Almost 60,000 HDB flats are currently rented out, according to the latest public housing data. Their relatively affordable pricing compared to private residential properties gives them an advantage as rental properties.
As an investment, the rental yield indicates the income potential of the leased property; the higher the yield, the better the investment. We compare rental yields across HDB flat types in Singapore’s towns and estates to determine the best option for rental income in 2026.
Deriving Rental Yield Calculations:
- Assumptions are made that the rental properties have completed their minimum occupation period (MOP) and the whole flat is leased for rent.
- Data for the median price and median monthly rent are based on HDB 1Q2026 Resale Statistics and HDB 1Q2026 Rental Statistics, respectively. If there were fewer than 20 transactions in that quarter for the particular town and flat type, the earliest available figure from 2025 was used instead.
- The gross rental yield is calculated as annualised rent divided by the purchase price multiplied by 100.
- We have excluded 2-room and executive HDB flat types due to insufficient transaction volume.
Rental Yields For 3-Room HDB Flats
| Towns | Median Price | Median Monthly Rent | Annualised Rent | Rental Yield (%) |
| Ang Mo Kio | $441,800 | $2,800 | $33,600 | 7.6% |
| Bedok | $425,500 | $2,800 | $33,600 | 7.9% |
| Bishan | $542,000 | $3,000 | $36,000 | 6.6% |
| Bukit Batok | $410,000 | $2,750 | $33,000 | 8.0% |
| Bukit Merah | $445,400 | $3,000 | $36,000 | 8.1% |
| Bukit Panjang | $465,000 | $2,600 | $31,200 | 6.7% |
| Bukit Timah | * | * | * | * |
| Central Area | $524,000 | $3,200 | $38,400 | 7.3% |
| Choa Chu Kang | $462,500 | $2,500 | $30,000 | 6.5% |
| Clementi | $435,000 | $3,000 | $36,000 | 8.3% |
| Geylang | $388,000 | $2,850 | $34,200 | 8.8% |
| Hougang | $450,000 | $2,700 | $32,400 | 7.2% |
| Jurong East | $415,000 | $2,800 | $33,600 | 8.1% |
| Jurong West | $386,500 | $2,700 | $32,400 | 8.4% |
| Kallang/Whampoa | $450,000 | $3,000 | $36,000 | 8.0% |
| Marine Parade | $480,000 | $3,030 | $36,360 | 7.6% |
| Pasir Ris | * | * | * | * |
| Punggol | $545,000 | $2,900 | $34,800 | 6.4% |
| Queenstown | $500,000 | $3,000 | $36,000 | 7.2% |
| Sembawang | $522,500 | * | * | * |
| Sengkang | $540,000 | $2,900 | $34,800 | 6.4% |
| Serangoon | $468,000 | $2,800 | $33,600 | 7.2% |
| Tampines | $491,400 | $2,850 | $34,200 | 7.0% |
| Toa Payoh | $370,000 | $2,900 | $34,800 | 9.4% |
| Woodlands | $432,500 | $2,500 | $30,000 | 6.9% |
| Yishun | $435,000 | $2,700 | $32,400 | 7.4% |
Bukit Timah, Pasir Ris and Sembawang did not have sufficient resale and rental transaction data within the past year.
Top 3 HDB Towns With The Highest Rental Yield:
- Toa Payoh – 9.4%
- Geylang – 8.8%
- Jurong West – 8.4%
Average Rental Yield For 3-Room HDB Flats Across All HDB Towns: 7.5%
Toa Payoh takes pole position as the HDB estate with the highest rental yield for 3-room flats at 9.4%. This is almost 2.0% higher compared to the average rental yield of 7.5%. The high rental yield in Toa Payoh can be attributed to a combination of older 3-room flats with excellent connectivity to all parts of the island. In Toa Payoh, resale prices reflect the age of the HDB blocks, while rental prices reflect consistently high demand.
Conversely, 3-room flats in Punggol and Sengkang have the lowest rental yield at 6.4%. This reflects a combination of their high resale value, due to the relative popularity of these two estates among young families, and low rental demand, as they are far from the city centre. However, with the upcoming developments in the Punggol Digital District and the new Singapore Institute of Technology campus, expect rental demand to change in the coming months.
