Condo rents have stalled at record highs — and the suburbs are now the softest
Are Singapore condo rents still rising in 2026?
Not overall. URA's rental index for private condos and apartments has moved sideways since 2023 and is still near record highs. In 2Q 2026, prime (CCR) rents rose 1.2%, city-fringe rents were flat and suburban (OCR) rents slipped 0.3%, as new suburban condos complete and central locations look better value.
If you bought a condo to rent out in the last three years, you may have noticed that rent increases have stopped. URA's official rental index for private condos and apartments shows that rents across Singapore have moved sideways since 2023. They are still close to record highs, but no longer climbing.
Under that flat headline, the regions are now moving in different directions.
The big picture: a surge, then a plateau
Between mid-2021 and 2023, private rents rose about 40–50%. A wave of returning expatriates and locals waiting for delayed new homes to be completed competed for a limited supply of units. Rents peaked in 2023 and have hovered near those levels ever since.
Compared with before COVID (end-2019), rents today are still far higher:
| Region | vs end-2019 | vs its peak | Change in 2Q 2026 | Change over 1 year |
|---|---|---|---|---|
| Core Central Region (prime) | +47% | −1.5% (peak 2Q 2023) | +1.2% | +1.9% |
| Rest of Central Region (city fringe) | +58% | −0.2% (peak 4Q 2025) | 0.0% | +2.2% |
| Outside Central Region (suburbs) | +63% | −2.1% (peak 3Q 2023) | −0.3% | +1.2% |
The shift: prime is recovering, suburbs are slipping
In 2Q 2026, the prime districts were the only region where rents rose, up 1.2% in the quarter. Suburban rents dipped 0.3%, and city-fringe rents were flat.
That reverses the post-COVID pattern, when suburban condos saw the biggest gains because they were the most affordable option for tenants who had been priced out of the centre. Two factors are likely behind the change:
- More suburban supply. Many suburban condos launched in 2021–2022 are now completing, adding rental units in the areas where rents rose fastest.
- Better relative value in the centre. Since end-2019, prime rents have risen much less than suburban rents (+47% vs +63%). That narrows the gap and makes central locations more attractive to some tenants.
More recent monthly data points the same way. August 2026 figures from SRX and 99.co show condo rents flat month-on-month and up about 2.5% year-on-year, with the CCR leading at about +3%. Leasing volume was 13.6% lower than July's record but still well above the five-year August average. Demand is healthy; it's the room for rent increases that has narrowed.
What this means for you
If you're a landlord in the suburbs: don't plan on the next lease bringing a big increase. Price to renew rather than to test the market, because a month of vacancy wipes out most of a small increase. Condition and furnishing matter more when tenants have choice.
If you're buying to rent out: the purchase price matters more than the rent. With rents flat, your yield is mostly decided by what you pay. A unit bought at a high psf in a new launch can yield well under 2% gross, while some older or outer-area units yield closer to 4%. Run the numbers on today's rent, not on hoped-for increases.
If you're a tenant: you have more negotiating room in the suburbs than at any time since 2021. Compare a few nearby condos completed in the last two years. New supply is where landlords compete hardest.
If you're deciding between renting and buying: flat rents and moderate mortgage rates (about 1.4–1.5% for the best packages) narrow the gap between the monthly cost of renting and owning. Our affordability check and mortgage calculator can show you both sides.
The bottom line
Singapore's rental market hasn't fallen. It has stopped rising, and leadership has moved from the suburbs back to the prime districts. For landlords and investors, that means the purchase price and the specific unit now matter far more than a market-wide rise.