Over the last couple of years, the strong demand for residential properties led to asking rents soar as high as 80–100% above their previous rates. In particular, Housing & Development Board (HDB) flats, which constitute the bulk of residential units in Singapore, are a popular choice among prospective tenants due to their affordability and availability in convenient locations.
With the latest release of the median rents for HDB flats in 3Q2023, we explore the most affordable and expensive HDB estates. Whether you’re a landlord or a prospective tenant, staying informed about the latest rental trends is crucial.
HDB Rental Prices
| Town | 3-Room | 4-Room | 5-Room | Executive |
| Ang Mo Kio | $2,700 | $3,380 | $3,700 | * |
| Bedok | $2,700 | $3,280 | $3,500 | $4,000 |
| Bishan | $2,800 | $3,600 | $4,000 | * |
| Bukit Batok | $2,600 | $3,150 | $3,700 | * |
| Bukit Merah | $3,000 | $3,900 | $4,400 | – |
| Bukit Panjang | $2,600 | $3,000 | $3,400 | $3,450 |
| Central | $3,080 | $4,100 | * | – |
| Choa Chu Kang | $2,300 | $3,100 | $3,300 | $3,300 |
| Clementi | $2,900 | $3,800 | $4,000 | * |
| Geylang | $2,700 | $3,100 | $3,850 | * |
| Hougang | $2,580 | $3,150 | $3,450 | $3,000 |
| Jurong East | $2,680 | $3,500 | $3,700 | * |
| Jurong West | $2,700 | $3,200 | $3,500 | $3,600 |
| Kallang/ Whampoa | $2,700 | $3,500 | $3,400 | * |
| Marine Parade | $3,000 | $3,080 | * | – |
| Pasir Ris | * | $3,300 | $3,300 | $3,800 |
| Punggol | $2,800 | $3,300 | $3,400 | * |
| Queenstown | $3,000 | $4,300 | $4,500 | – |
| Sengkang | $2,900 | $3,200 | $3,400 | $3,450 |
| Sembawang | * | $3,200 | $3,200 | $3,500 |
| Serangoon | $2,700 | $3,400 | $3,550 | * |
| Tampines | $2,880 | $3,300 | $3,580 | $3,700 |
| Toa Payoh | $2,800 | $3,500 | $4,000 | * |
| Woodlands | $2,500 | $3,000 | $3,230 | $3,500 |
| Yishun | $2,650 | $3,100 | $3,500 | * |
| Average | $2,750 | $3,380 | $3,630 | $3,530 |
Median HDB Rent based on HDB rental approvals in 3Q2023. Source: HDB. “-” indicates there were no transactions recorded in the quarter, while “*” indicates there were less than 20 transactions recorded in the quarter.
Note: This guide is based on the median HDB rent prices for the 3rd quarter of 2023, which we can expect to form the basis of prices for the remainder of 2023. These rent prices are for the entire HDB flat. Individual room rents will differ from the entire flat rate. We exclude 1-room and 2-room HDB flats because there is a lack of transaction data from HDB.
Most Affordable (Aka Cheapest) Estates To Rent An HDB Flat
With better transport connectivity and improved amenities, most housing estates in Singapore have not only become more accessible to key employment nodes but also offer a higher quality of living. In that regard, prospective tenants willing to move to less central locations may not only enjoy similar living conditions but may do so at a relatively lower cost.
Overall, the average median rent for the different flat types in 3Q2023 is as follows: 3-room flats at $2,750, 4-room flats at $3,380, 5-room flats at $3,630, and Executive flats at $3,530. This is an increase of about 11% to 14% across the different flat types since 4Q2022.
Cheapest Estates For 3-Room Flat Rentals
| Town | Median Rent |
| Choa Chu Kang | $2,300 |
| Woodlands | $2,500 |
| Hougang | $2,580 |
The cheapest estates to rent a 3-room flat are at Choa Chu Kang, Woodlands, and Hougang, with median rental rates ranging from $2,300 to $2,580. This is around 6% to 16% lower than the median rent of $2,750.
