In 2025 a 2 bedroom condo rented for a median $5,200 a month in the core central region and $3,600 in the outside central region

A 2 bedroom condominium rented for a median $5,200 a month in the core central region (CCR) in 2025, $4,300 in the rest of central region (RCR) and $3,600 outside central (OCR). In 2025 the median monthly rent per square foot was $5.33 in the core central region, $4.78 in the rest of central region and $4.21 outside central. What a 2 bedroom costs, what it rents for, its rental yield and how big it is are covered in the 2 bedroom condo guide.

From 2017 to 2025 the regions stayed in the same order and the gaps between them narrowed. In 2017 a CCR 2 bedroom cost 74% more a month than an OCR 2 bedroom; in 2025 it costs 44% more. The RCR's premium over the OCR narrowed from 26% to 19%, and the CCR's over the RCR from 38% to 21%. Rents rose fastest where they were lowest, 57% in the OCR against 30% in the CCR, and the regions moved closer together on every measure of rent.

Every region peaked in 2023, when the CCR reached $5,650, the RCR $4,500 and the OCR $3,800, and each has eased since by between 4% and 8%. Contracts signed peaked in 2021, fell in 2022 as rents rose, and have not returned to that level.

What is in this note

• How much does a 2 bedroom rent for in each region?: the median monthly rent for a 2 bedroom condominium in the core central region (CCR), the rest of central region (RCR) and outside central (OCR) from 2017 to 2025, plus January to July 2026 as a provisional year, with the premium of the core central region over outside central.
• How does rent per square foot compare across regions?: the median monthly rent per square foot in the three regions from 2017 to 2025, plus January to July 2026 as a provisional year, with the premium of the core central region over outside central.
• How many rental contracts are signed in each region?: the number of 2 bedroom rental contracts signed each year in each region, and the total across the three regions.

How much does a 2 bedroom rent for in each region?

Median across all 2 bedroom contracts signed in the year, by region, with the CCR's premium over the OCR.

• CCR
• RCR
• OCR
• January to July 2026, provisional

Year	CCR	RCR	OCR	CCR over OCR
2017	$4,000	$2,900	$2,300	74%
2018	$4,000	$2,900	$2,300	74%
2019	$4,000	$2,900	$2,300	74%
2020	$3,900	$2,900	$2,350	66%
2021	$4,000	$3,000	$2,500	60%
2022	$4,800	$3,700	$3,100	55%
2023	$5,650	$4,500	$3,800	49%
2024	$5,200	$4,250	$3,600	44%
2025	$5,200	$4,300	$3,600	44%
2026†	$5,300	$4,300	$3,650	45%

From 2017 to 2021 rents barely changed. The CCR held at or within $100 of $4,000 from 2017 to 2021, the RCR within $100 of $2,900, and the OCR crept from $2,300 to $2,500. In 2022 and 2023 rents rose sharply: by 41% in 2 years in the core central region, 50% in the rest of central region and 52% outside central. Since the 2023 peak the CCR has given back 8%, the RCR 4% and the OCR 5%, and 2025 is level with or slightly above 2024.

The CCR's premium over the OCR fell in every year from 2020 to 2024, from 74% to 44%, and held there in 2025, and in dollars it barely changed, $1,700 a month in 2017 against $1,600 in 2025, because the premium is a smaller percentage of a larger rent. The RCR's premium over the OCR fell from 26% to 19% while its dollar gap widened from $600 to $700. Whether the regions are converging depends on the measure: as a percentage the gaps narrowed sharply; in dollars a month they stayed about the same.

Rents are usually agreed in round figures, $2,300 or $2,900 rather than $2,317. The median is the middle contract, so it only moves when enough rents shift for that middle contract to land on the next round figure. That is why the OCR shows $2,300 for 3 years running: rents did move in those years, but not enough to carry the middle contract off $2,300. It also means a rise of $50 or $100 in the median tells you the middle contract stepped up to the next round figure, not that every rent in the region rose by that amount.

How does rent per square foot compare across regions?

Median rent per square foot, staged by project, by region, with the CCR's premium over the OCR.

• CCR
• RCR
• OCR
• January to July 2026, provisional

Year	CCR	RCR	OCR	CCR over OCR
2017	$3.93	$3.19	$2.69	46%
2018	$3.93	$3.17	$2.62	50%
2019	$3.91	$3.15	$2.65	48%
2020	$3.77	$3.10	$2.65	42%
2021	$3.87	$3.28	$2.79	39%
2022	$4.46	$4.00	$3.42	30%
2023	$5.41	$4.86	$4.26	27%
2024	$5.25	$4.72	$4.09	28%
2025	$5.33	$4.78	$4.21	27%
2026†	$5.57	$5.00	$4.22	32%

Rent per square foot tells the same story as monthly rent, with one difference. Monthly rents are usually agreed in round amounts, such as $3,500 or $3,600, so the monthly median moves in steps. Rent per square foot is worked out from each unit's floor area, so it changes in smaller amounts and shows small changes more clearly. Rent per square foot followed the same path as monthly rent: little change from 2017 to 2021, a sharp rise in 2022 and 2023, and a small fall since. Growth over the full period was 35% in the CCR, 50% in the RCR and 57% in the OCR.

