Singapore Property Decision Lab
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Data Insight

Renting Out the Whole Flat: The Volume Held Steady, the Rents Plateaued

HDB whole-flat rental approvals and median rents by flat type, 2021 to 2026.

Key finding

The number of HDB flats rented out whole has held near 37,000 a year since 2021. Rents are a different story: a 4-room's median jumped from S$2,200 in 2021 to S$3,200 in 2023 — about 50% in two years — then essentially stopped, reaching S$3,350 in 2026.

Median whole-flat rent by flat type

The climb was 2021–2023. Since then, flat.

S$1,500S$2,000S$2,500S$3,000S$3,500202120222023202420252026*
5-room4-room3-room

Median monthly_rent at approval. 2026 to July. Source: Renting Out of Flats, HDB.

Whole-flat rental approvals by year

Roughly steady near 35,000–39,000. The market grew in price, not quantity.

010,00020,00030,00040,00038,882202133,612202236,855202336,508202439,098202521,9872026 (Jan–Jul)

2026 covers January–July only. Source: Renting Out of Flats, HDB.

Where flats were rented out in 2026

January–July 2026, by town.

05001,0001,5002,0001,671Jurong West1,434Sengkang1,385Tampines1,289Bukit Merah1,243Bedok1,166Yishun1,138Ang Mo Kio1,056Punggol990Hougang976Woodlands958Queenstown945Bukit Batok

Source: Renting Out of Flats, HDB.

What it means

  • For a landlord: the rent you can ask is roughly where it was in 2023. Do not underwrite a purchase on 2021–2023 rent growth continuing.
  • For a tenant: the squeeze has eased. Asking rents are broadly flat and the supply of listings is back to its pre-2021 pace.
  • Rents holding while resale prices kept rising is exactly why HDB rental yields have compressed over the last two years — see the rental-yield insight.

Data sources

  • Renting Out of Flats — HDB. Coverage: Jan 2021 – Jul 2026 (206,942 whole-flat rental approvals). retrieved 2026-08-29.

Published 2026-08-29