HCMC rental housing market gloomiest in three years

The rate of return for rental properties through online platforms in HCMC has dropped to the lowest level since 2019 due to Covid-19, according to real estate portal Batdongsan.

Apartments in HCMC. Photo by VnExpress/Quynh Tran.

The rate of return for townhouse rentals in District 2 has declined to 1.9 percent, and in the districts of Tan Phu, 9, Binh Thanh and 7 to 2.3-2.7 percent. Meanwhile, the rate of return for rental apartments in the city decreased to 1.2 percent.

Other kinds of rental properties have seen a similar gloomy picture since the pandemic hit in 2020. Townhouse and motel rentals in late June 2021 dropped 20-30 percent against the first quarter of this year.

Trang Minh Ha, chairman of North Stars Asia Company, forecast the rental market would continue to see a decline as the pandemic affects the real estate market.

Rates of return for single-detached houses, apartments and other types of rental properties are much likely to further decrease sharply in the coming time if the pandemic prolongs, he stressed.

Vnexpress

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