Should you buy or rent?
Is buying dear next to renting, and what has to be true for owning to pay?
Asks whether to buy or rent. It weighs the pros and cons of buying, lists the rules that changed since 2012, and compares price with rent. The main finding: buying is dear next to renting by the price-to-rent ratio, so owning needs price growth or a value on security.
FreeKey figures
From 2009 Q1 to 2026 Q2 prices rose 119% and rents rose 62.5%
URA indices via SingStat. Price-to-rent = price index over rent index, times 100.
Source: URA Property Price Index and Rental Index via SingStat. Yields from URA transaction records. Data to 2026 Q2.
Licence: green class (Singapore Open Data Licence).
View the data as a table
| Measure | Value | Note |
|---|---|---|
| Price rise, 2009-2026 | +119% | 2009 Q1 to 2026 Q2 |
| Rent rise, 2009-2026 | +62.5% | 2009 Q1 to 2026 Q2 |
| Average price-to-rent | 118.0 | 1990 Q1 to 2026 Q2 |
| Peak price-to-rent | 152.7 | 2021 Q1; 2009 Q1 = 100 |
FreeLine chart
Since 2009 Q1 prices are up 119% and rents 63%
URA private residential price index and rental index, 2009 Q1 = 100, 1990 Q1 to 2026 Q2
Source: URA Property Price Index and Rental Index, all private residential, quarterly, via SingStat. Data to 2026 Q2.
Licence: green class (Singapore Open Data Licence).
View the data as a table
| Period | Price index | Rent index |
|---|---|---|
| 1990-Q1 | 41 | 76 |
| 1990-Q2 | 42 | 83 |
| 1990-Q3 | 42 | 84 |
| 1990-Q4 | 40 | 86 |
| 1991-Q1 | 42 | 90 |
| 1991-Q2 | 46 | 94 |
| 1991-Q3 | 47 | 101 |
| 1991-Q4 | 48 | 99 |
| 1992-Q1 | 50 | 100 |
| 1992-Q2 | 52 | 105 |
| 1992-Q3 | 54 | 107 |
| 1992-Q4 | 55 | 105 |
| 1993-Q1 | 58 | 105 |
| 1993-Q2 | 65 | 109 |
| 1993-Q3 | 71 | 112 |
| 1993-Q4 | 75 | 107 |
| 1994-Q1 | 82 | 107 |
| 1994-Q2 | 94 | 105 |
| 1994-Q3 | 105 | 103 |
| 1994-Q4 | 107 | 102 |
| 1995-Q1 | 110 | 103 |
| 1995-Q2 | 111 | 106 |
| 1995-Q3 | 113 | 108 |
| 1995-Q4 | 118 | 109 |
| 1996-Q1 | 122 | 115 |
| 1996-Q2 | 130 | 108 |
| 1996-Q3 | 127 | 108 |
| 1996-Q4 | 124 | 105 |
| 1997-Q1 | 119 | 101 |
| 1997-Q2 | 118 | 97 |
| 1997-Q3 | 113 | 101 |
| 1997-Q4 | 108 | 99 |
| 1998-Q1 | 98 | 93 |
| 1998-Q2 | 90 | 86 |
| 1998-Q3 | 78 | 80 |
| 1998-Q4 | 72 | 72 |
| 1999-Q1 | 75 | 68 |
| 1999-Q2 | 84 | 69 |
| 1999-Q3 | 91 | 69 |
| 1999-Q4 | 96 | 70 |
| 2000-Q1 | 99 | 71 |
| 2000-Q2 | 100 | 72 |
| 2000-Q3 | 98 | 73 |
| 2000-Q4 | 95 | 71 |
| 2001-Q1 | 91 | 71 |
| 2001-Q2 | 90 | 70 |
| 2001-Q3 | 88 | 70 |
| 2001-Q4 | 84 | 69 |
| 2002-Q1 | 83 | 68 |
| 2002-Q2 | 82 | 68 |
| 2002-Q3 | 83 | 68 |
| 2002-Q4 | 82 | 68 |
