In the years before the COVID-19 pandemic, renting an HDB flat was extremely popular, with more than 40,000 rental applications approved by HDB between 2015 and 2019. The following years understandably saw that number drop till it hit a low of 36,116 in 2022. Despite going up in 2023, rental approvals dropped again in 2024, with a total of 36,709 last year.
One reason for the drop in rental approvals could be the rising rental rates being charged by HDB owners, where median prices for a 5-room flat in Queenstown have gone up to $4,500 a month, according to HDB.
The following table shows the median rental rates for the rest of the HDB towns for 3-room, 4-room and 5-room flats.
Median Rent Of HDB Flats In Q4 2024
| Town | 3-Room | 4-Room | 5-Room |
| Ang Mo Kio | $2,800 | $3,400 | $3,650 |
| Bedok | $2,800 | $3,200 | $3,800 |
| Bishan | $2,850 | $3,500 | $4,000 |
| Bukit Batok | $2,700 | $3,200 | $3,600 |
| Bukit Merah | $3,000 | $3,900 | $4,100 |
| Bukit Panjang | $2,600 | $3,000 | $3,200 |
| Bukit Timah | * | * | * |
| Central | $3,200 | $4,300 | * |
| Choa Chu Kang | $2,600 | $3,000 | $3,300 |
| Clementi | $3,000 | $3,800 | $4,200 |
| Geylang | $2,800 | $3,600 | $3,780 |
| Hougang | $2,700 | $3,200 | $3,400 |
| Jurong East | $2,800 | $3,500 | $3,700 |
| Jurong West | $2,700 | $3,400 | $3,600 |
| Kallang/ Whampoa | $2,930 | $3,800 | $4,000 |
| Marine Parade | $2,900 | $3,380 | * |
| Pasir Ris | * | $3,200 | $3,500 |
| Punggol | $2,800 | $3,200 | $3,250 |
| Queenstown | $3,000 | $4,100 | $4,500 |
| Sembawang | * | $3,100 | $3,200 |
| Sengkang | $2,800 | $3,200 | $3,300 |
| Serangoon | $2,700 | $3,500 | $3,500 |
| Tampines | $2,800 | $3,400 | $3,550 |
| Toa Payoh | $2,800 | $3,500 | $4,000 |
| Woodlands | $2,500 | $3,000 | $3,200 |
| Yishun | $2,600 | $3,100 | $3,300 |
| MEDIAN | $2,800 | $3,400 | $3,600 |
Source: HDB
With even rent for 3-room flats hitting a high of $3,200 in the Central region, let’s look at which HDB towns have the cheapest median rents.
We’ll be comparing median rents from Q2 and Q4 2024 to see if there are any notable short-term trends so that prospective tenants and landlords can make more informed decisions.
Lowest Median Prices For 3-Room HDB Flats In 2024
| Town | Q2 | Q4 |
| Bukit Panjang | $2,600 | $2,600 (-0%) |
| Choa Chu Kang | $2,500 | $2,600 (+4%) |
| Woodlands | $2,400 | $2,500 (+4%) |
| Yishun | $2,630 | $2,600 (-1%) |
Rents for Choa Chu Kang and Woodlands inched up slightly between Q2 and Q4. In contrast, Bukit Panjang saw no change while Yishun 3-room rentals became slightly cheaper. Rent in all 4 estates were only about 10% lower than the median, demonstrating that renters did not really differentiate between these HDB towns and most parts of the island.
Lowest Median Prices For 4-Room HDB Flats In 2024
| Town | Q2 | Q4 |
| Bukit Panjang | $3,100 | $3,000 (-3%) |
| Choa Chu Kang | $3,100 | $3,000 (-3%) |
| Sembawang | $3,150 | $3,100 (-1%) |
| Woodlands | $3,000 | $3,000 (-0%) |
| Yishun | $3,100 | $3,100 (-0%) |
In addition to the 4 HDB towns we saw earlier, 4-room flats in Sembawang also saw some of the lowest rentals across Singapore. Interestingly, all 5 towns saw rents either dip or stay the same across the year, despite being more than 10% below the overall median rent for 4-room flats.
Lowest Median Prices For 5-Room HDB Flats In 2024
| Town | Q2 | Q4 |
| Bukit Panjang | $3,300 | $3,200 (-3%) |
| Punggol | $3,300 | $3,250 (-2%) |
| Sembawang | $3,300 | $3,200 (-3%) |
| Woodlands | $3,300 | $3,200 (-3%) |
Median rents for 5-room HDB flats also dropped at a similar rate in the cheapest estates. Punggol makes its first appearance in this list, with rental in Q4 slightly higher than the other three estates of Bukit Panjang, Sembawang and Woodlands.
It is also notable that rental rates between 4-room and 5-room flats in these estates are relatively similar, making 5-room flat the better choice in terms of space, if you can afford the small difference.
Regardless of flat size, Bukit Panjang, Woodlands and Yishun are consistently among the cheapest HDB towns for rental rates. This continues to be a trend with rental rates in previous years, suggesting that even though rents may continue to rise in other HDB towns in 2024, they have stabilised for these estates.