Rental Yields For 4-Room HDB Flats
| Towns | Median Price | Median Monthly Rent | Annualised Rent | Rental Yield (%) |
| Ang Mo Kio | $630,000 | $3,500 | $42,000 | 6.7% |
| Bedok | $588,000 | $3,300 | $39,600 | 6.7% |
| Bishan | $805,000 | $3,600 | $43,200 | 5.4% |
| Bukit Batok | $649,000 | $3,200 | $38,400 | 5.9% |
| Bukit Merah | $938,000 | $3,900 | $46,800 | 5.0% |
| Bukit Panjang | $566,500 | $3,000 | $36,000 | 6.4% |
| Bukit Timah | * | * | * | * |
| Central Area | $1,346,800 | $4,200 | $50,400 | 3.7% |
| Choa Chu Kang | $550,900 | $3,100 | $37,200 | 6.8% |
| Clementi | $781,000 | $3,900 | $46,800 | 6.0% |
| Geylang | $808,400 | $3,500 | $42,000 | 5.2% |
| Hougang | $617,000 | $3,280 | $39,360 | 6.4% |
| Jurong East | $548,900 | $3,400 | $40,800 | 7.4% |
| Jurong West | $535,500 | $3,400 | $40,800 | 7.6% |
| Kallang/Whampoa | $929,000 | $3,850 | $46,200 | 5.0% |
| Marine Parade | * | $3,500 | $42,000 | * |
| Pasir Ris | $640,000 | $3,300 | $39,600 | 6.2% |
| Punggol | $685,000 | $3,200 | $38,400 | 5.6% |
| Queenstown | $1,038,000 | $4,150 | $49,800 | 4.8% |
| Sembawang | $600,000 | $3,100 | $37,200 | 6.2% |
| Sengkang | $640,000 | $3,200 | $38,400 | 6.0% |
| Serangoon | $650,000 | $3,400 | $40,800 | 6.3% |
| Tampines | $668,000 | $3,400 | $40,800 | 6.1% |
| Toa Payoh | $1,000,000 | $3,800 | $45,600 | 4.6% |
| Woodlands | $550,000 | $3,100 | $37,200 | 6.8% |
| Yishun | $555,000 | $3,100 | $37,200 | 6.7% |
Bukit Timah and Marine Parade did not have sufficient resale and rental transaction data within the past year.
Top 3 HDB Towns For 4-Room HDB Flats With The Highest Rental Yield:
- Jurong West – 7.6%
- Jurong East – 7.4%
- Choa Chu Kang – 6.8%
Average Rental Yield For 4-Room HDB Flats Across All HDB Towns: 6.0%
For 4-room HDB flats, Jurong West has the highest rental yield at 7.6%, with neighbouring Jurong East and Choa Chu Kang rounding out the top 3 towns. On the one hand, this reflects how affordable units are in these neighbourhoods, which are traditionally among the cheapest in Singapore. On the other hand, their proximity to the upcoming Jurong Lake District and major medical facilities such as Ng Teng Fong Hospital and Jurong Community Hospital makes them popular with renters.
Read Also: HDB Price Guide: Cheapest And Most Expensive Estates In 2025
In contrast, flats in the Central Area, Toa Payoh, and Queenstown are in the bottom spots, with rental yields of 4.8% or less. With high resale prices due to the popularity of flats in Pinnacle@Duxton and the recently MOP Alkaff and Dawson BTO projects, rental prices in these towns simply cannot catch up. After all, median rental prices in Central and Queenstown are currently the highest in Singapore, but their low rental yields suggest that resale prices are disproportionately high.
