HDB rents held steady in the third quarter of 2026. The typical 4-room rent was $3,400 a month, the same as in the second quarter and up from $3,300 a year earlier. HDB approved 9,381 applications to rent out flats, 6.2% fewer than in the second quarter, while the number of flats rented out still rose to 59,378. URA's private rental index rose 1.3%, led by suburban condos, but private vacancy jumped to 7.2% as a wave of new homes was completed. Landlords should expect steady rents, not rises, and price by their block and unit, not headlines.
The official 3Q 2026 figures
| Measure | 3Q 2026 | Change |
|---|---|---|
| HDB applications approved to rent out a flat | 9,381 | −6.2% on 2Q (10,002); −7.3% on 3Q 2025 (10,123) |
| HDB flats rented out, end of quarter | 59,378 | +0.9% on 2Q (58,855) |
| URA private rental index | — | +1.3% (2Q: +0.7%) |
| Private non-landed rents: city centre (CCR) | — | −0.3% |
| Private non-landed rents: city fringe (RCR) | — | +1.5% |
| Private non-landed rents: suburbs (OCR) | — | +3.1% |
| Vacancy, completed private homes | 7.2% | up from 6.4%; CCR 8.4%, RCR 7.4%, OCR 6.5% |
Approvals fell, yet the number of HDB flats rented out still edged up 0.9%. On the private side, landed rents rose 2.1% and condos and apartments 1.2%. The more telling private figure is vacancy: 3,559 private homes and ECs were completed in the quarter, the most since 3Q 2024, and vacancy rose in every region, most in the city fringe.
This is the 3Q 2026 edition. The 2Q 2026 edition has the April to June figures.
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HDB median rents by town
HDB publishes a median monthly rent for each town and flat type every quarter, based on the rentals it approves. The 4-room change compares 3Q 2026 with 3Q 2025. A dash means HDB did not publish a figure because there were too few rentals.
| Town | 3-room | 4-room | 4-room, year on year | 5-room |
|---|---|---|---|---|
| Ang Mo Kio | $2,800 | $3,400 | −1.2% | $3,800 |
| Bedok | $2,800 | $3,400 | +3.0% | $3,700 |
| Bishan | $3,000 | $3,700 | +2.8% | $4,100 |
| Bukit Batok | $2,730 | $3,400 | +4.6% | $3,700 |
| Bukit Merah | $3,000 | $4,000 | 0.0% | $4,500 |
| Bukit Panjang | $2,700 | $3,000 | 0.0% | $3,300 |
| Central Area | $3,300 | $4,800 | +11.6% | — |
| Choa Chu Kang | $2,700 | $3,100 | +3.3% | $3,300 |
| Clementi | $3,100 | $4,100 | +2.5% | $4,200 |
| Geylang | $2,900 | $3,800 | +8.6% | — |
| Hougang | $2,700 | $3,230 | +0.9% | $3,430 |
| Jurong East | $2,850 | $3,500 | 0.0% | $3,900 |
| Jurong West | $2,700 | $3,600 | +2.9% | $3,900 |
| Kallang/Whampoa | $3,000 | $3,800 | +2.7% | $4,000 |
| Marine Parade | $3,000 | $3,500 | +2.9% | — |
| Pasir Ris | — | $3,400 | +3.0% | $3,600 |
| Punggol | $2,900 | $3,250 | +1.6% | $3,300 |
| Queenstown | $3,100 | $4,300 | +2.4% | $4,500 |
| Sembawang | — | $3,200 | +1.6% | $3,300 |
| Sengkang | $2,880 | $3,200 | 0.0% | $3,300 |
| Serangoon | $2,800 | $3,500 | +2.9% | $3,800 |
| Tampines | $2,900 | $3,500 | +2.9% | $3,800 |
| Toa Payoh | $3,000 | $3,850 | +6.9% | $4,000 |
| Woodlands | $2,600 | $3,100 | +3.3% | $3,400 |
| Yishun | $2,700 | $3,100 | 0.0% | $3,380 |
Of the 25 towns with a 4-room figure, 19 were higher than a year earlier and only Ang Mo Kio was lower, and the typical town was up 2.8%. The top 4-room rents were in the Central Area ($4,800), Queenstown ($4,300) and Clementi ($4,100). The lowest was in Bukit Panjang ($3,000), followed by Choa Chu Kang, Woodlands and Yishun ($3,100). Across all approved rentals from July to September, the median was $2,900 for a 3-room flat, $3,400 for a 4-room, $3,500 for a 5-room and $3,890 for an executive flat.
Gross rental yield by town
Yield is the question most landlords are really asking. Divide a year's median rent by the median resale price for the same town and flat type, and you get a rough gross yield. It is before property tax, maintenance, agent fees and empty months, and it assumes an average flat. The table covers towns with at least 20 4-room resale deals in the quarter.
