Destination Service update — Singapore’s rental market continues to show mixed trends.
Singapore’s residential rental market
In 2024, Singapore’s residential rental market presents a mix of trends. While the broader market shows signs of cooling, with rental prices decreasing for the fourth consecutive quarter, certain property segments—particularly high-end luxury units—are experiencing renewed demand.
Market overview
The Singapore Property Rental Price Index has continued to decline, reflecting a drop in overall demand. In Q1 2024, the index recorded a significant decrease of 13.5%. However, Q2 saw a slight uptick in market activity, largely due to an increase in expatriates moving to Singapore.
While this has brought more activity to the market, rents for most property types and districts have remained stable or decreased slightly as landlords adjust their asking prices following years of robust growth.
High-end property demand
One of the notable trends is the growing demand for high-end, four-bedroom units. As reported by The Straits Times in May 2024, rents for these properties increased by 6.5% compared to Q4 2023, driven by a spike in demand for luxury housing. This contrasts with the broader market, where rents for most property types have been on the decline.
Rental trends by district
The typical tenancy length in Singapore remains between 12 to 24 months, with a 2-month deposit and a diplomatic clause requiring 2 months’ notice. Rental rates vary by district, with premium areas such as Marina, Orchard, and Bukit Timah commanding higher rents, ranging from S$6,000 to S$15,000 per month for larger units. More affordable options can be found in districts like Tampines, Punggol, and Pasir Ris, where rents range from S$1,700 to S$4,500 per month.
Outlook
Looking ahead, the market is expected to stabilize further. While the luxury property segment may see continued growth in rents, the overall rental market is likely to remain steady, with consistent pricing across different districts.
Contact us
Please get in touch with us for further information or clarification:
Fruzsina Hodson
Senior Manager Group Destination Services
Santa Fe Group
fruzsina.hodson@staging.santaferelo.com
Jazelle Heng
Account Manager
Santa Fe Relocation
jazelle.heng@staging.santaferelo.com
