Singapore non-landed private residential rents decline by 1-2% in Q3

Rents for smaller units were under the most pressure.

Islandwide leasing contracts for non-landed private homes in Singapore totalled 17,121 in July and August 2024, a 35.8% increase when compared to April and May 2024, and 10.4% higher than the same period in 2023, according to data from Knight Frank. 

The increase in transaction volume was partly a function of falling rents, with an increasing shift in the balance of power to tenants after over 22,000 new homes were completed in the past 18 months.

Here’s more from Knight Frank:

Rents fell across all market segments between 1% and 2%. Smaller units of one- and two-bedroom types, which are more proliferate, were observed to be under the most pressure where landlords had to adjust their rental expectations in order to continue to keep these units occupied. However, rents at family-sized units with three- and four-bedrooms generally remained supported due to the smaller available inventory.