The premium gaps are narrower per square foot than per month, 27% for the CCR over the OCR in 2025 against 44% monthly, because CCR 2 bedrooms are larger on average, so the monthly premium is spread over more floor area. They narrowed by more as well, the CCR's per-square-foot premium falling from 46% to 27% and the RCR's from 19% to 14%. The 2 years of steep rent increases narrowed the gaps between the regions: between 2021 and 2023 the CCR's per-square-foot premium dropped 12 percentage points, more than in the previous 4 years combined.

How many rental contracts are signed in each region?

2 bedroom rental contracts signed in the year, by region.

• CCR
• RCR
• OCR
• January to July 2026, provisional

Year	CCR	RCR	OCR	Total
2017	6,030	7,534	9,633	23,197
2018	6,559	8,379	10,802	25,740
2019	6,973	8,934	11,685	27,592
2020	6,576	8,866	11,839	27,281
2021	7,627	9,372	12,327	29,326
2022	6,877	8,621	11,046	26,544
2023	6,602	9,634	11,023	27,259
2024	6,740	8,863	10,982	26,585
2025	7,497	9,388	11,429	28,314
2026†	4,693	5,773	7,275	17,741

Volumes rose to a peak of 29,300 in 2021, dipped in 2022 as rents jumped, and recovered to 28,300 in 2025. The OCR signs the most contracts in every year, the RCR next, the CCR fewest, and each region's share of all 2 bedroom rental contracts stayed almost the same: outside central accounted for 41.5% in 2017 and 40.4% in 2025. Over the full period volumes increased 24% in the CCR, 25% in the RCR and 19% in the OCR, the one measure on which the OCR did not increase fastest. The CCR's 7,497 contracts in 2025 is its second highest since 2017, behind 2021.

What this tells you

URA non-landed rental contracts show a median monthly rent of $5,200 for a 2 bedroom condominium in the core central region (CCR) in 2025, $4,300 in the rest of central region (RCR) and $3,600 outside central (OCR). From 2017 to 2025 the median monthly rent rose 30% in the core central region, 48% in the rest of central region and 57% outside central, so the core central region's premium over outside central narrowed from 74% to 44%.

Per square foot, the median monthly rent in 2025 was $5.33 in the core central region, $4.78 in the rest of central region and $4.21 outside central, and the core central region's premium over outside central narrowed from 46% in 2017 to 27% in 2025.

From 2017 to 2025 the core central region had the highest median rent and the slowest growth, 30% monthly and 35% per square foot. Outside central had the lowest rent, the fastest growth, 57% on both measures, and the most contracts in every year. The rest of central region sat between them, with growth of 48% monthly and 50% per square foot.

In every year from 2017 to 2025 the regions stayed in the same order. The core central region's premium over outside central narrowed in percentage terms on both measures, but in dollars a month it barely changed: $1,700 in 2017 and $1,600 in 2025.

Contracts signed peaked at 29,300 in 2021, before rents rose sharply in 2022 and 2023, and each region's share of 2 bedroom rental contracts barely moved: outside central took 41.5% in 2017 and 40.4% in 2025.

What this does not tell you

• These are medians across every contract signed in the year. Floor, age, furnishing, lease length and the specific project move an individual rent more than region does.
• Monthly medians sit on the round figures tenants and landlords agree on; rent per square foot is the better guide to small changes.
• Nothing here is a rental yield. The next article divides these rents by prices; this one reports the rent alone.
• 2026 covers January to July only. It is shown in the tables and charts for reference and is not used in any growth figure or comparison in the text.

Method and data notes. Rental data to July 2026.

URA non-landed rental contracts, 2017 to 2025, using the bedroom count URA records on each contract. Monthly rent is the median across all 2 bedroom contracts signed in that market segment and year, pooled at the contract level, so contract counts are counts of signings; no floor-area filter is applied. Rent per square foot uses the midpoint of each 10 sqm floor-area band and is staged by project, the construction shared with the rental yield article that follows; the two measures are built differently and are not meant to divide into one another. Premiums are ratios of the stated medians. 2026 covers contracts signed from January to July. It is shown as a provisional year in the tables and charts and is not used in any growth figure or comparison in the text. Rental data to July 2026.

30 October 2026. This note placed homes in market segments by postal district. URA places them by planning area, which moves about one in seven private sales between regions. The figures by region here use the earlier segments and differ from what the same records give now. How regions are set: How we measure prices and sales.