年将大致持平

新加坡住宅租赁市场第二季度表现好于预期，但私人住宅租金仍预计在202

推动这一预测的力量存在多种相互抵消的因素。

据第一太平戴维斯（Savills）称，新加坡住宅租赁市场第二季度表现好于预期，但在需求驱动因素参差及经济前景不确定的背景下，私人住宅租金仍预计在2026年大致持平。

2026年第二季度，私人住宅租赁成交量环比上升5.1%，同比上升3%。第一太平戴维斯表示，这一增幅值得注意，因为当季市场反馈喜忧参半，多数租赁代理称活动相对冷清，仅有较小部分反映高端细分需求强劲。

该顾问机构称，分歧可能部分反映了疫情后复苏期签署的一年租约在2026年到期、租户重返市场的情况。新竣工项目的供应也可能刺激了租赁活动。

第一太平戴维斯还指出，有需求来自就读硕士课程、未能获得大学宿舍而转向组屋及私人租赁住宅的外籍学生。不过，他们的预算限制意味着这一群体不太可能对租金形成显著上行压力。

这一点体现在其余中央区（RCR）及中央区以外（OCR）较小的非有地住宅上：尽管租赁成交分别增加5.9%和3.2%，一房和两房单位租金却分别环比下跌0.1%和0.4%。

其他支撑租赁需求的因素包括业主收回物业，迫使被置换的租户另寻住所。第一太平戴维斯还观察到，来自除中国外北亚国家的资深外籍高管需求增加，他们似乎偏好月租超过新币10,000元的高端住宅。中央核心区（CCR）四房和五房非有地住宅租金在第二季度环比上涨2%。

展望季度波动之外，第一太平戴维斯表示，租金走势将更多取决于经济和商业基本面、就业状况以及新住房供应规模。

新加坡贸工部预测2026年国内生产总值增长2%至4%，不过第一太平戴维斯称，上半年强劲表现及半导体价格持续高企，可能推动全年增长接近5%至6%。

然而，更强的经济增长未必转化为同等的就业增长或企业扩张。第一太平戴维斯指出，技术进步和生产率提升使企业能够在不按比例增加人手的情况下提高产出。与此同时，大型跨国公司的自由现金流仍参差不齐，部分超大规模企业因大量投资录得负自由现金流，而能源、材料和医疗保健等传统行业则继续呈现稳定或增长的现金流。

第一太平戴维斯表示，这些趋势可能抑制企业扩张和外籍人士流入。在国内方面，取消私人住宅业主降级购买组屋的15个月等待期，也可能让家庭更直接地在住房类型之间转换，从而减少短期租赁需求。

鉴于这些相互抵消的力量，第一太平戴维斯表示将维持其预测，即新加坡私人住宅租金在2026年将大致持平。