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’, especially with Singapore rental prices in both HDB and private rental markets currently at an all-time high.
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 on their HDB flat and spending money on renovation, renters are free to look for another flat (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 Q2 2023.
How to Rent an HDB Flat: A Video Guide
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, 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/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 HDB Rental Prices (Q2 2023)
| Towns | 3-room | 4-room | 5-room | Executive |
| Ang Mo Kio | $2,800 | $3,300 | $3,600 | * |
| Bedok | $2,500 | $3,000 | $3,200 | * |
| Bishan | $2,800 | $3,530 | $3,700 | * |
| Bukit Batok | $2,400 | $3,200 | $3,600 | $3,300 |
| Bukit Merah | $2,800 | $3,700 | $4,200 | – |
| Bukit Panjang | $2,800 | $3,000 | $3,400 | $3,500 |
| Bukit Timah | * | * | * | * |
| Central | $3,200 | $4,280 | * | – |
| Choa Chu Kang | $2,350 | $3,000 | $3,100 | $3,350 |
| Clementi | $2,850 | $3,650 | $3,900 | * |
| Geylang | $2,500 | $3,300 | $3,600 | * |
| Hougang | $2,500 | $3,000 | $3,200 | $3,500 |
| Jurong East | $2,500 | $3,200 | $3,580 | * |
| Jurong West | $2,500 | $3,200 | $3,300 | $3,600 |
| Kallang/Whampoa | $2,800 | $3,300 | $3,830 | * |
| Marine Parade | $3,000 | $3,400 | * | – |
| Pasir Ris | * | $3,200 | $3,250 | $3,500 |
| Punggol | $3,100 | $3,380 | $3,400 | * |
| Queenstown | $3,000 | $3,900 | $4,050 | – |
| Sembawang | * | $3,100 | $3,150 | $3,400 |
| Sengkang | $3,200 | $3,200 | $3,300 | $3,500 |
| Serangoon | $2,600 | $3,350 | $3,300 | * |
| Tampines | $2,600 | $3,200 | $3,600 | $3,800 |
| Toa Payoh | $2,600 | $3,500 | $3,900 | * |
| Woodlands | $2,400 | $3,000 | $3,200 | $3,500 |
| Yishun | $2,550 | $3,000 | $3,300 | $3,400 |
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.
3-room HDB Rental Rates in Q2 2023
Looking at the HDB rental transactions in Q2 2023, we estimate HDB rental flat prices for a 3-room flat to range from $3,000 to $4,280 per month.
For families on a budget, the heartlands such as Bedok, Bukit Panjang, Choa Chu Kang, Woodlands, and Yishun offer the lowest Singapore HDB rental prices. 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 $3,300 to $4,280.
4-room HDB Rental Prices in Q2 2023
Looking at the HDB rental transactions in Q2 2023, we estimate HDB rental flat prices for a 4-room flat to range from $2,800 to $3,800 per month.
For families on a budget, Bedok, Bukit Batok, and Bukit Panjang offer the lowest Singapore HDB rental prices. 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 $3,100 to $3,800.
5-room HDB Rental Prices in Q2 2023
The HDB rental transactions for 5-room flats in Q2 2023 tell us that median Singapore HDB rental rates range from $3,100 to $4,200 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 was in Choa Chu Kang and Sembawang at roughly $3,100 monthly. However, for everywhere else you can expect to fork out $3,200 and higher.
But if you’re looking to live in city-fringe neighbourhoods like Bukit Merah or Queenstown, be prepared to pay price premiums as the HDB rental rates here can be quite steep!
| Town | 4-room HDB rental rates (Q1 2023) | 4-room HDB rental rates (Q2 2023) | % Change |
| Ang Mo Kio | $3,200 | $3,300 | 3.12% |
| Bedok | $2,800 | $3,000 | 7.14% |
| Bishan | $3,200 | $3,530 | 10.31% |
| Bukit Batok | $2,800 | $3,200 | 14.29% |
| Bukit Merah | $3,630 | $3,700 | 1.93% |
| Bukit Panjang | $2,800 | $3,000 | 7.14% |
| Bukit Timah | * | * | * |
| Central | $3,650 | $4,280 | 17.26% |
| Choa Chu Kang | $2,900 | $3,000 | 3.44% |
| Clementi | $3,300 | $3,650 | 10.61% |
| Geylang | $3,100 | $3,300 | 6.45% |
| Hougang | $3,000 | $3,000 | 0.00% |
| Jurong East | $2,950 | $3,200 | 8.47% |
| Jurong West | $3,000 | $3,200 | 6.67% |
| Kallang / Whampoa | $3,300 | $3,300 | 0.00% |
| Marine Parade | $3,130 | $3,400 | 8.63% |
| Pasir Ris | $3,000 | $3,200 | 6.67% |
| Punggol | $3,200 | $3,380 | 5.63% |
| Queenstown | $3,800 | $3,900 | 2.63% |
| Sembawang | $3,000 | $3,100 | 3.33% |
| Sengkang | $3,100 | $3,200 | 3.23% |
| Serangoon | $3,300 | $3,350 | 1.52% |
| Tampines | $3,000 | $3,200 | 6.67% |
| Toa Payoh | $3,350 | $3,500 | 4.48% |
| Woodlands | $3,000 | $3,000 | 0.00% |
| Yishun | $3,000 | $3,000 | 0.00% |
What Is the HDB Rental Trend in 2023?
At the start of 2023, Singapore rental prices were seeing a 13-year record high. News stories every other month featured tenants who were “exhausted” by rental price hikes, some up to 70%.
Experts, on the bright side, projected that the increase in completed BTO flats, BTO launches, private properties receiving their Temporary Occupation Permit (TOP), and HDB flats fulfilling their Minimum Occupation Period (MOP) would help to moderate rent prices across the year.
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.”
HDB stats support this: in Q2 2023, it was reported that the HDB rental flat supply increased by 1.9% quarter-on-quarter (QoQ) and 5.7% year-on-year (YoY).
In 2H 2023, landlords may hold out on their asking rental prices, but the increased availability of HDB rental options may eventually convince them that they need to meet demand where it’s at if they want to secure tenants.
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.
For more property news, content and resources, check out PropertyGuru’s guides section.
Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.
Need help financing your latest property purchase? Let the mortgage experts at PropertyGuru Finance help you find the best deals.
