Vacancy and rentals
How does vacancy move with rents, and what does that mean for yield?
High vacancy pushes rents down and makes a tenant harder to find, so it cuts the yield an investor collects. It measures vacancy for non-landed homes and tests how it moves with rent growth. The link is moderate, not tight.
FreeKey figures
Non-landed vacancy averaged 7.6% from 1988 to 2026 and peaked at 11.7% in 1998
Source: URA via SingStat, 1988 Q1 to 2026 Q2; rents of non-landed homes from 1998 Q4
Source: URA stock of available and vacant private homes and rental index, via SingStat. Vacancy = vacant non-landed homes divided by available non-landed homes. Biggest rent fall = worst fall of the non-landed rental index from a peak to a later trough.. Data to 2026 Q2.
Licence: green class (Singapore Open Data Licence).
View the data as a table
| Measure | Value | Note |
|---|---|---|
| Average vacancy | 7.6% | 1988 Q1 to 2026 Q2 |
| Record vacancy | 11.7% | 1998 Q3 |
| Vacancy peak since 2012 | 10.4% | 2016 Q2 |
| Biggest rent fall | -21.4% | 2008 Q2 to 2009 Q3 |
FreeLine chart
Non-landed vacancy was 5.4% in 2026 Q2, below its 7.6% average since 1988
Vacant non-landed private homes as a share of available non-landed homes at quarter end, per cent, 1999 Q4 to 2026 Q2
Source: URA stock of available and vacant private homes via SingStat (table M400841), vacant divided by available, non-landed. The 7.6% average is for 1988 Q1 to 2026 Q2.. Data to 2026 Q2.
Licence: green class (Singapore Open Data Licence).
View the data as a table
| Period | Vacancy |
|---|---|
| 1999-Q4 | 9% |
| 2000-Q1 | 10% |
| 2000-Q2 | 10% |
| 2000-Q3 | 9% |
| 2000-Q4 | 8% |
| 2001-Q1 | 7% |
| 2001-Q2 | 8% |
| 2001-Q3 | 9% |
| 2001-Q4 | 9% |
| 2002-Q1 | 9% |
| 2002-Q2 | 9% |
| 2002-Q3 | 9% |
| 2002-Q4 | 10% |
| 2003-Q1 | 9% |
| 2003-Q2 | 9% |
| 2003-Q3 | 10% |
| 2003-Q4 | 9% |
| 2004-Q1 | 10% |
| 2004-Q2 | 10% |
| 2004-Q3 | 10% |
| 2004-Q4 | 10% |
| 2005-Q1 | 11% |
| 2005-Q2 | 10% |
| 2005-Q3 | 10% |
| 2005-Q4 | 10% |
| 2006-Q1 | 8% |
| 2006-Q2 | 7% |
| 2006-Q3 | 7% |
| 2006-Q4 | 7% |
| 2007-Q1 | 5% |
| 2007-Q2 | 5% |
| 2007-Q3 | 6% |
| 2007-Q4 | 6% |
| 2008-Q1 | 7% |
| 2008-Q2 | 7% |
| 2008-Q3 | 7% |
| 2008-Q4 | 7% |
| 2009-Q1 | 7% |
| 2009-Q2 | 7% |
| 2009-Q3 | 7% |
| 2009-Q4 | 6% |
| 2010-Q1 | 5% |
| 2010-Q2 | 6% |
| 2010-Q3 | 6% |
| 2010-Q4 | 6% |
| 2011-Q1 | 6% |
| 2011-Q2 | 6% |
| 2011-Q3 | 7% |
| 2011-Q4 | 7% |
| 2012-Q1 | 7% |
| 2012-Q2 | 7% |
| 2012-Q3 | 7% |
| 2012-Q4 | 6% |
| 2013-Q1 | 6% |
| 2013-Q2 | 6% |
| 2013-Q3 | 7% |
| 2013-Q4 | 7% |
| 2014-Q1 | 8% |
| 2014-Q2 | 8% |
| 2014-Q3 | 8% |
| 2014-Q4 | 9% |
| 2015-Q1 | 8% |
| 2015-Q2 | 9% |
| 2015-Q3 | 9% |
