HCMC landlords expect tenants to return after Covid scarcity

By Dat Nguyen   February 7, 2022 | 03:27 am PT
HCMC landlords expect tenants to return after Covid scarcity
A leasing residence in District 12, Ho Chi Minh City in September 2021. Photo by VnExpress/Ha An
House owners in HCMC are expecting demand for their properties to soar after Tet following an unprofitable year due to Covid-19.

For Ky Hoa in Thu Duc City, the loss of income ran into tens of millions of dong since only one of her six rooms were leased in the third quarter when the city had stringent restrictions.

They had notched up 70 percent occupancy in the first six months after she and a friend rented a large house at the beginning of last year, redesigned it into six smaller rooms and furnished them.

She said: "My biggest concern now is paying rent to the landlord. We are anxious every month to see if the landlord will give us a discount."

In District 7, Hanh had to reduce rents at his 40-room housing compound by around 6 percent in the final months of last year as many tenants faced financial difficulties.

"Some left early without paying," he said.

However, Cho Tot Nha, a real estate listing platform, expects 350,000 workers and 180,000 students to return to HCMC after the holidays as factories and schools reopen.

The highest demand for housing is in areas near factories and schools in Thu Duc City and districts 10, Binh Thanh and Phu Nhuan, with the latter seeing searches increase by 76 percent from the month before the holidays.

Rooms costing VND1-5 million ($44-220) per month account for 86 percent of supply.

Hoa hopes occupancy at her property will increase as workers return to the city.

"If there are no new tenants, I don’t think I can keep the business going."

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