HCMC rental housing market gloomiest in three years

The rate of return for townhouse rentals in District 2 has declined to 1.9 percent, and in the districts of Tan Phu, 9, Binh Thanh and 7 to 2.3-2.7 percent. Meanwhile, the rate of return for rental apartments in the city decreased to 1.2 percent.

Other kinds of rental properties have seen a similar gloomy picture since the pandemic hit in 2020. Townhouse and motel rentals in late June 2021 dropped 20-30 percent against the first quarter of this year.

Trang Minh Ha, chairman of North Stars Asia Company, forecast the rental market would continue to see a decline as the pandemic affects the real estate market.

Rates of return for single-detached houses, apartments and other types of rental properties are much likely to further decrease sharply in the coming time if the pandemic prolongs, he stressed.