Drowning in losses due to super expensive rental prices for townhouses

    Thu Giang |

    Hanoi - Continuously suffering losses, many shop owners are forced to return their premises urgently because of the high rental prices of townhouses in the central districts of the capital.

    According to Lao Dong reporters, many townhouses in central districts of Hanoi have been continuously posting signs for rent and transfer in large numbers.

    Ms. Nguyen Hong Vy (36 years old) - owner of an interior design business in Hanoi - informed that for more than half a year now, she has decided to return the 60 million VND/month business premises on Vu Pham Ham Street (Cau Giay District) to move to the suburbs of Hanoi.

    According to Ms. Vy, for a long time, all of the company's revenue and profits were collected to pay for expensive rental space. There were even months when orders dropped, and after paying for rental space and employee salaries, her company had to bear a huge loss.

    Also accepting to pay the rent of 15 million VND/month for the business premises, Mr. Nguyen Quoc Huy (selling phone accessories on Nguyen Trai Street, Thanh Xuan District) said that the rent was too high, causing him a lot of pressure.

    To save costs, Mr. Huy has just found a 50m2, 2-storey business premises to rent in an alley for only 6.5 million VND/month.

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    Many prime land plots on Kim Ma Street (Ba Dinh District, Hanoi) are hanging signs for rent. Photo: Thu Giang

    According to a recent report by e-commerce data platform Metric, Vietnamese people are spending an average of $1 billion a month on online shopping. Of which, 32% of consumers shop online several times a week. Notably, product groups such as fashion, accessories... which previously favored beautiful premises are showing a sharp decrease in demand for townhouses.

    Mr. Dinh Minh Tuan - Director of real estate market analysis site Batdongsan.com.vn - informed that from the beginning of 2024 until now, many townhouses in Hanoi are still having difficulty finding tenants.

    To overcome this situation, landlords will have to adjust prices according to a mechanism, with prices more suitable for groups of tenants.

    Regarding rental prices, recent data from CBRE Vietnam also analyzed that in the next 3 years, retail rental prices in central areas are expected to increase by 7-10% and in non-central areas will increase by 2-3%.

    Currently, rental prices in the central area have reached nearly 280 USD/m2/month, an increase of 18.5% compared to last year.

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