| Town (4-room) | Median rent | Median resale price | Gross yield |
|---|---|---|---|
| Jurong West | $3,600 | $538,000 | 8.0% |
| Jurong East | $3,500 | $540,944 | 7.8% |
| Central Area | $4,800 | $830,000 | 6.9% |
| Woodlands | $3,100 | $545,000 | 6.8% |
| Choa Chu Kang | $3,100 | $550,000 | 6.8% |
| Yishun | $3,100 | $550,000 | 6.8% |
| Bukit Batok | $3,400 | $604,444 | 6.8% |
| Bedok | $3,400 | $610,000 | 6.7% |
| Ang Mo Kio | $3,400 | $620,000 | 6.6% |
| Pasir Ris | $3,400 | $629,000 | 6.5% |
| Sembawang | $3,200 | $605,000 | 6.3% |
| Serangoon | $3,500 | $663,888 | 6.3% |
| Hougang | $3,230 | $616,000 | 6.3% |
| Bukit Panjang | $3,000 | $575,000 | 6.3% |
| Tampines | $3,500 | $671,000 | 6.3% |
| Sengkang | $3,200 | $635,000 | 6.0% |
| Geylang | $3,800 | $755,000 | 6.0% |
| Bishan | $3,700 | $750,000 | 5.9% |
| Punggol | $3,250 | $680,000 | 5.7% |
| Clementi | $4,100 | $885,000 | 5.6% |
| Kallang/Whampoa | $3,800 | $880,000 | 5.2% |
| Bukit Merah | $4,000 | $934,000 | 5.1% |
| Queenstown | $4,300 | $1,065,000 | 4.8% |
| Toa Payoh | $3,850 | $1,023,500 | 4.5% |
The pattern is consistent: rents vary far less between towns than prices do. A 4-room flat in Jurong West rents for $3,600 on a $538,000 median price, about 8.0% gross. In Toa Payoh it rents for $3,850 on a median above $1 million, about 4.5%. The Central Area's 6.9% is flattered this quarter: the 4-room flats that sold there had much shorter leases than a year ago, which pulled its price median down. 3-room flats yield most in older central towns like Toa Payoh and Geylang. Treat these as a guide, not a forecast. The flats rented out are often older and cheaper than the flats sold in the same town, which flatters the high-yield towns somewhat. The 3Q 2026 resale price guide has the price side.
What private landlords are seeing
The quarter split private landlords in two. In the suburbs, non-landed rents rose 3.1%, after slipping 0.3% in the second quarter. In the city centre they fell 0.3%. At the same time vacancy rose everywhere: from 5.6% to 6.5% in the suburbs, from 6.1% to 7.4% in the city fringe and from 8.3% to 8.4% in the centre. That combination suggests newly completed units are taking time to fill while well-located existing units still let. A new project nearby competes directly with your unit for the same tenants.
What landlords can expect into 2027
- More flats competing for tenants. 13,500 flats reach their MOP in 2026 and 15,000 in 2027, according to HDB. Many owners of those flats will rent them out. Expect HDB rents to hold rather than rise quickly.
- Private vacancy is the risk. About 22,300 private homes and ECs in URA's pipeline are due by 2028, after the busiest quarter for completions in two years. Condo landlords in areas with new completions should price to fill the unit, not to hold out.
- Renewals beat new leases. With rents flat to slightly up, keeping a good tenant at a modest increase usually earns more than a better rent with an empty month or two.
- Selling may beat renting. Since 28 July, private owners can buy resale flats without the 15-month wait, and resale sales rose 19.5% in the third quarter. Some landlords of mature-town 5-room flats may do better selling than renting. The wait-out guide explains the change.
Rules before you rent out an HDB flat
You can rent out the whole flat only after its five-year minimum occupation period and with HDB's approval. The minimum lease is six months. Non-Malaysian non-citizen tenants renting a whole flat count toward a non-citizen quota of 8% of flats in the neighbourhood and 11% in the block. If the quota is full, only Singaporean and Malaysian tenants are allowed. Check your block's quota before you advertise. Rental income is taxable, and an HDB flat that isn't owner-occupied pays property tax at non-owner-occupier rates.
Your next steps
- Check your town's median on the table above, then look at your block's recent resale prices to work out your own yield.
- Check HDB's non-citizen quota for your block before choosing tenants.
- If you are weighing renting against selling, get a valuation and read selling after MOP.
List your flat for rent with me or book a call to compare renting with selling on your own flat. The commission guide covers what a rental agent's fee should include.
Sources and review date
Reviewed 31 Oct 2026. Official figures are from HDB's 3rd Quarter 2026 public housing data (23 October 2026) and URA's 3rd Quarter 2026 real estate statistics (23 October 2026). Town medians are from HDB's median rent by town and flat type. Islandwide medians are my own analysis of HDB's renting out of flats records, which count 8,808 approvals in the quarter against HDB's headline 9,381. Yields combine those rents with HDB's resale prices; all data.gov.sg data is under the Singapore Open Data Licence and was downloaded 31 October 2026. MOP supply is from HDB's 28 July 2026 release, and rental rules are from HDB's eligibility page.
Frequently asked questions
Are HDB rents going up in 2026?
Slowly. The median 4-room HDB rent was $3,400 a month in 3Q 2026, the same as in 2Q and up from $3,300 a year earlier, and 19 of 25 towns with a 4-room figure were higher than a year before. HDB approved 9,381 applications to rent out flats in the quarter, 6.2% fewer than in 2Q.
What is the average rent for a 4-room HDB flat?
The median across all 4-room rentals HDB approved in July to September 2026 was $3,400 a month. Town medians ranged from $3,000 in Bukit Panjang to $4,800 in the Central Area.
Which HDB towns have the highest rental yield?
Dividing 3Q 2026 median rent by median resale price, 4-room flats yielded most in Jurong West (about 8.0% gross) and Jurong East (7.8%), and least in Toa Payoh (4.5%) and Queenstown (4.8%). These are gross figures before costs and vacancy.
Did private condo rents rise in 3Q 2026?
URA’s private rental index rose 1.3% in 3Q 2026. Non-landed rents rose 3.1% in the suburbs and 1.5% in the city fringe and fell 0.3% in the city centre, while vacancy of completed private homes rose to 7.2%.
This guide is general market information, not tax, legal or investment advice. Rental approval, quotas and tax are decided by HDB and IRAS on your own case. Check the official pages linked above before signing a tenancy.