Surprised with apartment rental prices in Hanoi

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Mr. Hoang Nam's family is renting a 70m2 apartment with 2 bedrooms in Linh Dam area (Hoang Mai district, Hanoi) for 7.5 million VND/month. However, due to his job transfer to a more remote area, for the convenience of both husband and wife, he is looking to rent an apartment in Thanh Xuan district.

Having asked acquaintances to help him find an apartment, and also asked a broker, Mr. Nam was surprised at how high the rental price in this area was. A 2-bedroom apartment, 70 square meters in Sakura 47 Vu Trong Phung was found by friends for rent at 11 million VND/month; 3.5 million VND more expensive than the rental price in Linh Dam.

The feeling of surprise because of the "high price" like Mr. Nam's is also something that many people who need to find a house to rent admit.

A survey of the apartment rental market in Hanoi shows that there are currently many different rental prices depending on the area and whether the apartment is fully furnished or not.

For example, in Thanh Xuan district, a 2-bedroom, fully furnished apartment at 90 Nguyen Tuan apartment building is for rent at 14 million VND/month. Or an 80m2, 2-bedroom, fully furnished apartment at Imperia Garden apartment building is for rent at 16 million VND/month.

However, the rental price for a 3-bedroom apartment at Stellar Garden apartment building on Le Van Thiem street ranges from 17-19 million VND/month, depending on whether it has basic or fully furnished furniture.

Similarly, the 100m2, 3-bedroom apartment at The Artemis apartment building, rental price is 20 million VND/month, fully furnished, customers just need to move in.

In Hoang Mai district, the rental price is more affordable. For example, at HUD’s apartment building in Tay Nam Linh Dam, the rental price ranges from 7-8.5 million VND/month, with apartments of 40-60m2; depending on whether the apartment is unfurnished, has basic furniture or is fully furnished.

62m2 apartment, fully furnished at 897 Giai Phong apartment or 70m2 apartment, 2 bedrooms at Eco Lakeview Dai Tu apartment, rental price ranges from 11.5-12 million VND/month.

There is also a 3-bedroom apartment, area of ​​100m2 at Sky Central apartment building at 176 Dinh Cong, rental price is 14.5 million VND/month, fully furnished.

The rental price is higher in Cau Giay district when a 2-bedroom apartment, fully furnished at D'capitale Tran Duy Hung apartment building is rented for 17 million VND/month. Meanwhile, a studio apartment here is rented for 13 million VND/month.

Apartment area 100m2, 3 bedrooms in luxury apartment FLC 265 Cau Giay, rental price 22 million VND/month, fully furnished, just "bring your suitcase and move in".

Even a 200m2 apartment with 4 bedrooms and full furniture at Discovery apartment building has a rental price of 32 million VND/month.

Many apartments are vacant for half a year because of high prices.

Mr. Le Kim Quyen, Director of Fullhouse Company Limited - a unit specializing in renting houses to both Vietnamese and foreign guests, said that in areas in Hanoi, My Dinh, Nam Tu Liem district or Cau Giay district are places with many restaurants, schools, offices with many Korean and Vietnamese guests... so the demand for renting apartments is high.

According to Mr. Quyen, Vietnamese people usually rent apartments with prices ranging from 8-15 million VND/month; the highest is 8-12 million VND/apartment/month. Some people only need to rent a 1-bedroom apartment, with prices ranging from 6-8 million VND/month. Tenants are usually families and young working people.

“For foreigners, the demand for renting luxury apartments is higher. Depending on the customer group, whether it is a teacher or an expert, a businessman, a family, etc., the demand for renting an apartment is also different.

Business travelers are looking to rent apartments for between 1,000 and 1,500 USD per month; teachers are only looking to rent apartments for between 400 and 600 USD per month. Meanwhile, foreign families are looking to rent apartments with 2-3 bedrooms for between 800 and 1,500 USD. Notably, 90% of foreigners rent houses that are fully furnished,” said Mr. Quyen.

However, according to the Director of Fullhouse, due to supply exceeding demand, prices are currently very competitive. Since the Covid-19 pandemic, many apartments have been vacant for 3-6 months before finding tenants.

“Renting is sometimes a matter of luck. To find tenants for an apartment, if the landlord is inexperienced and offers a price higher than the market price, he or she may have to pay for several months without finding a tenant. Therefore, the landlord needs to respond quickly to the market, have appropriate rental prices at each time, and find a professional consulting unit to advise on prices,” said Mr. Quyen.

As for those who need to rent an apartment, according to Mr. Quyen, it is best to find real estate closest to the workplace; finding an agent specializing in providing rental housing in the area will be convenient and have good rental prices because currently these agents are completely free for tenants, only charging fees from the landlord.