Mr. Nguyen Van Hung and his wife, who are working as workers in Hanoi, want to rent a 2-bedroom apartment to stabilize their lives. However, when looking for a house, many homeowners announced a rental price of 13 - 18 million VND/month, which made the couple stunned.
"Our income is less than 30 million VND/month, if we rent an apartment for over 15 million VND, life will be very difficult" - Mr. Hung shared.
Mr. Hung's family's story is the reality that many young families in Hanoi are facing as apartment rental prices are increasing.
According to Lao Dong, many apartments with 2 bedrooms in Hanoi are being rented at high prices. In Giang Vo ward, the rental price of many apartments ranges from 13 - 17 million VND/month. Accordingly, an apartment in project C7 with an area of 60m2, 2 bedrooms, has a rental price of 15 million VND/month.
The rental price of a house in an apartment building B6, The Golden Armor with an area of 86m2, 2 bedrooms is 17 million VND/month. A similar apartment in the same B6 project recorded a rental price of 18 million VND/month.
On Nguyen Tuan Street, Thanh Xuan Ward, an apartment in the Royal City 1 apartment project with 2 bedrooms, area 100m2 has a rental price of 17 million VND/month. Imperia Garden apartment project, a 70m2 apartment, including 2 bedrooms and 2 bathrooms, is being rented for 14.5 million VND/month.
In Cau Giay ward, the rental price for a 2-bedroom apartment with an area of over 80m2 ranges from 13 - 18 million VND/month, of which a room with full furniture costs about 16 - 18 million VND/month. For example, an apartment in the old Dich Vong ward (now Cau Giay ward) with 2 bedrooms, area of 110m2, complete with basic furniture and utilities such as TVs, refrigerators... is being rented for 17 million VND/month.
Previously, according to a survey by the Vietnam Real Estate Brokers Association, apartment prices have continuously increased and new price levels have been established, causing apartment rental prices to also tend to "escale", 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.
