# Why Singapore Rental Prices Rose Despite More Homes Coming - **Source:** Stacked Homes - **Published:** 2026-08-04T11:21:37.000Z - **Author:** Sihan Chia - **Original:** https://stackedhomes.com/why-rental-prices-in-singapore-are-still-climbing-despite-more-homes-coming-this-year/ - **Topics:** HDB & Public Housing, Private Residential, Transactions & Deals ## Featured rationale Tighter private-home supply may support near-term rents, although 5,012 expected completions in 2H2026 could ease demand pressure and moderate subsequent growth. ## AI summary Private residential rents rose 0.7% q-o-q in 2Q2026 as completions fell 23.2% to 700 units, while HDB rents increased 0.4%. ## Original article Seasonal factors and a relatively smaller number of residential properties entering the rental market helped to support rents in the HDB and private residential market in 2Q2026. The HDB rental market and private residential rental market both posted modest growth for the quarter with rents generally holding steady, according to market data by Realion (OrangeTee & ETC) Group. The agency’s expectations for the whole of 2026 sees both private and HDB rental markets posting modest full year growth. The HDB rental price index is forecasted to maintain its yearly growth forecast of 1% to 3%, while the private rental price index is expected to hold steady at a yearly growth rate of 2% to 3%. In the quarter that just concluded, there were 22,290 rental transactions in the private residential market, and the overall rental index edged up by 0.7% q-o-q. This is largely attributed to a tighter supply of completed homes in the market during that period. The modest quarterly increase in private housing rents last quarter is slightly ahead of the 0.3% q-o-q growth that was recorded in 1Q2026. The faster rental growth could be attributed to the tighter supply of completed homes in the market. With fewer new homes completed last quarter, existing rental properties faced some upward pressure that supported the modest rental growth. In 2Q2026, 700 new private residential units (excluding ECs) were completed, a quarterly drop of 23.2% compared to the 911 units that developers finished in 1Q2026. The first half of 2026 saw 1,611 private residential units completed, considerably lower compared to 2,329 units in 1H2025 and the 2,123 units in 1H2024. Looking ahead to 2H2026, approximately 5,012 new private residential units will be completed according to URA. This translates to around 2,506 completed units in each upcoming quarter, which will alleviate some of the demand pressures in the rental market. For landed properties, the rental index rose by 2.7% q-o-q in 2Q2026, a much faster rate compared to 0.1% growth that this segment of the market posted in 1Q2026. Landed rental transactions also saw a marginal growth by 0.5% q-o-q in the second quarter. Private rental saw modest rental growth, with the CCR posting the highest Across the three major market segments, private residential rents in the prime areas or Core