HDB rentals prices have been on the steady increase this whole year, probably due to the completion of the Integrated Resorts and the influx of many IR workers. These workers will generally prefer to stay in HDB flats along the Green Line (Pasir Ris to Joo Koon). As a result, a 2 bedroom HDB flat (or HDB 2+1) in Tiong Bahru or Bukit Merah now fetches around S$2.0k to S$2.4k per month. The larger HDB 3+1 in the same area can now cost between S$2.2k to S$2.8k depending on proximity to MRT, amenities, furnishing, etc.
As well, many homeowners have taken advantage of high property prices and have sold their homes. These people are now renting HDB flats or even condos while waiting for the property market to turn around again. This overall increase in demand has lead to a gradual increase in HDB rental prices that has not abated since the beginning of the year.
HDB rental prices to the east of Suntec City, from Kallang, Aljunied to Tampines and Pasir Ris are still somewhat lower than those in Tiong Bahru and offer good value for those working in the city or at the Integrated Resorts. The average asking rentals for HDB 2+1 flats (3R, 3S) in the east side of Singapore is around S$1.8k to $2.1k. For the the 3 bedroom HDB 3+1 flats ( HDB 4A, 5I, 5R, EA, and EMs), expect to pay between S$2.0k to S$2.8k per month. These asking prices are the average and a good real estate agent may be able to help you negotiate these prices as well.
Changi Business Park
More and more MNCs are relocating their operations to Changi Business Park (Expo MRT station) in Tanah Merah, especially banks. Where once there were only warehousing and logistics companies occupying the park, now you can see Citibank, StanChart and Credit Suisse logos all over the Business Park. In tandem with the expansion of Changi Business Park, the demand for HDB flats in the east has been non-stop and rental prices here match those closer to the city.
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