| 2015-Q4 | 9% |
| 2016-Q1 | 9% |
| 2016-Q2 | 10% |
| 2016-Q3 | 10% |
| 2016-Q4 | 10% |
| 2017-Q1 | 9% |
| 2017-Q2 | 9% |
| 2017-Q3 | 9% |
| 2017-Q4 | 9% |
| 2018-Q1 | 8% |
| 2018-Q2 | 8% |
| 2018-Q3 | 7% |
| 2018-Q4 | 7% |
| 2019-Q1 | 7% |
| 2019-Q2 | 7% |
| 2019-Q3 | 6% |
| 2019-Q4 | 6% |
| 2020-Q1 | 6% |
| 2020-Q2 | 6% |
| 2020-Q3 | 6% |
| 2020-Q4 | 7% |
| 2021-Q1 | 7% |
| 2021-Q2 | 7% |
| 2021-Q3 | 7% |
| 2021-Q4 | 6% |
| 2022-Q1 | 5% |
| 2022-Q2 | 6% |
| 2022-Q3 | 6% |
| 2022-Q4 | 6% |
| 2023-Q1 | 6% |
| 2023-Q2 | 6% |
| 2023-Q3 | 9% |
| 2023-Q4 | 9% |
| 2024-Q1 | 7% |
| 2024-Q2 | 6% |
| 2024-Q3 | 7% |
| 2024-Q4 | 6% |
| 2025-Q1 | 6% |
| 2025-Q2 | 7% |
| 2025-Q3 | 6% |
| 2025-Q4 | 5% |
| 2026-Q1 | 5% |
| 2026-Q2 | 5% |
FreeLine chart
Rent growth peaked at 43% in 2007 Q4 and 32% in 2023 Q1, both with vacancy near 6%
Non-landed vacancy rate and change in the non-landed rental index over four quarters, per cent, 1999 Q4 to 2026 Q2
Vacancy and rent growth move in opposite directions, but not tightly: the correlation is -0.40 over 107 quarters.
Source: URA non-landed vacancy and rental index (1Q2009 = 100) via SingStat. Vacancy: SingStat table M400841. Rent change: change of the rental index on the same quarter a year earlier.. Data to 2026 Q2.
Licence: green class (Singapore Open Data Licence).
View the data as a table
| Period | Vacancy | Rent change |
|---|---|---|
| 1999-Q4 | 9% | -2% |
| 2000-Q1 | 10% | 4% |
| 2000-Q2 | 10% | 5% |
| 2000-Q3 | 9% | 5% |
| 2000-Q4 | 8% | 1% |
| 2001-Q1 | 7% | 0% |
| 2001-Q2 | 8% | -2% |
| 2001-Q3 | 9% | -5% |
| 2001-Q4 | 9% | -3% |
| 2002-Q1 | 9% | -3% |
| 2002-Q2 | 9% | -3% |
| 2002-Q3 | 9% | -2% |
| 2002-Q4 | 10% | -1% |
| 2003-Q1 | 9% | -3% |
| 2003-Q2 | 9% | -4% |
| 2003-Q3 | 10% | -6% |
| 2003-Q4 | 9% | -5% |
| 2004-Q1 | 10% | -4% |
| 2004-Q2 | 10% | -2% |
| 2004-Q3 | 10% | -1% |
| 2004-Q4 | 10% | 0% |
| 2005-Q1 | 11% | 2% |
| 2005-Q2 | 10% | 3% |
| 2005-Q3 | 10% | 3% |
| 2005-Q4 | 10% | 3% |
| 2006-Q1 | 8% | 3% |
| 2006-Q2 | 7% | 5% |
| 2006-Q3 | 7% | 9% |
| 2006-Q4 | 7% | 15% |
| 2007-Q1 | 5% | 23% |
| 2007-Q2 | 5% | 33% |
| 2007-Q3 | 6% | 42% |
| 2007-Q4 | 6% | 43% |
| 2008-Q1 | 7% | 40% |
| 2008-Q2 | 7% | 29% |
| 2008-Q3 | 7% | 14% |
| 2008-Q4 | 7% | 1% |
| 2009-Q1 | 7% | -13% |
| 2009-Q2 | 7% | -20% |
| 2009-Q3 | 7% | -20% |
| 2009-Q4 | 6% | -15% |
| 2010-Q1 | 5% | -3% |
| 2010-Q2 | 6% | 9% |
| 2010-Q3 | 6% | 16% |
| 2010-Q4 | 6% | 18% |
| 2011-Q1 | 6% | 14% |
| 2011-Q2 | 6% | 9% |
| 2011-Q3 | 7% | 6% |
| 2011-Q4 | 7% | 3% |
| 2012-Q1 | 7% | 3% |
| 2012-Q2 | 7% | 2% |
| 2012-Q3 | 7% | 2% |
| 2012-Q4 | 6% | 2% |
| 2013-Q1 | 6% | 3% |
| 2013-Q2 | 6% | 3% |
