Savills Singapore reported that leasing activity in Singapore's private residential market strengthened in the second quarter of 2026, with 22,290 rental contracts commencing during the quarter, representing a 5.1% quarter-on-quarter (QoQ) increase and a 3.0% year-on-year (YoY) rise. However, stronger leasing demand did not translate into broad-based rental growth, as rental performance diverged across the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR).

The QoQ increase in leasing activity was broad-based, with the non-landed segment accounting for the bulk of the growth. Rental transactions for non-landed private residential properties climbed by 5.4% QoQ in Q2/2026, with all three market regions registering higher transaction volumes. The CCR and RCR each recorded a 5.7% QoQ increase. The OCR also posted healthy growth, with transactions rising by 4.8% QoQ.

On a yearly basis, leasing volume in the non-landed private residential market continued to expand for the ninth consecutive quarter, up 3.2% YoY in Q2/2026. All three market segments registered growth, led by the OCR with a 6.0% increase, followed by the RCR and CCR at 2.5% and 0.7%, respectively.

Treasure At Tampines overtook Normanton Park to become the most actively leased non-landed private residential development in Q2/2026. Normanton Park slipped to second place, whilst newly completed Tembusu Grand emerged in the ranking for the first time in third place. Marina One Residences and The Sail @ Marina Bay rounded up the top five, coming in at fourth and fifth place respectively.

Based on the Urban Redevelopment Authority’s (URA) rental index, private apartment and condominium rents in the CCR increased by 1.2% QoQ in Q2, accelerating from the 0.5% growth recorded in the previous quarter. Meanwhile, rents in the RCR were unchanged during the quarter, reversing the 0.2% decline in Q1. In contrast, rents in the OCR edged down by 0.3% QoQ, compared with the 1.0% increase registered in the first quarter.

The acceleration in CCR rents was likely driven by robust leasing demand for smaller-sized apartments. Savills’ analysis of leasing transactions by unit size recorded notable increases in leasing activity for one- and two-bedroom units during the quarter, with transactions rising by 10.1% QoQ and 15.6% QoQ, respectively. Median rents for these unit types also strengthened further, increasing by 0.7% QoQ for one-bedroom units and 3.3% QoQ for two-bedroom units. The healthy take-up, coupled with resilient rental growth in these unit types, likely underpinned the stronger rental performance in the CCR.

In contrast, leasing activity for one- and two-bedroom apartments in the RCR and OCR recorded more moderate quarterly growth, with transaction volumes increasing by between 1.7% and 8.8%. Rental growth was also less robust in these regions.

Based on Savills basket of high-end non-landed residential properties, the average monthly rent continued its upward trajectory, rising by 1.4% QoQ in Q2. This marked the seventh consecutive quarter of rental growth. Among the various sub-markets, the Orchard / Cairnhill area recorded the strongest rental growth, with average rents increasing by 2.6% QoQ. This was followed by the River Valley area, where rents edged up by a modest 0.1% over the quarter.

Alan Cheong, Executive Director, Research & Consultancy, Savills Singapore, comments: “While Singapore’s economic growth is expected to outperform the official 2% to 4% forecast this year, the benefits to the residential leasing market may be limited. Mixed free cash flow trends among multinational corporations could restrain expatriate deployment overseas, while the removal of the 15-month wait-out period for private homeowners moving to HDB flats may reduce domestic leasing demand. Thus, we maintain our view that private residential rents will remain broadly flat in 2026.”

TABLE 1: Non-Landed Private Residential Projects With Most Leasing Transactions, Q2/2026

Read the report here.