After a year of economic challenges in general and the real estate market in particular, for many people, renting a house has become a mandatory option and no longer a choice.
The report on real estate consumer trends and psychology (CSS) of Batdongsan.com.vn has just been published, giving the above opinion.
According to this report, in the second half of 2023, among the three common reasons for people wanting to rent a house, "prioritizing flexibility" accounts for 38%, "not wanting to buy a house because the price is not reasonable" accounts for 29% and "not having enough money to buy a house" accounts for 26%.
Based on the survey, the report also forecasts trends and consumer psychology of real estate. Accordingly, in the first half of 2024, "not having enough money to buy a house" will continue to be the leading reason why people choose to rent a house, accounting for 33%. Meanwhile, the motivation to rent a house because of "prioritizing flexibility" will decrease, to only 27%.
The survey shows that the trend of renting houses due to financial constraints is expected to increase in the first half of 2024. Of which, apartments are the type of real estate that most renters are interested in (43%), followed by private houses (18%) and boarding houses (18%). Only a small number (9%) are interested in townhouses for rent.
Chart of Top 3 Reasons People Rent Houses
Mr. Le Bao Long, Strategy Director of Batdongsan.com.vn, said that most Vietnamese people are only willing to spend 10% - 30% of their income on rent each month.
According to Mr. Long, currently, the average rental price for boarding houses in Hanoi and Ho Chi Minh City is 3.5 - 4.8 million VND/month, while the rental price for apartments is 12.5 - 13 million VND/month. This means that for a person/household to have enough money to rent a house, their total monthly income must be from 15 - 20 million VND if choosing a boarding house and 30 - 40 million VND if renting an apartment. This is not a low income level for the majority of Vietnamese people. Therefore, the high rental price level is an obstacle for people.
Mr. Le Bao Long added that to overcome financial difficulties, tenants proactively look for properties with smaller areas or located further from the center.
Specifically, according to the CSS report, when asked about adaptation options when rents are high, 67% of real estate consumers said they plan to rent a smaller house; 27% rent a place further away; 20% live with more people; 13% rent a place with fewer amenities.
As most tenants are trying to tighten their budgets and expecting more reasonable prices, 70% of landlords are also willing to reduce rents, with the common reduction being less than 10%.
For this reason, Batdongsan.com.vn is also implementing a special promotion program "Free posting of room and house rentals nationwide". Specifically, the poster will be given 10 free rental ads every month from January 3 to March 31, 2024.
This is an effort by Batdongsan.com.vn to help landlords easily connect with customers with high demand, anticipate the increasing search trend at the beginning of the new year, and help tenants quickly find suitable homes.
Source: https://nld.com.vn/xu-huong-o-nha-thue-tiep-tuc-tang-trong-nua-dau-nam-2024-196240124145142434.htm
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