The Singapore private residential leasing market had been on a tear since the beginning to 2022. From Q4/2021 to Q3/2023, rents for both landed and nonlanded private residential properties rose 44.0%. For the non-landed segment, rents rose 41.3% over the same period. However, since the start of 2023, the rate of increase for the rents for non-landed properties begun to slow and the quarter-on-quarter (QoQ) change in the third quarter was just 0.2%.
Extracting the Q3/2023 rents for nonlanded homes and breaking them down by bedroom types and by districts, we see a better spectral of colors surrounding the state of the rental market. After removing outliers (defined as observations outside of two standard deviations of the dataset), rents for non-landed properties in general remained relatively flat with a slight 0.2% decline QoQ for all bedroom types (1 to 5 bedrooms) and by the 25th, 50th and 75th percentile. By market segment, rents fell in all three market segments. Rents fell 0.5% in the Core Central Region (CCR – Luxury segment), 0.4% in the RCR (Rest of Central Region – Mid-tier segment) and 0.1% in the OCR (Outside Central Region – Mass Market segment).