Singapore HDB Rental Prices in Q4 2023: How Much to Expect for 3-room, 4-room, and 5-room Flats
Singapore HDB rental prices are currently at a 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 Q4 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 (Q4 2023)
Towns | 1-room | 2-room | 3-room | 4-room | 5-room | Executive |
Ang Mo Kio | – | * | $2,800 | $3,300 | $3,800 | * |
Bedok | – | * | $2,700 | $3,200 | $3,600 | $3,800 |
Bishan | – | – | $3,000 | $3,500 | $3,600 | * |
Bukit Batok | – | * | $2,700 | $3,200 | $3,550 | * |
Bukit Merah | * | $2,200 | $2,930 | $3,800 | $4,000 | – |
Bukit Panjang | – | * | $2,200 | $3,000 | $3,200 | $3,600 |
Bukit Timah | – | – | * | * | * | * |
Central | – | * | $3,000 | $4,000 | * | – |
Choa Chu Kang | – | * | * | $3,000 | $3,250 | $3,500 |
Clementi | – | * | $3,000 | $4,000 | $4,200 | * |
Geylang | – | * | $2,700 | $3,530 | $3,900 | * |
Hougang | – | * | $2,600 | $3,200 | $3,450 | $3,880 |
Jurong East | – | * | $2,580 | $3,150 | $3,600 | * |
Jurong West | – | * | $2,600 | $3,280 | $3,500 | $3,400 |
Kallang/Whampoa | – | * | $2,800 | $3,600 | $3,750 | * |
Marine Parade | – | – | $2,800 | $3,500 | * | – |
Pasir Ris | – | * | * | $3,200 | $3,500 | $3,780 |
Punggol | – | * | $3,000 | $3,200 | $3,400 | * |
Queenstown | – | * | $3,000 | $4,050 | $4,300 | * |
Sembawang | – | * | * | $3,000 | $3,200 | $3,500 |
Sengkang | – | * | $2,830 | $3,200 | $3,400 | $3,550 |
Serangoon | – | * | $2,700 | $3,200 | $3,200 | $3,800 |
Tampines | – | * | $2,800 | $3,350 | $3,600 | $3,700 |
Toa Payoh | – | * | $2,800 | $3,500 | $3,800 | * |
Woodlands | – | * | $2,580 | $3,000 | $3,300 | $3,650 |
Yishun | – | * | $2,600 | $3,000 | $3,500 | $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.
Singapore Rental Prices: 3-room HDB Rental Rates in Q4 2023
Looking at the median rents for HDB rental transactions in Q4 2023, we estimate HDB rental flat prices for a 3-room flat to range from $2,200 to $3,000 per month.
For families on a budget, the heartlands such as Bukit Panjang, Jurong East, Woodlands, Hougang, Jurong West, 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 a good range of amenities.
If you’re looking to rent in the city fringe or Central area, expect to fork out at least $2,700 to $3,000.
Singapore Rental Prices: 4-room HDB Rental Prices in Q4 2023
Viewing the median rents for HDB rental transactions in Q4 2023, we estimate HDB rental flat prices for a 4-room flat to range from $3,000 to $4,050 per month. Most neighbourhoods saw a slight median rental price decrease in Q4 2023 for this flat type. However, city fringe HDB towns Geylang and Marine Parade saw double-digit quarter-on-quarter growth.
Bukit Panjang, Woodlands, Yishun, Choa Chu Kang, and Sembawang are the most affordable neighbourhoods to rent in for this flat type. Options closer to the city centre will set you back $3,500 to $4,050.
Singapore Rental Prices: 5-room HDB Rental Prices in Q4 2023
The median rents for 5-room flat HDB rental transactions in Q4 2023 range from $3,200 to $4,300 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 Bukit Panjang, Sembawang, Serangoon, Choa Chu Kang, and Woodlands; the price range for these areas is $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 $4,000 to $4,300 as the HDB rental rates here can be quite steep!
Price Growth for 4-room HDB Rental Rates (Q3 2023 vs Q4 2023)
Towns | 4-room HDB rental rates (Q3 2023) | 4-room HDB rental rates (Q4 2023) | % change |
Ang Mo Kio | $3,380 | $3,300 | -2.37% |
Bedok | $3,280 | $3,200 | -2.44% |
Bishan | $3,600 | $3,500 | -2.78% |
Bukit Batok | $3,150 | $3,200 | 1.59% |
Bukit Merah | $3,900 | $3,800 | -2.56% |
Bukit Panjang | $3,000 | $3,000 | no change |
Bukit Timah | * | * | – |
Central | $4,100 | $4,000 | -2.44% |
Choa Chu Kang | $3,100 | $3,000 | -3.23% |
Clementi | $3,800 | $4,000 | 5.26% |
Geylang | $3,100 | $3,530 | 13.87% |
Hougang | $3,150 | $3,200 | 1.59% |
Jurong East | $3,500 | $3,150 | -10.00% |
Jurong West | $3,200 | $3,280 | 2.50% |
Kallang/Whampoa | $3,500 | $3,600 | 2.86% |
Marine Parade | $3,080 | $3,500 | 13.64% |
Pasir Ris | $3,300 | $3,200 | -3.03% |
Punggol | $3,300 | $3,200 | -3.03% |
Queenstown | $4,300 | $4,050 | -5.81% |
Sembawang | $3,200 | $3,000 | -6.25% |
Sengkang | $3,200 | $3,200 | no change |
Serangoon | $3,400 | $3,200 | -5.88% |
Tampines | $3,300 | $3,350 | 1.52% |
Toa Payoh | $3,500 | $3,500 | no change |
Woodlands | $3,000 | $3,000 | no change |
Yishun | $3,100 | $3,000 | -3.23% |
What Is the HDB Rental Trend in 2024?
Taking a look at 4-room flat types we can see that the pace of rental price growth in 2023 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 Q4 2023, there were 9,787 approved applicants, a 0.7% quarter-on-quarter decrease and a 15.5% year-on-year (YoY) increase. 58,159 HDB flats were rented out in Q4 2023, a 0.6% increase from the 57,797 units in Q3 2023.
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. To cool the home leasing market, the number of tenants allowed in larger HDB flats has been temporarily increased to eight people, effective 22 January 2024 to 31 December 2026.
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-2024? It’s anyone’s guess but already in 2023, we see that 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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