Singapore rental prices are currently at an all-time high. Still, there are various reasons why one may choose to rent an HDB flat in Singapore, as opposed to buying one, and not all of them revolve around considering ‘financial sense’.
Renting provides more mobility, especially if the occupants prefer to live closer to their workplace. Flexibility is another boon – instead of paying a 25-year mortgage and spending money on renovation, renters are free to look for another unit (typically renovated and furnished) once their existing rental contract with the landlord is up. It’s also a good option for those who may consider migrating overseas in the future.
Want to rent an HDB flat but don’t know where to start? Check out our video guide before reading about Singapore rental prices in Q3 2023.
How to Rent an HDB Flat
HDB Rental Flats Under the Public Rental Scheme
If you’re looking to rent an HDB flat but still find yourself short on funds, you can seek help and go for the HDB Public Rental Scheme.
You first need to fulfil some eligibility criteria. You can apply as a family under the Family Scheme or as a single under the Joint Single Scheme. The general rule of thumb is that you cannot apply alone, and must be a Singaporean (who is at least 21 years old under the Family Scheme; at least 35 years old for the Joint Singles Scheme) and must show that your gross household income is $1,500 per month or less.
On the HDB Public Rental Scheme, HDB rental flat prices can be extremely low. Depending on their household income, successful applicants then pay a subsidised rent of $26 to $275 each month. This is different from the Parenthood Provisional Housing Scheme (PPHS).
However, most of us reading this don’t qualify for the HDB public rental scheme and will need to rent on the open market. So how much are Singapore rental prices?
Singapore Rental Prices for HDB Flats (Q3 2023)
By the way, an asterisk (*) means there were fewer than 20 HDB rental transactions for the location and flat type in the quarter, while a dash (-) means there were no rental transactions.
Singapore Rental Prices: 3-room HDB Rental Rates in Q3 2023
Looking at the HDB rental transactions in Q3 2023, we estimate HDB rental flat prices for a 3-room flat to range from $2,300 to $3,080 per month.
For families on a budget, the heartlands such as Choa Chu Kang, Woodlands, Hougang, Bukit Panjang, Bukit Batok, and Yishun offer the lowest Singapore HDB rental prices for 3-room HDB flats. While these towns may have a longer travel time to the city centre, they do offer many amenities. If you’re looking to rent in the city fringe or Central area, expect to fork out at least $2,700 to $3,080.
Singapore Rental Prices: 4-room HDB Rental Prices in Q3 2023
Looking at the HDB rental transactions in Q3 2023, we estimate HDB rental flat prices for a 4-room flat to range from $3,000 to $4,300 per month.
For families on a budget, Woodlands, Choa Chu Kang, Yishun, Bukit Batok, and Bukit Panjang offer the lowest Singapore HDB rental prices for 4-room flats. Hougang, Geylang and Marine Parade are the more affordable options closer to the city centre.
Singapore Rental Prices: 5-room HDB Rental Prices in Q3 2023
The HDB rental transactions for 5-room flats in Q3 2023 tell us that median Singapore HDB rental rates range from $3,200 to $4,500 per month, depending on location.
Space is likely to be your main priority if you’re looking to rent a 5-room HDB flat. The cheapest areas to rent a 5-room flat were in Sembawang, Woodlands, and Choa Chu Kang at roughly $3,200 to $3,300 monthly.
But if you’re looking to live in city-fringe neighbourhoods like Bukit Merah or Queenstown, be prepared to pay price premiums of $4,400 to $4,500 as the HDB rental rates here can be quite steep!
Price Growth for 4-room HDB Rental Rates (Q2 2023 vs Q3 2023)
What Is the HDB Rental Trend in 2023?
Taking a look at 4-room flat types we can see that the pace of rental price growth has slowed, as compared to 2022. A look at the rental price growth for other HDB flat types confirms this. In part, this could be due to the increased number of approved applications to rent out HDB flats. In Q3 2023, it was reported that the HDB rental flat supply increased by 0.1% quarter-on-quarter (QoQ) and 20.3% year-on-year (YoY).
Factors such as an increase in the number of completed BTO flats, BTO launches, private properties receiving their Temporary Occupation Permit (TOP), and HDB flats fulfilling their Minimum Occupation Period (MOP) also helped moderate rent prices.
With local demand easing as more properties are completed, Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru commented that "renters may see some reprieve in rent moderation given more completed units available for lease, especially toward the end of the year, providing tenants with more housing options."
So will HDB rental prices come down by end-2023? It’s anyone’s guess but all signs do point towards price moderation.
In the meantime, if you’re looking for a room for rent in Singapore now, you can check out listings and browse all available properties for rent on PropertyGuru.
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