HDB Yield Calculator

HDB Rental Yield Calculator

Calculate gross and net rental yield for your HDB flat.

Gross Yield -
Net Yield -
Annual Income -
Cash-on-Cash -

How to Use the Hdbyield Calculator

Key Takeaways

  • Always calculate HDB rental yield on current market value, not purchase price — using the original price inflates yield misleadingly and obscures the true opportunity cost of holding.
  • HDB gross yield in mature estates (Queenstown, Toa Payoh, Bishan) typically ranges 3.5–5.0%; in non-mature estates (Tengah, Punggol, Sembawang) ranges 4.0–5.5% — non-mature estates yield higher because prices are lower relative to rents.
  • Net yield deductions for HDB flats: property tax (assessed on AV), maintenance/conservancy fee ($60–$110/month), agent commission (0.5–1 month rent), and typical 2–4% vacancy allowance.
  • HDB rental income is taxable — you must declare rental income in your annual income tax return. The net taxable rental income (gross rent less deductible expenses) is added to your assessable income.
  • If you rent out your entire HDB flat after MOP, you must be able to demonstrate alternative accommodation — either a second property, or renting elsewhere. HDB can conduct spot checks.

What It Does

Calculate gross and net rental yield for HDB flats using real median rent data by town and flat type. Compare yields across towns, factor in HDB-specific costs, and find the most rentable HDB locations in Singapore.

You can find this calculator in the Calculators tab on ShiokNest. It updates results instantly as you adjust inputs — no waiting, no page reloads.

Why It Matters

Investors who own HDB flats after MOP often consider renting out the whole flat (or selected rooms) for income. But HDB flat yields vary significantly by town, flat type, and floor, and are rarely calculated correctly due to the CPF accrued interest trap. A 4-room flat in Clementi generating $2,800/month gross rent on a $600,000 flat shows a 5.6% gross yield — but once property tax, maintenance, vacancy, and agent fees are deducted, net yield is typically 4.2–4.5%. Understanding the net yield is essential for HDB investment decisions.

The single most important number this calculator reveals is net rental yield — the actual return as a percentage of market value after all deductions. Net yield determines whether holding and renting the HDB flat is more or less attractive than selling and reinvesting the proceeds. A 4.2% net yield on a $600,000 HDB flat = $25,200/year income. The same $600,000 in a diversified portfolio at 5% = $30,000/year, with no management hassle. The calculator forces this honest comparison by showing net yield, not the misleading gross figure.

The most common mistake HDB flat owners make when calculating yield is using the original purchase price instead of current market value. If you bought a Clementi flat for $280,000 in 2010 and it is now worth $600,000, calculating yield on $280,000 gives a meaningless 12% gross — the relevant metric is yield on current market value ($600,000) since that is what you are choosing NOT to sell. A proper yield calculation uses current valuation as the denominator.

Use this calculator alongside the Cash Proceeds Calculator and the HDB Town Rental Data to benchmark your flat's rental potential against comparable units before deciding whether to rent or sell.

How It Works

  • Navigate to Calculators — Click the "Calculators" tab in the ShiokNest navigation bar. All 47 calculators are grouped by purpose for easy access.
  • Select the calculator — Choose "How to Calculate HDB Rental Yield" from the calculator list. You will see default values already loaded so you can explore immediately.
  • ️ Enter your values — Replace the defaults with your own numbers. The key fields are:
  • Review the results — The calculator updates instantly as you change any input. Key results are displayed in KPI cards and charts that update as you adjust inputs.
  • Run what-if scenarios — This is where the real power lies. Change one variable at a time to see its impact. For example, try increasing the interest rate by 1% or extending your holding period by 5 years. Note how the results shift.
  • Compare and decide — Run 2-3 different scenarios and note the results. This gives you a range of outcomes to base your decision on, rather than relying on a single projection.

Examples

Clementi 4-room HDB: gross vs net yield on current market value

Inputs
Current market value
$620,000 (2026 Clementi 4-room estimate)
Gross monthly rent
$2,900
Annual costs
Property tax $1,800 + maintenance $1,080 + agent fee (0.5mo) $1,450
Vacancy assumption
4% (approx. 2 weeks/year)
Results
Gross annual rent
$34,800
Gross yield
5.61%
Net annual income (after costs + vacancy)
$28,518
Net yield
4.60%

How to read this: The Clementi 4-room flat yields 4.60% net on current market value — meaningfully above the CPF OA rate of 2.5% and comparable to REITs at moderate risk. For an owner who bought at $280,000 and sees "gross yield on cost" of 12.4%, this net-on-market-value figure of 4.60% is the sobering but accurate metric. If this owner sold instead, net cash proceeds (after outstanding mortgage and CPF repayment) might be $320,000 — which at 4.60% in rental income would generate $14,720/year. Investing t...