| 2003-Q1 | 82 | 66 |
| 2003-Q2 | 81 | 65 |
| 2003-Q3 | 81 | 65 |
| 2003-Q4 | 81 | 64 |
| 2004-Q1 | 80 | 64 |
| 2004-Q2 | 80 | 64 |
| 2004-Q3 | 81 | 64 |
| 2004-Q4 | 81 | 65 |
| 2005-Q1 | 82 | 65 |
| 2005-Q2 | 82 | 66 |
| 2005-Q3 | 83 | 66 |
| 2005-Q4 | 85 | 67 |
| 2006-Q1 | 86 | 67 |
| 2006-Q2 | 87 | 69 |
| 2006-Q3 | 90 | 72 |
| 2006-Q4 | 93 | 76 |
| 2007-Q1 | 98 | 82 |
| 2007-Q2 | 106 | 90 |
| 2007-Q3 | 114 | 100 |
| 2007-Q4 | 122 | 107 |
| 2008-Q1 | 127 | 114 |
| 2008-Q2 | 127 | 117 |
| 2008-Q3 | 124 | 116 |
| 2008-Q4 | 116 | 109 |
| 2009-Q1 | 100 | 100 |
| 2009-Q2 | 95 | 95 |
| 2009-Q3 | 110 | 93 |
| 2009-Q4 | 118 | 93 |
| 2010-Q1 | 125 | 98 |
| 2010-Q2 | 132 | 104 |
| 2010-Q3 | 136 | 107 |
| 2010-Q4 | 139 | 110 |
| 2011-Q1 | 142 | 111 |
| 2011-Q2 | 145 | 113 |
| 2011-Q3 | 147 | 114 |
| 2011-Q4 | 147 | 114 |
| 2012-Q1 | 147 | 115 |
| 2012-Q2 | 148 | 115 |
| 2012-Q3 | 149 | 116 |
| 2012-Q4 | 152 | 117 |
| 2013-Q1 | 152 | 118 |
| 2013-Q2 | 154 | 118 |
| 2013-Q3 | 155 | 118 |
| 2013-Q4 | 153 | 118 |
| 2014-Q1 | 151 | 117 |
| 2014-Q2 | 150 | 116 |
| 2014-Q3 | 149 | 115 |
| 2014-Q4 | 147 | 114 |
| 2015-Q1 | 146 | 112 |
| 2015-Q2 | 144 | 111 |
| 2015-Q3 | 142 | 110 |
| 2015-Q4 | 142 | 109 |
| 2016-Q1 | 141 | 108 |
| 2016-Q2 | 140 | 107 |
| 2016-Q3 | 138 | 106 |
| 2016-Q4 | 137 | 105 |
| 2017-Q1 | 137 | 104 |
| 2017-Q2 | 137 | 103 |
| 2017-Q3 | 138 | 103 |
| 2017-Q4 | 139 | 103 |
| 2018-Q1 | 144 | 103 |
| 2018-Q2 | 149 | 104 |
| 2018-Q3 | 150 | 104 |
| 2018-Q4 | 150 | 103 |
| 2019-Q1 | 149 | 104 |
| 2019-Q2 | 151 | 106 |
| 2019-Q3 | 153 | 106 |
| 2019-Q4 | 154 | 105 |
| 2020-Q1 | 152 | 106 |
| 2020-Q2 | 153 | 104 |
| 2020-Q3 | 154 | 104 |
| 2020-Q4 | 157 | 104 |
| 2021-Q1 | 162 | 106 |
| 2021-Q2 | 164 | 109 |
| 2021-Q3 | 165 | 111 |
| 2021-Q4 | 174 | 114 |
| 2022-Q1 | 175 | 119 |
| 2022-Q2 | 181 | 127 |
| 2022-Q3 | 188 | 138 |
| 2022-Q4 | 189 | 148 |
| 2023-Q1 | 195 | 159 |
| 2023-Q2 | 194 | 163 |
| 2023-Q3 | 196 | 165 |
| 2023-Q4 | 202 | 161 |
| 2024-Q1 | 204 | 158 |
| 2024-Q2 | 206 | 157 |
| 2024-Q3 | 205 | 158 |
| 2024-Q4 | 209 | 158 |
| 2025-Q1 | 211 | 159 |
| 2025-Q2 | 213 | 160 |
| 2025-Q3 | 215 | 162 |
| 2025-Q4 | 216 | 161 |
| 2026-Q1 | 218 | 161 |
| 2026-Q2 | 219 | 163 |
FreeLine chart
Price-to-rent ratio is 135 against a 118 average since 1990; the 2021 peak was 153
Price index divided by rent index, times 100 (2009 Q1 = 100), 1990 Q1 to 2026 Q2
Source: URA Property Price Index and Rental Index via SingStat. Ratio worked out from the two indices. The dashed line is the average of the whole period. Data to 2026 Q2.
