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With rental rates skyrocketing in the past few years, what’s the average cost of HDB rental in Singapore these days? Rental rates for HDB flats in Singapore continued their upward march from 2022 through 2024.
While landlords are undoubtedly pleased with the trend, homeseekers are decidedly less so. With rents shooting up across the board, can renters continue to find affordably priced HDB flats? Or should those in search of a place to stay take the plunge and buy a flat instead of renting from the open market?
Here’s a look at how much HDB flat rents are going for, according to the latest report on HDB median rents by town and flat type for 2024.
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HDB Rent Prices 2024 (HDB website)
Note that given the large variance in location, amenities, age of the unit, whether the HDB flat is newly renovated, and other factors, the actual rent you end up paying will likely differ quite a bit from the averages presented below. Here are 2024’s HDB rent prices gathered by HDB from Q1 statistics.
| HDB Towns | 3-Room | 4-Room | 5-Room |
|---|---|---|---|
| Ang Mo Kio | $2,700 | $3,350 | $3,500 |
| Bedok | $2,800 | $3,200 | $3,600 |
| Bishan | $2,950 | $3,500 | $3,900 |
| Bukit Batok | $2,700 | $3,200 | $3,500 |
| Bukit Merah | $2,800 | $3,800 | $4,200 |
| Bukit Panjang | $2,200 | $3,000 | $3,300 |
| Bukit Timah | - | - | - |
| Central | $3,200 | $4,350 | - |
| Choa Chu Kang | - | $3,000 | $3,300 |
| Clementi | $2,900 | $3,700 | $3,800 |
| Geylang | $2,700 | $3,400 | $3,800 |
| Hougang | $2,600 | $3,200 | $3,400 |
| Jurong East | $2,700 | $3,350 | $3,780 |
| Jurong West | $2,600 | $3,200 | $3,500 |
| Kallang/ Whampoa | $2,800 | $3,600 | $3,850 |
| Marine Parade | $2,830 | $3,450 | - |
| Pasir Ris | - | $3,300 | $3,500 |
| Punggol | $2,850 | $3,300 | $3,300 |
| Queenstown | $3,000 | $4,000 | $4,200 |
| Sembawang | - | $3,000 | $3,300 |
| Sengkang | $2,900 | $3,200 | $3,400 |
| Serangoon | $2,800 | $3,300 | $3,600 |
| Tampines | $2,700 | $3,300 | $3,600 |
| Toa Payoh | $2,800 | $3,500 | $3,600 |
| Woodlands | $2,500 | $3,000 | $3,300 |
| Yishun | $2,600 | $3,000 | $3,300 |
Now, note that the above summary was from HDB's median rental report. Perhaps a better gauge would be to take a look at the real-life HDB rent prices from major property listing sites such as Property Guru. Below, we've sorted the real-time rent listing prices by HDB towns.
HDB Rent Prices 2024 (Property websites)
| HDB Towns | 3-Room | 4-Room | 5-Room |
|---|---|---|---|
| Ang Mo Kio | $3,200 | $3,500 | $3,900 |
| Bedok | $3,200 | $3,800 | $3,900 |
| Bishan | $3,000 | $4,000 | $4,000 |
| Bukit Batok | $3,000 | $3,500 | $3,800 |
| Bukit Merah | $3,300 | $4,300 | $4,500 |
| Bukit Panjang | $3,000 | $3,200 | $3,300 |
| Central (Marina Bay, Newton, Orchard, Outram, River Valley) | $3,400 | $4,900 | $5,500 |
| Choa Chu Kang | $3,000 | $3,400 | $3,500 |
| Clementi | $3,300 | $4,300 | $4,200 |
| Geylang | $3,400 | $4,300 | $4,500 |
| Hougang | $3,100 | $3,500 | $4,000 |
| Jurong West | $3,300 | $3,900 | $4,000 |
| Jurong East | $3,100 | $3,500 | $4,000 |
| Kallang/ Whampoa | $3,300 | $4,000 | $4,500 |
| Pasir Ris | $2,900 | $3,500 | $4,000 |
| Punggol | $3,100 | $3,500 | $3,600 |
| Queenstown | $3,200 | $4,300 | $4,800 |
| Sembawang | $3,200 | $3,500 | $3,500 |
| Sengkang | $3,200 | $3,600 | $3,600 |
| Tampines | $3,300 | $3,800 | $3,800 |
| Toa Payoh | $3,300 | $3,600 | $4,000 |
| Woodlands | $2,900 | $3,500 | $3,800 |
| Yishun | $3,000 | $3,400 | $3,800 |
Rent or Buy House in Singapore?
This question echoes a long-standing debate in personal finance: should you rent or should you own your accommodations? Here’s the gist: Those who are in favour of renting refer to the lack of a long-term financial commitment as the main advantage, whereas those who believe in home ownership point to the long-term investment potential of real estate.
There are merits to both sides of the argument, and it ultimately boils down to what your individual needs, financial status and plans are.
For those seeking to move out on their own, but are not quite ready to purchase a flat, renting will be the only real option. You can keep your accommodation costs low by choosing to rent a single room, or sharing a flat with some housemates.
On the other hand, those that are planning to remain in Singapore for the long term should consider purchasing a flat earlier rather than later.
This is because with the various government grants available, your monthly mortgage is likely to be lower than the rental on an entire flat. As such, the longer you spend renting, the less advantageous your financial position becomes.
Besides, you can always consider renting out your property for passive income should you decide you want to relocate to another country somewhere down the line (mind the rules and regulations for renting out your HDB flat!).
Rent or buy house in Singapore?
Rent or buy house in Singapore? (Image Unsplash)
How Much Rent Can I Afford?
Whether you decide to rent or purchase your HDB flat, the most important thing is to make sure you aren’t overspending on accommodation.
As a general rule, you should strive to keep accommodation costs to under 30 per cent of your gross income — adjusted downwards as your income increases, so as not to fall victim to lifestyle creep.
Part of this article first appeared on ValueChampion, information updated.