Despite being classified as non-mature towns, the three estates boast well-established amenities and facilities. Moreover, these estates have multiple rail connectivity that take residents to the main financial district – Raffles Place – in under an hour.
Compared to the start of the year (Q12023), only rents in Choa Chu Kang had dropped by around 8%, while they rose between 3% and 8% for Hougang and Woodlands, respectively.
Note: Pasir Ris and Sembawang were excluded due to the lack of transaction records.
Cheapest Estates For 4-Room Flat Rentals
| Town | Median Rent |
| Bukit Panjang | $3,000 |
| Woodlands | $3,000 |
| Marine Parade | $3,080 |
The cheapest estates to rent a 4-room flat are at Bukit Panjang, Woodlands, and Marine Parade, with median rental rates ranging from $3,000 to $3,080. This is around 9%-11% lower than the median rent of $3,380.
A surprise entry to this list, which is usually made up of non-mature estates like Bukit Panjang and Woodlands, is Marine Parade. It is a mature estate that is popular among expats and may offer an attractive option for prospective tenants.
Compared to the start of the year, the three towns have experienced a mixed rental trend, with rates increasing in Bukit Panjang by $200 (7%), Marine Parade dropping by $70 (2%), and rates remaining unchanged in Woodlands.
Cheapest Estates For 5-Room Flat Rentals
| Town | Median Rent |
| Sembawang | $3,200 |
| Woodlands | $3,230 |
| Choa Chu Kang | $3,300 |
The cheapest estates to rent a 5-room flat are at Sembawang, Woodlands, and Cho Chu Kang, with rental rates ranging from $3,200 to $3,300. This is around 11% to 12% lower than the median rent of $3,630.
Among the different estates, Woodlands has consistently shown up as being one of the cheapest estates to rent an HDB flat.
Compared to the start of the year, rents for 5-room flats have generally increased over the course of the year. The highest hike can be observed at Sembawang, with a jump of 12% in rent prices, while rents in Choa Chu Kang and Woodlands have increased by 10% and 4%, respectively.
Note: Central and Marine Parade were excluded due to the lack of transaction records.
Read Also: Complete Guide To Renting A HDB Flat Via The Public Rental Scheme In Singapore
Cheapest Estates For Executive Rentals
| Town | Median Rent |
| Hougang | $3,000 |
| Choa Chu Kang | $3,300 |
| Sengkang | $3,450 |
The cheapest estates to rent an Executive flat are Hougang, Choa Chu Kang, and Sengkang, with rental rates ranging from $3,000 to $3,450. This is around 2% to 15% lower than the median rent of $3,530.
It is interesting to note that the rent for an executive flat and a 5-room flat is the same at Choa Chu Kang at $3,300, despite the slightly larger unit size of an executive flat. In this instance, prospective tenants who prefer more space, would be better off getting an executive flat than a 5-room flat in Choa Chu Kang.
Compared to the start of the year, median rents for executive flats have fallen by $250 (8%) and $50 (1.4%) for Sengkang, though they have remained unchanged for Choa Chu Kang.
Note: Ang Mo Kio, Bedok, Bishan, Bukit Merah, Central, Clementi, Geylang, Jurong East, Kallang/ Whampoa, Marine Parade, Punggol, Queenstown, Serangoon, Toa Payoh, and Yishun were excluded due to the lack of transaction records.
Most Expensive Estates To Rent An HDB Flat
Typically, the more central locations command a higher rental premium, which also tends to be for mature estates. Here’s how much more prospective tenants may need to pay for the different HDB flat types at these sought-after locations than the median rent.
Most Expensive Estates For 3-Room Flat Rentals
| Town | Median Rent |
| Central | $3,080 |
| Bukit Merah | $3,000 |
| Marine Parade | $3,000 |
| Queenstown | $3,000 |
The most expensive estates to rent a 3-room flat are at Central, Bukit Merah, Marine Parade, and Queenstown. This is around 9% to 12% higher than the median rent of $2,750.
With the introduction of the Prime Location Public Housing (PLH) model for new Build-to-Order (BTO) flats, mature estates like the four estates in the list may see a further increase in rents over the years as buyers of PLH flats are not allowed to rent out the entire flat, curtailing the supply of rental flats in these locations.
