Home rental market booming in Vietnam

Searches for rental properties in Hanoi and Ho Chi Minh City surged 101% in January against the same period last year, while rents rose, according to real estate website Batdongsan.

In Hanoi, searches for rental apartments and houses increased 112% and 38% respectively. The respective figures for HCMC were 157% and 107%.

Searches for rental properties in Hanoi and Ho Chi Minh City surged 101% in January against the same period last year, while rents rose, according to real estate website Batdongsan.

In Hanoi, searches for rental apartments and houses increased 112% and 38% respectively. The respective figures for HCMC were 157% and 107%.

The average rent of apartments in Hanoi and HCMC climbed up 8% and 4% respectively. The average rent of rental houses increased 33% in Hanoi and 18% in HCMC.

Dinh Minh Tuan, head of Batdongsan in the southern region, said reasons include a higher demand from enterprises and migrant workers.

Some firms, which downsized last year, are now renting premises with an area of 50-70 square meters in apartment blocks in city centers, he said.

The higher demand has led to higher rents.

Selling prices of apartments have increased 30-40% over the past two years, but rents have risen at lower rates.