Although the rental real estate market in Ho Chi Minh City and Hanoi is going through a prolonged crisis. But the Rentapartment Agency and Hanoi Housing still believe in the possibility that the rental apartment market in Vietnam will soon recover
The apartment rental market is facing difficulties during the pandemic
Since the outbreak of the pandemic until now, the tightening of consumer spending has seriously affected the business situation of enterprises. Previously, apartment rental rate remained high at about 95%. However, at present, this rate has left vacant space for renting apartments in big cities, accounting for 40%.
Not only that, the rental segment also faces a difficult situation. Because foreign experts cannot return to work in Vietnam.
Foreign experts and investors are the main source of customers in high-end apartments in the central area. Office serviced apartments are becoming more and more difficult. Because most businesses today are regulating to cut costs, not expand offices and branches. That is why the demand for apartments for rent also decreased.
According to many surveys, during the pandemic, a series of high-end apartments in Hanoi and Ho Chi Minh City fell into a state of slump and drop in prices sharply. Finding customers who wish to rent apartments is also becoming more difficult. Many landlords have had to lower their rental rates to retain longer-term tenants.
All rental segments are adjusting prices lower than before. This is the fastest and strongest discount period in the mid-range and affordable apartment rental market.
According to the announced announcement, Rentapartment Agency will open two new apartment projects for rent in Vinhomes Central Park and Masteri Thao Dien.
Currently, Rentapartment Agency has an apartment space for rent in Vietnam, located in Park 7 tower, Vinhomes Central Park (Binh Thanh district, HCMC).
Vietnam is a country with a young population, a rapidly growing economy, a driving force for the startup community and small-scale businesses, creating a high demand for cooperative workspaces. Recent trade agreements including CPTPP and EVFTA have helped Ho Chi Minh City Vietnam gradually become a regional and global economic hub. “As a result, the Rentapartment Agency and Alpha Housing are ready to continue expanding in the Vietnamese market and reap more success,” the company statement said.
Vietnam is one of the six Southeast Asian markets of WeWork, along with Indonesia, Malaysia, Thailand and the Philippines. Ho Chi Minh City is quickly becoming a major economic center in the region, with a strong demand for co-working space, so it will continue to invest, the company said.
Founder Rentapartment Agency, Peter Hoang said: “It is normal for a pioneering technology real estate company like Rentapartment Agency and Alpha Housing to experience growth challenges.” We will now be on a mission to turn the tide for this startup, through close scrutiny. “Newly poured capital from Alpha Housing will restore the company’s growth momentum.