Compared to the start of the year (Q12023), rents for the four mature towns have increased by around 3% to 7%.
Note: Pasir Ris and Sembawang were excluded due to the lack of transaction records.
Most Expensive Estates For 4-Room Flat Rentals
| Town | Median Rent |
| Queenstown | $4,300 |
| Central | $4,100 |
| Bukit Merah | $3,900 |
The most expensive estates to rent a 4-room flat are Queenstown, Central, and Bukit Merah. This is around 15% to 27% higher than the median rent of $3,380.
The list is unsurprisingly similar to the above list, comparing the most expensive estates for the rental of 3-room flats.
Compared to the start of the year, rents have generally increased in the three estates by between 7% and 13%, with rent in Queenstown increasing the most.
Most Expensive Estates For 5-Room Flat Rentals
| Town | Median Rent |
| Queenstown | $4,500 |
| Bukit Merah | $4,400 |
| Bishan | $4,000 |
| Clementi | $4,000 |
| Toa Payoh | $4,000 |
The most expensive estates to rent a 5-room flat are Queenstown, Bukit Merah, Bishan, Clementi, and Toa Payoh. This is around 10% to 24% higher than the median rent of $3,630.
The five estates in the list are all classified as mature towns, which generally consist of less large flat types of units (i.e., 5-room flat and bigger).
Compared to the start of the year, rents in all five estates have increased by between $200 and $600, or around 4.7% to 18%. The highest increase was observed in Clementi.
Note: Central and Marine Parade were excluded due to the lack of transaction records.
Most Expensive Estates For Executive Rentals
| Town | Median Rent |
| Bedok | $4,000 |
| Pasir Ris | $3,800 |
| Tampines | $3,700 |
The most expensive estates to rent an executive flat are Bedok, Pasir Ris, and Tampines. This is around 5% to 13% higher than the median rent of $3,530.
Executive flats are the largest-sized HDB flat types and are typically not built in mature towns due to the scarcity of space. Hence, the list of expensive estates for executive flats is usually located in non-mature estates.
Compared to the start of the year, rents have generally remained unchanged except at Bedok, which rose by 14%.
Note: Ang Mo Kio, Bedok, Bishan, Bukit Merah, Central, Clementi, Geylang, Jurong East, Kallang/ Whampoa, Marine Parade, Punggol, Queenstown, Serangoon, Toa Payoh, and Yishun were excluded due to the lack of transaction records.
Read Also: Guide To Renting SLA Black And White Colonial Houses
Rental Prices Might Have Peaked And May Moderate In The Following Quarters
Based on the 3Q2023 HDB median statistics, rents have generally increased across the different flat types over the course of the year. Nevertheless, some estates have also shown a decline, like the median rent of 3-room flats at Cho Chu Kang and 4-room flats at Marine Parade. Similarly, the rents of executive flats in estates like Choa Chu Kang, Pasir Ris, and Tampines have remained unchanged since the start of the year.
Perhaps it’s a sign that rent prices may be moderating based on the latest flash data by Singapore Real Estate Exchange (SRX), which showed a dip of 0.4% HDB rent in October. This is the first decline in more than two years, since September 2021.
Source: SRX
Many of the factors that led to the high demand for rental housing during the height of the COVID-19 pandemic have eased. For instance, with the borders re-opened again, many of the Malaysian workers here (who previously rented in Singapore) are back to crossing the borders on a daily basis.
Moreover, completing the delayed HDB and private housing projects not only reduces the immediate rental demand as households temporarily renting move into their new homes but also creates more supply, easing the rental pressure. Additionally, HDB is committed to further moderating the housing demand by releasing 100,000 public flats from 2021 to 2025.
The government has also unveiled plans such as the Public Rental Scheme and the Parenthood Provisional Housing Scheme to offer more rental flats to support families with their housing needs.
Read Also: 4 Things You Should NOT Be Doing When Renting Out An HDB Flat
The post HDB Rental Guide For 2H2023: Which Are The Most Affordable (And Most Expensive) HDB Estates In Singapore appeared first on DollarsAndSense.sg.
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