Central Region (CCR) rose by 1.2% q-o-q in 2Q2026, higher than the 0.5% quarterly increase it registered in 4Q2025. In the city fringe or Rest of Central Region (RCR), condo rents registered zero growth after dipping 0.2% in the first quarter. Meanwhile, in the suburbs or Outside Central Region (OCR), condo rents fell by 0.3% q-o-q, an about-turn compared to the 1% increase in 1Q2026. Based on URA Realis data, the overall private residential rental volume (landed + non-landed excluding ECs) rose by 5.1% on a quarterly basis, from 21,203 units in 1Q2026 to 22,290 units in 2Q2026. Year-on-year, the private rental volume has increased by 3% compared to the 21,638 units rented in 2Q2025. More private rental transactions registered in the second quarter. (Source: URA, Realion (OrangeTee & ETC) Research) As more multinational corporations establish or expand their regional presence in Singapore in the new financial year cycle, expatriate inflows could drive up the overall demand in the rental market for the rest of this year. As rental prices show signs of stabilisation, tenants may be prompted to sign their leases, says Realion. Based on anecdotal observations cited by Realion, macroeconomic factors such as job changes or corporate restructuring have impacted the rental demand from expatriate professionals, in particular those working in sectors affected by automation and artificial intelligence (AI). If the macroeconomic outlook deteriorates, and multinational companies reduce the number of expatriates coming into Singapore, this could result in a softening of rental demand in the second half of 2026. In general, despite the rental increase, occupancy rates across the housing market remained healthy at 93.6% in 2Q2026. In the public housing market, as more flats obtain their five-year minimum occupation period (MOP) in the upcoming months, landlords may face stiff competition for tenants as more rental listings emerge. This is especially true for newly MOP flats in coveted locations such as Toa Payoh and Tampines, or flats that possess desirable locational attributes such as high connectivity and proximity to public transport nodes such as MRT stations. HDB rental demand rose even as rents held largely steady Seasonality plays a big part in Singapore’s rental trends. In the second quarter of this year, a spike in HDB rental demand was driven by international students returning from their spring break and renewing their leases, or to sign new leases before some schools start their academic year in 3Q2026. Rental demand in the HDB market is also supported by an increase in approved applications to rent out HDB flats. According to HDB data, the figure grew by 4.9% q-o-q from 9,535 units in 1Q2026 to 10,002 units in 2Q2026. Approved applications for HDB rental rose. (Source: URA, Realion (OrangeTee & ETC) Research) Year-on-year, rental volumes dropped slightly compared to 10,066 leases in 2Q2025, indicating stable demand. In 2Q2026, HDB rental prices picked up by 0.4%, according to the SRX-99.co