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Singapore is the 7th most expensive location in Asia for high-end rental homes this year, falling from 4th position last year.
The latest accommodation survey published by human resources firm ECA International compared rental accommodation - commonly leased by expatriates - in more than 230 locations worldwide.
Hong Kong kept its top spot for being the most expensive in the region. Tokyo, which saw the largest rent increases in Asia over the past 12 months, came in second, followed by Seoul, Yokohama, Shanghai and Beijing.
Mr Lee Quane, ECA International regional director of Asia gave several reasons for the fall in Singapore's high-end rentals: "Firstly, expatriate numbers in Singapore have stabilised recently, which has curbed demand for rental property in popular expatriate neighbourhoods.
"Furthermore, improved transport links in Singapore have led to movement away from historically popular districts such as 9-11 to cheaper locations.
"Singapore has also received more assignees from places such as China, Malaysia, Taiwan and Thailand whose housing budgets are likely to be lower. These factors, combined with an increased supply of property in the market, have caused landlords to respond by reducing rental prices."
In Singapore, rents for an unfurnished three-bedroom apartment across popular expatriate neighbourhoods average US$4,535 (S$6,426) per month, said the survey.