In Part 1 of our Singapore Property Market Snapshot for May 2026, we looked at resale trends across condos, HDBs and landed homes, whereas in Part 2, we touched upon resale gains and losses across those 3 property types as well. In this final part, we shift the focus to Singapore’s rental market, looking at rental volume and rental prices across condos, HDBs and landed homes to understand where tenant demand was strongest and which segments commanded the highest rents.
Condo Rental Trends in May 2026
1. Condo Rental Volume and Price Trend in May 2026
Chart: Condo Rental Volume and Price trend in 2026. Source: RealInsight
The condo rental market softened in May 2026, with both prices and leasing activity easing from the previous month. Average rental prices declined by 0.8% compared to April, while rental volume fell by 8%, suggesting a slower month for condo rentals after stronger activity earlier in the year.
2. Top 5 Condo Projects by Rental Volume in May 2026
Image: Top 5 Condo Projects by Rental Volume in May 2026. Source: RealInsight
Normanton Park led rental activity with 72 transactions at an average rent of S$4,200, followed by Treasure at Tampines with 67 transactions at S$3,470 and Tembusu Grand with 66 transactions at S$5,150. Marina One Residences and The Sail @ Marina Bay also saw strong demand, recording 64 and 57 transactions respectively, with higher average rents of S$7,260 and S$6,160.
The top 5 projects were spread across different parts of Singapore, from city-centre locations in Marina Bay to suburban or city-fringe areas such as Tampines, Normanton Park and Tembusu Grand, showing that rental demand was not limited to one specific area. Overall, demand was strongest for large, well-connected projects near key business hubs, amenities and transport links.
Image: Rental Volume Breakdown by Unit Types of Top Result (Normanton Park). Source: RealInsight
For Normanton Park, demand was led by smaller units, with 1-bedroom units recording 30 transactions at an average rent of S$3,400, followed by 2-bedroom units with 22 transactions at S$4,040. Larger units had fewer transactions, with 5+ bedroom units averaging S$8,400.
3. Top 5 Highest Condo Rental Transactions in May 2026
Image: Top 5 Highest Condo Rental Transactions in May 2026. Source: RealInsight
The highest condo rents in May 2026 were recorded in the prime luxury segment, led by two Ardmore Residence units at S$39,000 each, with sizes of 3,200 & 3,161 sqft. Le Nouvel Ardmore and The Marq On Paterson Hill followed closely at S$38,000, with all top 5 transactions involving large-format units above 3,000 sqft. This suggests that demand at the high-end condo rental market remained focused on spacious, luxury homes in prime districts.
HDB Rental Trends in May 2026
1. HDB Rental Volume and Price Trend in May 2026
Chart: HDB Rental Volume and Price trend in 2026. Source: RealInsight
The HDB rental market also softened slightly in May 2026, with both prices and leasing activity easing compared to April. Average rental prices dipped by 0.2%, while rental volume fell by 7%, pointing to a more moderate month for HDB rentals.
2. Top 5 HDB Projects by Rental Volume in May 2026
Image: Top 5 HDB Projects by Rental Volume in May 2026. Source: RealInsight
The Pinnacle@Duxton recorded the highest HDB rental volume in May 2026, with 25 transactions at an average rent of S$4,590, supported by its central location at Cantonment Road. This was followed by Anchorvale Grove in Sengkang with 21 transactions at S$3,270, Toh Guan View in Jurong East with 20 transactions at S$3,310, Tampines Polyview with 19 transactions at S$2,470, and Holland Vista with 18 transactions at S$2,860.
Rather than being concentrated in one area, the top projects covered a mix of central and suburban locations, including city-fringe estates and regional hubs in the north-east, east and west. Overall, the results suggest that HDB rental demand was strongest in well-connected estates offering either central convenience or access to major regional hubs.
Image: Breakdown by Unit Types of Top Result (The Pinnacle@Duxton). Source: RealInsight
For The Pinnacle@Duxton, rental demand was mainly driven by 4-room flats, which accounted for 18 of the 25 transactions at an average rent of S$4,380. Larger 5-room flats saw fewer transactions but achieved a higher average rent of S$5,160, showing that larger units in central locations can command a rental premium.
