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[Market News] Broad Recovery in Rental Property
Rental property across apartments, townhouses, lodging, offices, warehouses and factories continued to recover in May, with search demand rising across provinces and cities.
According to Batdongsan.com.vn's May 2022 market report, searches for rental property across the market rose 14% year on year. The strongest recoveries were in offices for lease and street-front houses for lease, with interest up 122% and 64%, respectively, from May 2021.
In Hanoi, searches for street-front houses for lease climbed 97%, the sharpest rise, followed by offices for lease at 89% year on year. Searches for apartments, lodging, rooms and retail units rose 6–15%. Yet rental listings fell considerably in most categories; apartment listings dropped 35%, while street-front house listings increased 19%.
In Ho Chi Minh City, searches for street-front houses rose 67% year on year, but offices for lease recovered even more strongly: searches on Batdongsan.com.vn increased 112%. Rental apartments were the only category with fewer searches in May, down 33%.
Across the provinces, major markets including Da Nang, Binh Duong, Dong Nai, Long An, Hai Phong and Khanh Hoa recorded strong recoveries in rental-property demand. The strongest recoveries in the north, center and south were in Hai Phong, Da Nang and Ba Ria–Vung Tau, respectively.
In Hai Phong, searches for street-front houses rose 78% and warehouses and factories 73%. Searches for apartments, lodging and private houses increased 47%, 29% and 27%. Nearby Quang Ninh also recovered strongly, particularly warehouse and factory leasing, up 138% from April. Searches for street-front and private houses there rose more than 70%.
In Da Nang, searches for street-front houses rose the most, up 30%; apartments, private houses and offices rose 19%, 15% and 14%, respectively.
Ba Ria–Vung Tau led the southern recovery, with searches for street-front houses up 58%, private houses 25% and lodging 21%. In the same region, Long An recorded a 73% increase in warehouse and factory searches.
Rental property was recovering broadly across markets. Street-front houses and offices for lease attracted the strongest interest, while warehouses and factories recovered most strongly outside Hanoi and Ho Chi Minh City. The trend suggested that segments hit hard by COVID-19 were regaining ground as production and business resumed, pointing to improving economic conditions.
Source: Ngoc Suong — Batdongsan.com.vn
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