| 2013-Q3 | 7% | 2% |
| 2013-Q4 | 7% | 1% |
| 2014-Q1 | 8% | 0% |
| 2014-Q2 | 8% | -1% |
| 2014-Q3 | 8% | -2% |
| 2014-Q4 | 9% | -3% |
| 2015-Q1 | 8% | -4% |
| 2015-Q2 | 9% | -5% |
| 2015-Q3 | 9% | -4% |
| 2015-Q4 | 9% | -5% |
| 2016-Q1 | 9% | -4% |
| 2016-Q2 | 10% | -3% |
| 2016-Q3 | 10% | -4% |
| 2016-Q4 | 10% | -4% |
| 2017-Q1 | 9% | -3% |
| 2017-Q2 | 9% | -3% |
| 2017-Q3 | 9% | -2% |
| 2017-Q4 | 9% | -2% |
| 2018-Q1 | 8% | -1% |
| 2018-Q2 | 8% | 0% |
| 2018-Q3 | 7% | 0% |
| 2018-Q4 | 7% | 0% |
| 2019-Q1 | 7% | 1% |
| 2019-Q2 | 7% | 2% |
| 2019-Q3 | 6% | 2% |
| 2019-Q4 | 6% | 2% |
| 2020-Q1 | 6% | 2% |
| 2020-Q2 | 6% | 0% |
| 2020-Q3 | 6% | -1% |
| 2020-Q4 | 7% | 0% |
| 2021-Q1 | 7% | 1% |
| 2021-Q2 | 7% | 5% |
| 2021-Q3 | 7% | 7% |
| 2021-Q4 | 6% | 10% |
| 2022-Q1 | 5% | 12% |
| 2022-Q2 | 6% | 16% |
| 2022-Q3 | 6% | 24% |
| 2022-Q4 | 6% | 30% |
| 2023-Q1 | 6% | 32% |
| 2023-Q2 | 6% | 27% |
| 2023-Q3 | 9% | 17% |
| 2023-Q4 | 9% | 7% |
| 2024-Q1 | 7% | -1% |
| 2024-Q2 | 6% | -4% |
| 2024-Q3 | 7% | -4% |
| 2024-Q4 | 6% | -2% |
| 2025-Q1 | 6% | 0% |
| 2025-Q2 | 7% | 2% |
| 2025-Q3 | 6% | 3% |
| 2025-Q4 | 5% | 2% |
| 2026-Q1 | 5% | 2% |
| 2026-Q2 | 5% | 2% |
FreeFlowchart
High vacancy hurts an investor twice
Non-landed homes, 1999 Q4 to 2026 Q2; averages from 107 quarters
Source: URA via SingStat, non-landed vacancy and rental index; averages computed by PropInsights over 107 quarters.
View the data as a table
| Step | Detail | Leads to |
|---|---|---|
| High vacancy | 8.5% or more of homes empty | Rents are pushed down; Longer wait for a tenant |
| Rents are pushed down | average -1.0% over a year | Yield you collect |
| Longer wait for a tenant | gaps between lets | Yield you collect |
| Yield you collect | falls |
MemberMap
Vacancy is highest in the core central region: 8.3% in CCR, 6.1% in RCR, 5.6% in OCR
2026 Q2 vacancy of completed private homes. Areas coloured by where most condo sales took place.
Source: URA vacancy of completed private homes by region (2026 Q2); region of each planning area from the PropInsights calculation of condo sales, URA transaction records, Sep 2021 to Sep 2026 (URA Master Plan 2019 boundaries, data.gov.sg). Regions cut across planning areas: Bukit Timah, Novena, Rochor and Singapore River are mixed. Grey-tinted areas have no condo sales (water catchment, industrial and island areas). The regional rates in the legend are typed from the series vacancy.private.ccr, .rcr and .ocr (legend words cannot read a series).. Preview only: the full chart, table and CSV are for members. Preview of the first part. The full chart, table and CSV are for members.
Medians and counts only: no unit-level data.