More than a year ago, Ms. Nguyen Hong Khanh (34 years old, Hanoi) and her husband signed a rental contract for an apartment in Vinhome Smart City urban area (Nam Tu Liem district) for 9 million VND/month.
According to Ms. Khanh, the rental contract will expire at the end of March 2025 and the landlord has announced the re-signing with an increase of 10 million VND/month.
"The landlord said that if I agreed, I would respond early, but if I didn't rent, I would report to find someone new" - Ms. Khanh said and added that due to economic pressure, the couple is looking for another apartment to rent.
However, after several days of searching online as well as thanks to brokers, Ms. Khanh said that apartment rental prices in Hanoi have continuously established new levels in recent times due to sharp increases in selling prices.
In the same rental scene, Ms. Nguyen Thi Ngan (in Thanh Xuan district, Hanoi) rented a 64m2 apartment in Trung Hoa - Nhan Chinh area for 14 million VND/month.
Ms. Ngan said that this rental price does not include electricity, water, service and parking fees. The house fee is paid every 3 months. Every year, the rental price increases to a new level, causing tenants to struggle.
According to Lao Dong reporter's research, in Times City urban area (Hai Ba Trung district, Hanoi), the rental price of a 2-bedroom apartment is at 15-25 million VND/month, depending on the interior. This price has increased by about 20% compared to 3 years ago and has been flat since the beginning of this year.
Or the type of apartment under 50 m2 in HH Linh Dam apartment building (Hoang Mai, Hanoi) is being rented for about 8 million VND/month.
In Thanh Xuan district, the apartment has 2 bedrooms, fully booked at the 90 Nguyen Tuan apartment for rent at 15 million VND/month. Or an 80 m2, 2 bedrooms with enough furniture at Imperia Garden apartment for rent at 16 million VND/month.
As for a 3-bedroom apartment at Stellar Garden apartment on Le Van Thiem street, the rental price ranges from 17-19 million VND/month, depending on the basic interior or full furniture.
According to the Vietnam Real Estate Brokers Association, apartment prices are continuously increasing and establishing new price levels, causing apartment rental prices to also tend to " scale up", with an average increase of 10-20% in 2024.
Notably, in the city center, there is almost a "disappearance" of apartments with rental prices under 10 million VND/month. In which, the common rental price for a 1-bedroom apartment is 10 - 15 million VND/month, 2 bedrooms is 15 - 20 million VND/month.
In suburban areas, the average apartment rental price is from 8-12 million VND per month, an increase from the common rate of 3-8 million VND/month in less than 5 years.
Also according to the Vietnam Real Estate Brokers Association, when housing prices increase, homeowners are forced to increase rental prices to ensure profits and balance investment cash flow. Although in reality, the profit rate from renting apartments is getting lower because the rental price cannot keep up with the increase in house prices.
Changes in thinking and lifestyle of young people, promoting flexibility in choosing a place to live, prioritizing renting a house to easily change accommodation according to work, or accessing areas with better amenities, are also one of the reasons contributing to the development of the rental apartment market.