Non-mature estate flat: renting out bedrooms during MOP

Inputs
Flat type
5-room BTO, Tampines (still in MOP)
Rental method
Renting 2 spare bedrooms (owners occupy master)
Bedroom rent
$900/room/month × 2 = $1,800/month
Flat market value
$580,000
Results
Gross room rental yield
3.72% ($21,600/year ÷ $580K)
Net room rental (after costs)
~3.10% (after tax, maintenance, vacancy)
Monthly mortgage offset
$1,800/month vs typical ~$2,000/month mortgage
Effective monthly housing cost
$200/month net (mortgage − rental income)

How to read this: Renting out 2 spare bedrooms during MOP generates $1,800/month — nearly covering the full mortgage payment. The owners effectively live almost for free while building equity. From an investment standpoint, the 3.10% net partial-yield on market value is lower than whole-flat rental — but the arrangement is permitted during MOP and provides immediate income. This is the most common HDB yield scenario for young couples with spare bedrooms in BTO flats. The calculator lets you model partial-f...

Tips & Pitfalls

Expert Tips

  • Use realistic assumptions — Singapore condo appreciation has historically averaged 2-4% per year. Avoid overly optimistic projections. When in doubt, use 3% as a baseline.

Common Pitfalls

  • Using purchase price instead of current value — The correct yield denominator is current market value. A flat bought at $250K and now worth $550K should show yield calculated on $550K — not $250K. The latter inflates yield by 120% and gives a false sense of returns.
  • Ignoring the CPF opportunity cost on sale — If you sell instead of renting, you receive net cash proceeds (after CPF repayment) which you can reinvest. The rental yield must beat the reinvestment return on those net proceeds — not just look attractive in isolation.
  • Forgetting rental income tax — Rental income from HDB flats is taxable income. At a marginal tax rate of 20% for earners in the $80K–$120K bracket, a 4% gross yield becomes a 3.2% after-tax yield — changing the investment calculus significantly.

Frequently Asked Questions

Is my data saved?
No. All calculations run entirely in your browser. Nothing is stored on our servers or shared with third parties.
What is the typical HDB rental yield in Singapore?
HDB rental yields vary by town and flat type. As of 2025–2026, gross yields for whole-flat rentals typically range: Mature estates (Queenstown, Toa Payoh, Ang Mo Kio): 3.5–4.5% gross. Non-mature estates (Tampines, Jurong, Woodlands): 4.0–5.5% gross. Net yields are typically 0.8–1.2% below gross after deducting vacancy, property tax, maintenance, and agent fees. Use the HDB Town Data on ShiokNest to check median rents for your specific town and flat type.
Can I save my results?
Log in to save scenarios to your dashboard, or use the share button to copy a URL that encodes your inputs.
Is rental income from HDB flats taxable?
Yes. Rental income from HDB flats (whole-flat or room rentals) is taxable income. You must declare gross rental income in your IRAS income tax return. Allowable deductions include property tax paid, mortgage interest (for bank loans only — not HDB loans), maintenance fees, and agent commission. The net taxable rental income is added to your employment income and taxed at your marginal personal income tax rate.
Can I rent out my HDB flat while living abroad?
Only after MOP is completed. During MOP, at least one owner must physically occupy the flat. After MOP, SC/PR owners can rent out the whole flat if they have alternative accommodation. However, if both owners are living abroad and have no Singapore address, HDB may consider the flat to be unoccupied and may revoke rental approval. Check with HDB before renting out a flat while living overseas.

Related Resources

Article How to Compare BTO vs Resale HDB Article How to Compare HDB Loan vs Bank Loan Article How to Read the Property Price Index Article How to Track SORA Rates for Your Mortgage Article How to Use the Mortgage Recommender Calculator How to Calculate Buy-to-Rent ROI
Disclaimer: Figures shown are estimates for planning purposes only. Rates, rules, and grant quanta change frequently — verify with your bank, HDB, or a licensed financial advisor before acting.