Two data points from May 2026 tell different stories about the same market. Condo rental prices have reached record highs, while HDB resale prices eased slightly in March 2026 even as transaction volumes recovered. For anyone deciding whether to rent, buy, or refinance, the gap between these two tracks matters.
Condo rents: a new ceiling
Condo rental prices hit a record high as of May 2026, according to 99.co. HDB rents also edged up, though more modestly. The direction is the same across both segments: renting is getting more expensive, and the cost of staying out of ownership is rising with it.
For renters currently in private property, the calculus is shifting. When monthly rent on a condo exceeds what a mortgage repayment on a comparable purchase would cost, the case for buying strengthens, even before accounting for equity accumulation. That comparison is worth running with current rates before assuming renting is the lower-commitment option.
HDB resale: more transactions, slightly softer prices
HDB resale volumes rebounded in March 2026 after earlier softness, while prices eased slightly. This combination, more buyers transacting at marginally lower prices, is a more buyer-friendly environment than the tight, price-elevated conditions of 2022 and 2023.
The slight price easing does not signal a correction. It signals a market finding equilibrium after years of outsized gains. Buyers who were priced out or hesitant in prior years now have more room to negotiate without competing against the same intensity of demand.
For existing HDB owners, the volume rebound matters too. A more liquid resale market means upgrading or right-sizing is more executable, which affects refinancing decisions tied to property transitions.
What this means if you are buying
The two trends point in the same direction for prospective HDB buyers: the window is more favourable now than it was 18 to 24 months ago. Prices have softened at the margin, volumes suggest healthy demand without overheating, and the alternative of renting is becoming more expensive.
The relevant affordability constraints remain the Total Debt Servicing Ratio (TDSR, capped at 55% of gross monthly income) and, for HDB purchases, the Mortgage Servicing Ratio (MSR, capped at 30%). These limits do not move with market sentiment, so your borrowing ceiling is fixed regardless of where prices go. Running your numbers against current rates before viewing properties is not optional.
What this means if you are refinancing
If you bought an HDB flat in 2021 or 2022 on a floating rate package, your rate has likely moved materially since origination. The resale volume rebound suggests the market values your asset, but the more immediate question is whether your current loan package still makes sense.
Refinancing into a fixed rate (1Y, 2Y, or 3Y) locks your repayment against further rate movement. Whether that is worth the trade-off depends on your remaining loan tenure, the lock-in period on your existing package, and where fixed rates are priced today relative to floating alternatives. These are specific numbers, not general principles, and they are worth checking now rather than at your next annual review.
The underlying dynamic
Singapore's property market is not moving as one. Private rental costs are at record levels, HDB resale is softening slightly while activity picks up, and HDB rental is edging higher alongside it. Each segment is responding to its own supply and demand pressures, but they are connected: renters priced out of the condo market look to HDB ownership, and HDB upgraders moving into private property affect both ends.
For buyers and refinancers, the practical implication is that segment-specific data matters more than headline market sentiment. A record condo rent figure does not tell you whether an HDB flat in Tampines is fairly priced. Your decision needs the granular numbers, not the aggregate trend.
Sarah Chen