Rental Yields For 5-Room HDB Flats
| Towns | Median Price | Median Monthly Rent | Annualised Rent | Rental Yield (%) |
| Ang Mo Kio | $1,090,000 | $3,800 | $45,600 | 4.2% |
| Bedok | $809,000 | $3,650 | $43,800 | 5.4% |
| Bishan | $970,000 | $4,000 | $48,000 | 4.9% |
| Bukit Batok | $830,000 | $3,500 | $42,000 | 5.1% |
| Bukit Merah | $1,085,000 | $4,200 | $50,400 | 4.6% |
| Bukit Panjang | $706,400 | $3,250 | $39,000 | 5.5% |
| Bukit Timah | * | * | * | * |
| Central Area | * | $5,150 | $61,800 | * |
| Choa Chu Kang | $675,000 | $3,300 | $39,600 | 5.9% |
| Clementi | * | $4,100 | $49,200 | * |
| Geylang | $905,000 | $4,050 | $48,600 | 5.4% |
| Hougang | $778,500 | $3,400 | $40,800 | 5.2% |
| Jurong East | $715,500 | $3,750 | $45,000 | 6.3% |
| Jurong West | $635,000 | $3,600 | $43,200 | 6.8% |
| Kallang/Whampoa | $930,500 | $4,100 | $49,200 | 5.3% |
| Marine Parade | * | $3,500 | $42,000 | * |
| Pasir Ris | $735,000 | $3,500 | $42,000 | 5.7% |
| Punggol | $805,000 | $3,300 | $39,600 | 4.9% |
| Queenstown | * | $4,400 | $52,800 | * |
| Sembawang | $652,500 | $3,230 | $38,760 | 5.9% |
| Sengkang | $710,000 | $3,300 | $39,600 | 5.6% |
| Serangoon | $779,000 | $3,600 | $43,200 | 5.5% |
| Tampines | $820,000 | $3,600 | $43,200 | 5.3% |
| Toa Payoh | $1,100,000 | $4,000 | $48,000 | 4.4% |
| Woodlands | $650,000 | $3,300 | $39,600 | 6.1% |
| Yishun | $700,000 | $3,500 | $42,000 | 6.0% |
Bukit Timah, Central, Clementi, Marine Parade, and Queenstown did not have sufficient resale and rental transaction data within the past year.
Top 3 HDB Towns For 5-Room HDB Flats With The Highest Rental Yield:
- Jurong West – 6.8%
- Jurong East – 6.3%
- Woodlands – 6.1%
Average Rental Yield For 5-Room HDB Flats Across All HDB Towns: 5.4%
Jurong West claims the top spot as the HDB estate with the highest rental yield for 5-room flats at 6.8%. As we mentioned earlier, Jurong is also home to the cheapest flats across all towns. Given lower resale prices and relatively high rental income, flats in Jurong West can generate high rental yields.
Conversely, Ang Mo Kio takes the bottom spot with the lowest rental yield for 5-room flats at 4.2%, compared to the average 5-room rental yield of 5.4%. The 5-room flats in Ang Mo Kio are among the most expensive across all towns. This cost translates to a lower rental yield for flats in the estate.
3-Room HDB Flats Offer The Best Rental Yield Opportunity
The relatively high HDB rental yields, driven by strong demand for rental properties in Singapore following the pandemic, have incentivised more HDB homeowners to lease their flats. However, the total number of approved applications to rent out HDB flats, has decreased slightly in Q1 2026, to 9,535 cases. This is down from 9,557 approved applications in Q4 2025, and 9,662 approved applications in Q1 2025.
Based on our findings, 3-room HDB flats offer the best rental yield among HDB flat types. However, rental yield should not be the only determining factor when considering an investment property. Capital appreciation is another means by which investors can profit from their property investments. Typically, properties with high rental yields may see slower capital appreciation. Hence, investors should determine their investment objective before making a purchase.
Moreover, investors should consider the restrictions on renting out an HDB flat (i.e., the whole house can only be rented out after completing MOP and complying with the non-citizen quota).
For those of us who need assistance in finding the best rates to finance our property purchase, having a good, trusted mortgage broker like our friends at Redbrick and Cashew could not only give us peace of mind but also allow us to enjoy unparalleled service.
The best part? The service is free because brokers like them receive commissions from banks. Whether you want the best loan rate or just someone to walk you through the process, feel free to get a non-obligatory quote and consultation.
Read Also: What Landlords Need To Know Before Renting Out Their HDB Flat or Bedroom In Singapore
