Singapore private residential leasing contracts hit record highs in four years

Leasing contracts increased 3.2% to 26,882 in Q3.

According to a Savills report, the third quarter of each year generally marks the peak season for Singapore’s private residential leasing market, primarily attributable to the annual influx of expatriates and international students in line with global corporate relocation cycles and academic calendars.

“Consequently, the number of leasing contracts for private residential properties (excluding ECs) across the island commencing in Q3/2025 experienced a 24.2% QoQ increase, rising from 21,638 in Q2/2025 to 26,882. This also represents a 3.2% YoY increase from the 26,037 contracts recorded for the same period last year and stands as the highest quarterly volume since Q3/2021, when 27,145 contracts were registered,” the report added.

Here’s more from Savills:

During the reviewed quarter, leasing activity was more robust across the board. Landed homes led the quarterly increase with a sharp 36.4% rise, followed by non-landed units, which experienced a slightly lower growth of 23.6%. Within the non-landed segment, the Outside Central Region (OCR) experienced the strongest QoQ increase at 24.6%, followed by the Rest of Central Region (RCR) and the Core Central Region (CCR), which posted QoQ gains of 24.2% and 21.7%, respectively.

Compared with the same period last year, rental volume for island-wide landed homes declined further by 7.6% in Q3/2025, accelerating from the marginal 0.2% YoY drop in Q2/2025. This may reflect a shrinking pool of senior-level expatriate professionals and their families, as well as reduced housing allowances due to company cost-control measures amid ongoing global economic uncertainty.

In contrast, leasing activity for private apartments and condominiums continued to rise by 4.0% YoY, with the CCR, RCR and OCR increasing by 4.2%, 3.8% and 3.9%, respectively.