For the first time in years, HDB resale prices have finally fallen. The HDB Resale Price Index, which tracks the overall price movement of the public housing market, fell 0.1% in Q1, the first decline since 2019. The HDB rental market, however, tells a very different story.
Even as buyers hesitate amid record-high valuations, rental approvals continue to climb, reflecting strong demand from young professionals, families in transition, and expatriates seeking affordable housing. According to HDB statistics, Q2 2025 saw 10,066 rental approvals, the highest quarterly total since 2022.
Rental rates remained high in 2025, with median prices for 4- and 5-room flats in Queenstown exceeding the $4,000 mark.
Median Rent Of HDB Flats In Q2 2025
| Town | 3-Room | 4-Room | 5-Room |
| Ang Mo Kio | $2,800 | $3,400 | $3,850 |
| Bedok | $2,800 | $3,300 | $3,600 |
| Bishan | $2,950 | $3,600 | $4,000 |
| Bukit Batok | $2,600 | $3,250 | $3,500 |
| Bukit Merah | $3,000 | $3,900 | $4,200 |
| Bukit Panjang | $2,700 | $3,000 | $3,300 |
| Bukit Timah | * | * | * |
| Central | $3,250 | $4,440 | $5,150 |
| Choa Chu Kang | $2,550 | $3,150 | $3,200 |
| Clementi | $3,000 | $3,900 | $3,900 |
| Geylang | $2,800 | $3,600 | $3,900 |
| Hougang | $2,700 | $3,200 | $3,400 |
| Jurong East | $2,800 | $3,400 | $3,700 |
| Jurong West | $2,800 | $3,370 | $3,600 |
| Kallang/ Whampoa | $3,000 | $3,600 | $4,000 |
| Marine Parade | $3,000 | $3,500 | * |
| Pasir Ris | * | $3,300 | $3,500 |
| Punggol | $2,800 | $3,200 | $3,250 |
| Queenstown | $3,000 | $4,000 | $4,400 |
| Sembawang | * | $3,100 | $3,200 |
| Sengkang | $2,800 | $3,100 | $3,300 |
| Serangoon | $2,800 | $3,500 | $3,650 |
| Tampines | $2,800 | $3,400 | $3,650 |
| Toa Payoh | $2,900 | $3,600 | $3,980 |
| Woodlands | $2,500 | $3,000 | $3,300 |
| Yishun | $2,630 | $3,100 | $3,500 |
Source: HDB
(* Indicates that the median rent is not shown because there are less than 20 rental transactions in the quarter for that particular town and flat type)
A quick comparison of median rents from Q4 2024 to Q2 2025 will reveal any notable short-term trends in rental prices, allowing us to determine which estates are the cheapest and most expensive to rent an HDB flat in 2026.
Cheapest Estate To Rent A 3-Room HDB Flat
| Town | Q4 2024 | Q1 2025 | Q2 2025 |
| Woodlands | $2,500 | $2,500 | $2,500 |
| Choa Chu Kang | $2,600 | * | $2,550 |
| Bukit Batok | $2,700 | $2,700 | $2,600 |
Median rental rates in Woodlands remained unchanged over the three quarters, while they fell slightly in Choa Chu Kang and Bukit Batok for 3-room flats. Between 2024 to 2025, these towns remain the most affordable locations to rent 3-room flats in Singapore.
Most Expensive Estate To Rent A 3-Room HDB Flat
| Town | Q4 2024 | Q1 2025 | Q2 2025 |
| Central | $3,200 | $3,250 | $3,250 |
| Bukit Merah | $3,000 | $3,000 | $3,000 |
| Clementi | $3,000 | $3,000 | $3,000 |
| Queenstown | $3,000 | $3,000 | $3,000 |
Unsurprisingly, rental prices in Singapore’s Central region continue to inch upward, even for smaller 3-room flats. Median rental prices at other traditionally popular estates, such as Bukit Merah, Clementi and Queenstown, remained unchanged, suggesting a ceiling on HDB rental rates outside the Central region.
Cheapest Estate To Rent A 4-Room HDB Flat
| Town | Q4 2024 | Q1 2025 | Q2 2025 |
| Woodlands | $3,000 | $3,000 | $3,000 |
| Bukit Panjang | $3,000 | $3,000 | $3,000 |
| Sembawang | * | $3,100 | $3,100 |
Woodlands remains the cheapest estate to rent 4-room flats, tied with Bukit Panjang. Two other towns matched Sembawang’s median rental rates for 4-room HDB flats in Q2 2025, Yishun and Sengkang. However, they were not included above as their rates were higher than Sembawang’s in previous quarters.
Most Expensive Estate To Rent A 4-Room HDB Flat
| Town | Q4 2024 | Q1 2025 | Q2 2025 |
| Central | $4,300 | $4,100 | $4,440 |
| Queenstown | $4,100 | $4,000 | $4,000 |
| Bukit Merah | $3,900 | $3,900 | $3,900 |
| Clementi | $3,800 | $3,850 | $3,900 |
4-room flats in the Central area continue to set new median rental price records, despite a dip in Q1 2025. Outside of the Central region, rental prices for 4-room flats appear to hover around a ceiling of $4,000, with rents in Bukit Merah and Clementi closing in on rental rates in Queenstown.
Cheapest Estate To Rent A 5-Room HDB Flat
| Town | Q4 2024 | Q1 2025 | Q2 2025 |
| Sembawang | $3,200 | $3,100 | $3,200 |
| Choa Chu Kang | $3,300 | $3,300 | $3,200 |
| Punggol | $3,250 | $3,300 | $3,250 |
Sembawang, Choa Chu Kang and Punggol all overtook Woodlands in 2025 to become the HDB towns with the lowest rental prices for 5-room HDB flat rental prices. Notably, these prices are barely higher than 4-room flats in the same estates.
Most Expensive Estate To Rent A 5-Room HDB Flat
| Town | Q4 2024 | Q1 2025 | Q2 2025 |
| Central | * | * | $5,150 |
| Queenstown | $4,500 | $4,200 | $4,400 |
| Bukit Merah | $4,100 | $4,200 | $4,200 |
When it comes to the other end of the rental price spectrum, however, the same few HDB towns, namely Central, Queenstown and Bukit Merah, all remain quite firmly in the top 3. This suggests that rental rates at this end of the scale are still determined by size, with 5-room flats commanding a higher rate than 4-room flats in the same estates.
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