Licence: green class (Singapore Open Data Licence).
View the data as a table
| Period | Ratio |
|---|---|
| 1990-Q1 | 54 |
| 1990-Q2 | 51 |
| 1990-Q3 | 50 |
| 1990-Q4 | 47 |
| 1991-Q1 | 47 |
| 1991-Q2 | 49 |
| 1991-Q3 | 46 |
| 1991-Q4 | 48 |
| 1992-Q1 | 50 |
| 1992-Q2 | 49 |
| 1992-Q3 | 50 |
| 1992-Q4 | 52 |
| 1993-Q1 | 56 |
| 1993-Q2 | 60 |
| 1993-Q3 | 64 |
| 1993-Q4 | 70 |
| 1994-Q1 | 77 |
| 1994-Q2 | 89 |
| 1994-Q3 | 102 |
| 1994-Q4 | 105 |
| 1995-Q1 | 106 |
| 1995-Q2 | 105 |
| 1995-Q3 | 105 |
| 1995-Q4 | 109 |
| 1996-Q1 | 107 |
| 1996-Q2 | 120 |
| 1996-Q3 | 118 |
| 1996-Q4 | 118 |
| 1997-Q1 | 119 |
| 1997-Q2 | 122 |
| 1997-Q3 | 112 |
| 1997-Q4 | 109 |
| 1998-Q1 | 106 |
| 1998-Q2 | 105 |
| 1998-Q3 | 98 |
| 1998-Q4 | 100 |
| 1999-Q1 | 111 |
| 1999-Q2 | 123 |
| 1999-Q3 | 131 |
| 1999-Q4 | 136 |
| 2000-Q1 | 140 |
| 2000-Q2 | 140 |
| 2000-Q3 | 133 |
| 2000-Q4 | 134 |
| 2001-Q1 | 129 |
| 2001-Q2 | 128 |
| 2001-Q3 | 126 |
| 2001-Q4 | 122 |
| 2002-Q1 | 122 |
| 2002-Q2 | 121 |
| 2002-Q3 | 121 |
| 2002-Q4 | 121 |
| 2003-Q1 | 123 |
| 2003-Q2 | 124 |
| 2003-Q3 | 125 |
| 2003-Q4 | 125 |
| 2004-Q1 | 125 |
| 2004-Q2 | 126 |
| 2004-Q3 | 126 |
| 2004-Q4 | 126 |
| 2005-Q1 | 126 |
| 2005-Q2 | 125 |
| 2005-Q3 | 126 |
| 2005-Q4 | 127 |
| 2006-Q1 | 128 |
| 2006-Q2 | 127 |
| 2006-Q3 | 124 |
| 2006-Q4 | 123 |
| 2007-Q1 | 120 |
| 2007-Q2 | 117 |
| 2007-Q3 | 114 |
| 2007-Q4 | 114 |
| 2008-Q1 | 112 |
| 2008-Q2 | 109 |
| 2008-Q3 | 107 |
| 2008-Q4 | 106 |
| 2009-Q1 | 100 |
| 2009-Q2 | 101 |
| 2009-Q3 | 119 |
| 2009-Q4 | 127 |
| 2010-Q1 | 128 |
| 2010-Q2 | 127 |
| 2010-Q3 | 126 |
| 2010-Q4 | 127 |
| 2011-Q1 | 128 |
| 2011-Q2 | 129 |
| 2011-Q3 | 129 |
| 2011-Q4 | 129 |
| 2012-Q1 | 129 |
| 2012-Q2 | 129 |
| 2012-Q3 | 128 |
| 2012-Q4 | 130 |
| 2013-Q1 | 130 |
| 2013-Q2 | 131 |
| 2013-Q3 | 131 |
| 2013-Q4 | 130 |
| 2014-Q1 | 130 |
| 2014-Q2 | 129 |
| 2014-Q3 | 129 |
| 2014-Q4 | 129 |
| 2015-Q1 | 130 |
| 2015-Q2 | 130 |
| 2015-Q3 | 129 |
| 2015-Q4 | 130 |
| 2016-Q1 | 131 |
| 2016-Q2 | 131 |
| 2016-Q3 | 131 |
| 2016-Q4 | 131 |
| 2017-Q1 | 132 |
| 2017-Q2 | 132 |
| 2017-Q3 | 133 |
| 2017-Q4 | 135 |
| 2018-Q1 | 140 |
| 2018-Q2 | 144 |
| 2018-Q3 | 144 |
| 2018-Q4 | 145 |
| 2019-Q1 | 143 |
| 2019-Q2 | 143 |
