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HCMC rental housing market gloomiest in three years

By Trung Tin   July 11, 2021 | 04:02 pm PT
HCMC rental housing market gloomiest in three years
Apartments in HCMC. Photo by VnExpress/Quynh Tran.
The rate of return for rental properties through online platforms in HCMC has dropped to the lowest level since 2019 due to Covid-19, according to real estate portal Batdongsan.

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.

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