Average private rentals for 3-bedroom down 3.2% MoM in May

But year-on-year, rents for this category grew 17.8%.

District 4 of Singapore is the submarket with the highest monthly rents at $9,300, followed by  District 1 with $8,900, Savills reported.

Next is District 9 at a media monthly rent of $7,500.

But the average median private non-landed property rents for the 1-to-4-bedroom overall dropped 2.2% MoM across all districts. In contrast, April 2023 posted a 2.4% MoM increase.  

Savills said a weakening in rents was expected due to an influx of new supply and challenging economic woes that made firms tighten their budgets.

Alan Cheong, Executive Director of Savills Research & Consultancy, said this may allow renters in Singapore to be relieved as in the air as rentals in more districts start to soften.  Cheong said investors’ financial position is “still protected as the rental decline remains moderate.”