3. Top 5 Highest HDB Rental Transactions in May 2026
Image: Top 5 Highest HDB Rental Transactions in May 2026. Source: RealInsight
The highest HDB rental transaction in May 2026 came from a 4-room flat at BLK 66 Eng Watt Street, sold at S$6,000. The remaining four units all recorded the same rent of S$5,500, including flats at BLK 47 Moh Guan Terrace, BLK 78 Yong Siak Street, BLK 506A Serangoon North Avenue 4 and BLK 87 Redhill Close. Overall, higher HDB rents were mainly supported by larger flat types, central-fringe locations and rare high-demand units such as Executive flats.
Landed Rental Trends in May 2026
1. Landed Rental Volume and Price Trend in May 2026
Chart: Landed Rental Volume and Price trend in 2026. Source: RealInsight
The landed rental market saw a sharper price decline in May 2026, although leasing activity remained relatively stable. Average rental prices fell by 3% compared to April, while rental volume dipped by 2%, suggesting softer rental values and a slight slowdown in tenant demand for landed homes.
2. Top 7 Landed Estates by Rental Volume in May 2026
Image: Top 7 Landed Estates by Rental Volume in May 2026. Source: RealInsight
Serangoon Garden Estate recorded the highest landed rental volume in May 2026, with 19 transactions at an average rent of S$8,160, followed by Frankel Estate with 10 transactions at S$8,840. Macpherson Garden Estate and West Coast Gardens followed with 8 and 7 transactions respectively. While this section is usually based on the top 5, we have included the top 7 landed estates as Hillcrest Villa, Hillcrest Park and Opera Estate each recorded 6 transactions. Average rents varied widely, from S$3,940 at Opera Estate to S$15,350 at Hillcrest Park.
The results were spread across several established landed areas, from Serangoon Gardens and Frankel in the north-east, to West Coast, Hillcrest and Opera Estate, showing that landed rental demand was not confined to a single cluster. Overall, landed rental demand was strongest in established landed enclaves with family-friendly surroundings and access to amenities.
Image: Breakdown by Unit Types of Top Result (Serangoon Garden Estate). Source: RealInsight
For Serangoon Garden Estate, rental activity was mainly driven by semi-detached houses and terrace houses, which recorded 9 and 8 transactions respectively. Terrace houses achieved a slightly higher average rent of S$9,100, compared to S$8,380 for semi-detached houses, suggesting that demand in this estate was concentrated around family-sized landed homes with more accessible rental price points.
3. Top 5 Highest Landed Rental Transactions in May 2026
Image: Top 5 Highest Landed Rental Transactions in May 2026. Source: RealInsight
The highest landed rental transaction in May 2026 was for a semi-detached house at Jalan Cherpen, rented at S$105,000, significantly above the rest of the top 5. The remaining transactions were mainly detached houses in prime or established landed areas such as Binjai Park, Dalvey Villas, Brizay Park and Ford Avenue with rents ranging from S$42,000 to S$62,500. Overall, the data shows that the top end of the landed rental market was driven by large, exclusive homes in sought-after landed districts.
Overall, May 2026 rental demand was strongest in well-connected projects and established estates, while the highest rents were concentrated among larger homes in prime or sought-after locations. Across condos, HDBs and landed homes, convenience, size and exclusivity remained key factors shaping rental performance.
Read Part 1 of the Property Market Snapshot for May 2026 here, where we analyse resale trends across condos, HDBs and landed homes.
Read Part 2 of the Property Market Snapshot for May 2026 here, where we evaluate top gains and losses across condos, HDBs and landed homes.
Continue to read our previous monthly reports:
Singapore Property Market Snapshot - April 2026
Singapore Property Market Snapshot - March 2026
Singapore Property Market Snapshot - February 2026
Singapore Property Market Snapshot - January 2026
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