Việt Nam News

Apartment rental prices on the rise in country’s largest city

June 18, 2024 - 09:13

Apartment rents in HCM City have surged by up to 28 per cent since last year, especially in the mid-priced and high-end segments.

New high-end apartment developments in Thủ Thiêm new urban area. — VNS Photo Bồ Xuân Hiệp

HCM CITY — Apartment rents in HCM City have surged by up to 28 per cent since last year, especially in the mid-priced and high-end segments.

Phạm Viết Túc, a house broker in District 4, told Việt Nam News that rentals in high-end apartment projects in prime locations have risen by up to 28 per cent compared to last year.

According to a report by JLL, rental prices for apartments in the city increased by 1.6 per cent quarterly and 5.9 per cent annually in the first three months, averaging US$10 per square metre per month, particularly in new high-quality developments.

The rental growth has been influenced by the stronger rent prices recorded in new high-quality offerings in the city, according to the report.

Roddy Allan, chief research officer of JLL in Asia-Pacific, said that HCM City, along with Jakarta, Bangkok, and Manila, has seen a hike in rental apartment prices among developing market groups.

“Việt Nam’s largest city, HCM City, was also one of the region’s best performing markets from a residential perspective,” he said.

Limited supply has resulted in consistent price hikes in the rental segment, he said.

Only 500 apartments were put up for sale in HCM City in the first quarter, the lowest number in the past 15 years and a 17 per cent decrease from the same period last year.

The demand for high-end living standards remains strong, especially among those with high incomes willing to pay VNĐ20-30 million per month to rent a comfortable apartment rather than buy one, said a real estate broker. — VNS

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