Rental housing - A trend in many cities.

VTV.vn - Despite differing models, Asian countries are all stepping up rental housing policies to stabilize the real estate market.

The Asia Pacific Urban Land Institute recently published the "Asia Pacific Homeownership Index," assessing 51 market segments across 41 major Asian cities. The report revealed that only 7 out of 51 real estate segments met the "affordable" criteria (meaning home prices do not exceed five times the annual household income). Conversely, 41 out of 51 segments showed that rental housing is significantly more accessible than home ownership. This indicates that the rental market is becoming an important solution in many urban areas.

Renting a home - A popular choice for many urban residents in Japan.

Numerous governments across Asia have adopted policies aimed at developing a high-quality rental housing market. In Japan, rental housing policies are distinctive, reflecting a high level of professionalism and discipline in social life. Tenants in Japan typically work through real estate companies or management firms rather than directly with landlords.

In addition, Japan has many strict regulations for tenants in apartment buildings, such as maintaining quiet, properly sorting waste, and not disturbing neighbors. Violations can result in the termination of the lease. In large cities like Tokyo, the model of shared housing and smart apartments is becoming increasingly popular, especially with young people and foreigners.

Takuya Kamata (32 years old) lives in a rented house with his wife and two young children. Takuya had once planned to buy his own house to live in for the rest of his life. But soaring real estate prices have made buying a large house impractical.

"Currently, the company is helping me find a place to rent, so renting is more convenient and I have more options. High housing prices are making me consider buying my own house," said Takuya Kamata.

According to the Japan Rental Housing Market Report published by CBRE, the world's largest commercial real estate services group, approximately 45% to 55% of households in major urban areas are renting. In some areas of central Tokyo, this figure exceeds 60%.

Land prices have risen sharply in many areas, making renting a viable solution.

Katsuhiro Muto, a real estate expert in Nagareyama City, said: "Land prices in this area have increased significantly, and this has then spread to neighboring areas, which have had stable and affordable prices for a long time."

According to a survey by Japan's Ministry of Internal Affairs and Communications, the average rent for households in Tokyo's 23 central wards peaked last November, accounting for 45.5% of total income and putting a heavy burden on family spending.

The Tokyo government is working to provide affordable housing with rents approximately 20% lower than market rates, prioritizing families with young children and those in special circumstances. A total of about 300 apartments will be provided in phases starting in fiscal year 2026. This program is being implemented as a public-private partnership, with a total projected fund exceeding 20 billion yen (approximately $127 million).

A number of governments across Asia have adopted policies aimed at developing a high-quality rental housing market.

Encouraging the rental housing segment in Asia

In China, as of August 2025, there were approximately 260 million people renting homes. The number of rental properties was 91 million, of which 90% were privately owned.

Besides privately rented housing, China currently has two main types of social rental housing. These are public rental housing (state-owned) – a type of affordable housing provided by the government with policy support, limited construction standards, and rental rates, intended for low- to middle-income urban families facing housing difficulties, newly employed workers without housing, and migrant workers with stable jobs in urban areas. This type of public rental housing is only permitted for rent; ownership remains state-owned.

Secondly, there is the "Guaranteed Rental Housing" or subsidized rental housing, intended for new urban residents, young people, and other groups facing difficulties in buying a home. After five years of renting, the tenant can purchase the property, and the rent collected during those five years can be used to offset part of the purchase price.

Since May 2024, 30 Chinese cities have implemented a "buy instead of build" mechanism, which involves purchasing unsold commercial apartments at reasonable prices and converting them into affordable rental housing. Over 200 policies related to rental housing have been issued at the local level in China over the past two years, promoting market-oriented professional rental housing businesses and improving the rental housing environment.

In China, as of August 2025, there were approximately 260 million people renting homes. The number of rental properties was 91 million, of which 90% were privately owned.

Affordable rental housing becomes the solution for young people in Seoul.

Each year, approximately 65,000 people in their 20s and 30s flock to the Seoul Metropolitan Area (South Korea) for work and study, creating a huge demand for rental housing. Seoul's housing prices have increased by 70% over the past five years, making renting a much more viable option than buying.

The Seoul city government has launched projects to build long-term rental housing in redevelopment areas, providing thousands of apartments for migrant workers, skilled workers, newlywed couples, and others.

This is creating a miraculous change: the number of couples registering their marriages is on the rise in South Korean cities thanks to a public housing program for newlyweds.

What have countries that have successfully managed housing done?

In an interview with VTV reporters about the development of rental housing worldwide, Dr. To Kien, an architect and senior urban planning and design expert at Eight Infrastructure Development Consulting Group in Japan, stated that the most interesting thing to observe globally is that cities with good housing management share a remarkable commonality: the majority of their residents rent, not necessarily owning homes, and they still manage to live and work comfortably. However, they achieve this through very different paths.

Singapore has adopted a state-led model. The government directly builds and operates a very large-scale public housing system called HDB. Approximately 80% of the population lives in HDB housing, including not only low-income earners but also the middle class.

"I lived in Singapore for many years, and I used to live in an HDB apartment building. My most striking observation is: When housing is viewed primarily as infrastructure for living, rather than as a speculative asset, the market immediately becomes more stable," shared Dr. To Kien, an architect.

Japan, on the other hand, takes almost the opposite approach: a robust, well-designed market. Simple planning, quick licensing, and a continuous increase in supply around train stations and public transport. Tokyo is almost always seeing further construction and rapid redevelopment.

As a result, rental prices have remained relatively stable for decades. Coupled with a very strong tenant protection system, many Japanese people rent for life not because they can't afford to buy, but because it's a flexible option if they need to relocate for work.

In many European countries, such as Austria, laws protect tenants very strongly, including stable contracts with limited rent increases, no unreasonable evictions, and a culture of long-term rentals has been established.

"What successful countries start with is a core question: It's not about how to make a house affordable for everyone, but how to ensure everyone can settle down and live a stable life. When the question changes, the mindset changes, and the entire policy system changes accordingly," analyzed Dr. To Kien, an architect.

Increasing the role of rental properties in Vietnam's real estate market structure.

According to a senior urban planning and design expert from Eight-Japan, in order to develop rental housing into a pillar of the real estate market, Vietnam needs to simultaneously protect tenant rights, significantly increase supply, and build high-quality residential areas to gradually reduce hoarding mentality and curb speculation that drives up housing prices.

"I believe that the policy of developing rental housing is a very correct direction. But to achieve this, we first need to face the reality that the current system is still operating more on the logic of accumulating assets than on the logic of securing housing," said Dr. and Architect To Kien.

According to Mr. To Kien, there are three priorities that need to be addressed simultaneously. Firstly, it is necessary to strongly legalize the rights of tenants. More stable contracts would limit unreasonable terminations. Raising the level of legal security would significantly improve the quality of life for millions of people currently renting.

Secondly, we need to drastically increase supply. We need to encourage businesses to participate in developing rental housing, provide tax incentives, and especially strongly develop housing around metro and public transport using the TOD (Transit-Oriented Development) model. The goal is to make it possible for workers to accept smaller homes that offer more convenient commuting.

Thirdly, we need to build a new generation of rental housing with a truly good quality of life, complete with integrated infrastructure and transportation. Only then will young people have the opportunity to experience and see how good this model truly is, and then spread their experiences into a movement. From there, it will completely change urban lifestyles and alleviate concerns about finding a place to live and work.

Source: https://vtv.vn/nha-cho-thue-xu-huong-tai-nhieu-do-thi-100260522114815558.htm