Demand for rental houses in Hanoi’s Old Quarter has increased again

Recently, the “golden” streets in the Old Quarter area of ​​the capital no longer have “house for rent” signs, instead there are business shops that are open to welcome guests.

For example, Mr. Manh Hung, who runs a clothing store on Hang Dao Street, said that the store just reopened about 2 months ago. When the government reopened for tourism, not only his shop but also the streets of local and foreign tourists came and went bustling.

Anh Hung also shared: “After the Covid-19 epidemic, the landlord here also reduced the rent for me from 65 million to 50 million/month, partly because I have been renting here for a long time.”

Also in this neighborhood, Mr. Duc Sang, the landlord, shared that when the city was plagued with erratic epidemics, the rent not only halved, but even refunded 100% of the rent to tenants.

“At that time, anyone who rented a house for a business in the old town area almost had to reduce the rent by 30%-60%, otherwise they would pay the house immediately. At that time, no one had the need or desire. rent a house for business when the epidemic is complicated,” Mr. Sang shared.

The reopening tourism industry also boosts sales, especially service and food items.

Mai Linh, the owner of a restaurant on Luong Ngoc Quyen street shared: “When the city banned the opening of food and beverage shops, my family still tried to hold out by doing online business to keep customers. The epidemic situation is not complicated again so we can shop with peace of mind About a month ago, the number of customers is always crowded, the peak is at the weekend with a pedestrian street, we serve customers who do not have time to rest. “.

In addition to shops, a series of restaurants, hotels, and tourist services in Hanoi’s old quarters have also reopened. Restaurants and hotels, after the absence of foreign tourists, have ready plans to welcome guests.

Quynh Hoa, the owner of a souvenir shop, said: “In the past 1-2 months, there have been many tourists who have a need to buy more goods, especially foreign tourists, they really like the goods. souvenir of Hanoi”.

Anh Quoc Nam, a real estate leasing broker in Hoan Kiem district, shared that in the past 2 months, many customers have been searching for a place to rent a house compared to the past. Rent prices were also only about 70%-80% of house prices before the Covid-19 epidemic.

Mr. Nguyen Van Dinh, Deputy General Secretary of the Vietnam Real Estate Association, said that the epidemic was complicated, although many landlords of rental premises had reduced prices by 50%, tenants still returned them, unable to continue. business. However, now is a good opportunity for business people to rent space to trade because when the market stabilizes again, the rental market is recovering, but rents have not yet increased.”

According to market research by a real estate company, in Hanoi, the average rent at commercial centers dropped sharply during the epidemic period. In the administrative center area, the rental price was recorded to decrease by 10%, from nearly 2.5 million VND/m2/month to 2.25 million VND/m2/month; The average vacancy rate is about 11%. In the segment of townhouses for rent, due to the limited financial capacity of tenants, the rental price dropped sharply, on average by 30-50% compared to the price before the epidemic.