HDB rental price index. In 1Q2026, HDB rents increased by 0.5%, almost on par with 1H2025’s 0.6% growth, suggesting stabilised rental growth. Rental market projection for private residential and HDB markets forecasts modest full year growth. (Source: URA, Realion (OrangeTee & ETC) Research) With the overall level of public housing stock poised to increase over the next three years, the HDB rental market may need to brace itself for continued pressures, says Realion. For the whole of 2026, HDB rental prices are forecasted to hold steady at 1 to 3%, with leasing volume projected to reach 36,000 to 39,000 units in 2026. ## Chinese translation > Translation model: openai_codex_cli ### 为何新房供应增加，新加坡租金仍上涨 根据 Realion 最新报告，2026 年第二季度私人住宅租金上涨 0.7%，HDB 租金上涨 0.4%。供应趋紧和稳定的租户需求让两个市场保持稳定，预计增长将在 2026 年剩余时间持续。 季节性因素，以及进入租赁市场的住宅物业数量相对较少，帮助支撑了 2026 年第二季度 HDB 和私人住宅市场的租金。根据 Realion（OrangeTee & ETC）Group 的市场数据，HDB 租赁市场和私人住宅租赁市场在该季度均录得温和增长，租金总体保持稳定。 该机构对 2026 全年的预期显示，私人住宅和 HDB 租赁市场都将录得温和的全年增长。HDB 租金价格指数预计将维持 1% 至 3% 的年度增长预测，而私人住宅租金价格指数预计将稳定在 2% 至 3% 的年度增长率。 在刚刚结束的季度，私人住宅市场共有 22,290 宗租赁交易，整体租金指数环比小幅上涨 0.7%。这主要归因于该期间市场上已完工住宅供应趋紧。上一季度私人住宅租金的温和季度涨幅略高于 2026 年第一季度录得的 0.3% 环比增长。 租金增长加快可能归因于市场上已完工住宅供应趋紧。由于上一季度完工的新房较少，现有出租物业面临一定上行压力，从而支撑了温和的租金增长。 2026 年第二季度，700 个新的私人住宅单位（不包括 EC）完工，较开发商在 2026 年第一季度完成的 911 个单位环比下降 23.2%。2026 年上半年共有 1,611 个私人住宅单位完工，明显低于 2025 年上半年的 2,329 个单位和 2024 年上半年的 2,123 个单位。 展望 2026 年下半年，根据 URA 的数据，约 5,012 个新的私人住宅单位将完工。这相当于未来每个季度约有 2,506 个单位完工，将缓解租赁市场的部分需求压力。 有地住宅方面，2026 年第二季度租金指数环比上涨 2.7%，较该市场板块在 2026 年第一季度录得的 0.1% 增长快得多。有地住宅租赁交易在第二季度也环比小幅增长 0.5%。 私人住宅租金录得温和增长，其中 CCR 涨幅最高 在三大主要市场板块中，黄金地段或核心中央区（CCR）的私人住宅租金在 2026 年第二季度环比上涨 1.2%，高于其在 2025 年第四季度录得的 0.5% 季度涨幅。 在城市边缘地区或其他中央区（RCR），公寓租金在第一季度下跌 0.2% 后录得零增长。与此同时，在郊区或中央区以外地区（OCR），公寓租金环比下跌 0.3%，与 2026 年第一季度 1% 的涨幅相比出现反转。 根据 URA Realis 数据，整体私人住宅租赁量（有地 + 非有地，不包括 EC）按季度增长 5.1%，从 2026 年第一季度的 21,203 个单位增至 2026 年第二季度的 22,290 个单位。按年计算，私人住宅租赁量较 2025 年第二季度出租的 21,638 个单位增长 3%。 第二季度登记的私人住宅租赁交易更多。（来源：URA，Realion（OrangeTee & ETC）Research） 随着更多跨国公司在新的财政年度周期在新加坡设立或扩大其区域业务，外籍人士流入可能会在今年剩余时间推高租赁市场的整体需求。Realion 表示，随着租金价格显示出稳定迹象，租户可能会被促使签署租约。 根据 Realion 引述的坊间观察，工作变动或企业重组等宏观经济因素影响了外籍专业人士的租赁需求，尤其是那些在受自动化和人工智能（AI）影响的行业工作的外籍专业人士。 如果宏观经济前景恶化，跨国公司减少进入新加坡的外籍人士数量，这可能导致 2026 年下半年租赁需求走软。 总体而言，尽管租金上涨，整个住宅市场的入住率在 2026 年第二季度仍保持健康，为 93.6%。 在公共住房市场，随着未来几个月更多组屋达到五年最低居住年限（MOP），随着更多出租房源出现，房东可能会面临激烈的租户竞争。 对于位于 Toa Payoh 和 Tampines 等热门地点的新满 MOP 组屋，或拥有优越地段属性的组屋，例如高度连通性以及靠近地铁站等公共交通节点，这一点尤其明显。 即使租金大体稳定，HDB 租赁需求仍上升 季节性在新加坡租赁趋势中发挥重要作用。今年第二季度，HDB 租赁需求激增，原因是国际学生春假返校并续签租约，或在部分学校于 2026 年第三季度开始学年之前签订新租约。 获批出租 HDB 组屋的申请增加，也支撑了 HDB 市场的租赁需求。根据 HDB 数据，该数字从 2026 年第一季度的 9,535 个单位环比增长 4.9% 至 2026 年第二季度的 10,002 个单位。 HDB 租赁获批申请上升。（来源：URA，Realion（OrangeTee & ETC）Research） 按年计算，租赁量较 2025 年第二季度的 10,066 份租约略有下降，显示需求稳定。 根据 SRX-99.co HDB 租金价格指数，2026 年第二季度 HDB 租金价格上涨 0.4%。2026 年第一季度，HDB 租金上涨 0.5%，几乎与 2025 年上半年 0.6% 的增长持平，显示租金增长趋于稳定。 私人住宅和 HDB 市场的租赁市场预测预计全年将温和增长。（来源：URA，Realion（OrangeTee & ETC）Research） Realion 表示，随着未来三年公共住房库存总体水平准备增加，HDB 租赁市场可能需要为持续压力做好准备。2026 全年，HDB 租金价格预计将稳定在 1 至 3%，租赁量预计将在 2026 年达到 36,000 至 39,000 个单位。