Homes for rent market shows signs of recovery

By Vu Le   September 1, 2022 | 08:00 pm PT
Homes for rent market shows signs of recovery
Office buildings and serviced apartments for rent in the eastern part of HCMC. Photo by VnExpress/Quynh Tran
HCMC houses have seen improvements in rentals and occupancy rates, marking a recovery from the dumps during Covid outbreaks last year.

According to VnExpress surveys, rentals and occupancy rates at many home-for-rent segments in late August increased compared to the Covid-19 outbreak peak in the second quarter of 2021.

In the middle of Q3, single storied houses with monthly rents of 2-4 million ($84-168) had an occupancy rate of 85%. The rate was 75% for mid-end and high-end homes with monthly rents of VND4.5-7 million. Meanwhile, serviced apartments with monthly rents of VND8-14 million gained an occupancy rate of more than 65%, compared to 30% in the second quarter of last year.

According to a report on serviced apartments for rent released by real estate agency Savills Vietnam mid-August, average rentals of serviced apartments had recovered at nearly VND497,000 per square meter per month. Rentals of high-end serviced apartments rose 3% against the first quarter of this year and 6 percent against the second quarter of last year.

According to real estate website Batdongsan, searches for apartments in HCMC in the first seven months of this year saw a year-on-year surge of 35%.

Le Quoc Kien, an expert in properties for rent in HCMC, said house rentals have increased this year, but at a slower pace than office spces.

He said the recovery of the home-for-rent market in the coming time may be proportional to the momentum of economic recovery.

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