Real estate market cools down whereas rental demand high

While real estate market has cooled down, people's rental demand is high.

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A person must pay a monthly rent of about VND13 million for a flat presently

A person must pay a monthly rent of about VND13 million for a flat presently

Batdongsan.com.vn portal has just announced real estate market data for January 2023. Because of high price of house, the housing market cooled down, sending demand of renting a house into a stratosphere.

Right in the first month of 2023, the nationwide demand for real estate rental increased by 101 percent compared to the same period in 2022; subsequently, investors began to turn their attention to the rental segment.

In Ho Chi Minh City and Hanoi, the average rent of apartments has increased by 4 percent and 8 percent respectively compared to 2022.

A person must pay a monthly rent of about VND13 million for a flat presently. The rent of a house increased even more strongly; specifically, the rental price of a house in Ho Chi Minh City increased by 18 percent, in Hanoi it raised by more than 33 percent.

Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the South, explained that the rent increase was because many customers do not have enough money to buy houses, so they will rent; or some groups rent out the rental house to others to earn money.

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