| 2019-Q3 | 145 |
| 2019-Q4 | 147 |
| 2020-Q1 | 144 |
| 2020-Q2 | 146 |
| 2020-Q3 | 148 |
| 2020-Q4 | 151 |
| 2021-Q1 | 153 |
| 2021-Q2 | 150 |
| 2021-Q3 | 149 |
| 2021-Q4 | 152 |
| 2022-Q1 | 147 |
| 2022-Q2 | 142 |
| 2022-Q3 | 136 |
| 2022-Q4 | 127 |
| 2023-Q1 | 123 |
| 2023-Q2 | 119 |
| 2023-Q3 | 119 |
| 2023-Q4 | 125 |
| 2024-Q1 | 129 |
| 2024-Q2 | 132 |
| 2024-Q3 | 130 |
| 2024-Q4 | 133 |
| 2025-Q1 | 133 |
| 2025-Q2 | 133 |
| 2025-Q3 | 133 |
| 2025-Q4 | 134 |
| 2026-Q1 | 135 |
| 2026-Q2 | 135 |
FreeFlowchart
Gross yield example: OCR rent of S$4.53 psf a month gives 2.72% on a S$2,002 psf price
Worked example from the yield table below.
Source: URA median rent and median price, OCR non-landed, 2026 Q2. PropInsights calculation from URA transaction medians. Numbers are fixed at 2026 Q2 and are not refreshed.
View the data as a table
| Step | Detail | Leads to |
|---|---|---|
| Median rent | OCR, 2026 Q2. S$4.53 psf a month | x 12 months |
| x 12 months | S$54.36 psf. a year | / median price |
| / median price | OCR, 2026 Q2. S$2,002 psf | Gross yield |
| Gross yield | 2.72% a year. before costs |
FreeFlowchart
Four checks before you decide: loan rules, holding period and owning cost against rent
Diagram. A way to organise the question, not advice on a named property.
Source: Rules from MAS and IRAS, as listed under Should you buy or rent?.
View the data as a table
| Step | Detail | Leads to |
|---|---|---|
| Buy or rent? | Pass the loan rules? | |
| Pass the loan rules? | Loan up to 75% of price, first loan. Debt up to 55% of income | Not yet (no); Stay past the SSD period? (yes) |
| Not yet | Rent, or build more cash | |
| Stay past the SSD period? | 4 years if bought from 4 Jul 2025 | Early sale costs SSD (no); Compare a year of each (yes) |
| Early sale costs SSD | 4% to 16% of the price | Compare a year of each (weigh it) |
| Compare a year of each | Rent against loan interest, upkeep,. property tax and your down payment return | Owning cost near rent? |
| Owning cost near rent? | Fair swap (yes); Needs growth or security (no) | |
| Fair swap | Buying costs about what. renting does | |
| Needs growth or security | Buying must earn its cost. from price gains or comfort |