Vietnam is one of the world’s fastest-growing countries, with an economy that’s grown by almost 300 percent since 2005. It’s also one of Southeast Asia’s hottest destinations for professionals, entrepreneurs, and digital nomads seeking adventure and opportunity.
Over the last decade, Vietnam’s selection of properties has grown dramatically, with everything from low-cost options to luxury apartments available today. If you’re moving to Vietnam, understanding your options is the key to getting a great deal on an apartment, condo, or home.
Below, we’ve shared actionable tips to help you identify great deals and avoid common issues that can make the renting process more difficult.
Renting in Vietnam 101
Vietnam has several major cities, the biggest of which are Hanoi in the north and Ho Chi Minh City in the south. Other popular destinations include the mid-sized cities of Da Nang, Hai Phong, Nha Trang, Da Lat, Hoi An, and Hue.
You’ll find the largest, most diverse variety of apartments and houses for rent in Hanoi and Ho Chi Minh City. As major destinations and economic hubs, these cities have options at virtually every price, from affordable to ultra-luxurious.
Popular Areas to Rent
In Hanoi, areas to look at include the Tay Ho district, which is popular with Western ex-pats and local professionals, as well as Truc Bach, Hoan Kiem, and Hai Ba Trung. These areas offer a nice mix of high-quality housing, amenities, schools, and other conveniences.
In Ho Chi Minh City, areas to prioritize for rental housing include District 2, particularly the areas of Thao Dien and An Phu. This district has the most diverse selection of housing options, with a variety of new apartment developments, villas, townhouses, and more.
Other popular areas for apartments for rent in Ho Chi Minh City include District 1, District 7, and Binh Thanh District. Smaller cities like Da Nang and Hai Phong have a variety of housing options spread throughout the entire urban area.
It’s important to remember that Vietnam is an up-and-coming country, meaning development is ongoing everywhere. New apartment developments are constantly transforming new areas into desirable places to live, meaning the ‘best’ locations are always changing.
How Much Do Apartments Cost?
Compared to similarly-sized Western cities, Vietnam’s major metro areas are very affordable for renters. Pricing for apartments in Vietnam can vary hugely, from as little as USD$200 per month on the low end to thousands of dollars per month for larger apartments in luxurious developments with high-end facilities.
On average, you can expect to pay between USD$500 and USD$700 per month for a new one-bedroom apartment in high-quality development in Hanoi or Ho Chi Minh City. A unit at this price range will usually be in a building with a pool, gym, and other convenient facilities.
Families can rent larger, higher quality three or four-bedroom units for anywhere from USD$1,200 to USD$3,000 or more per month. At the highest end of the scale, penthouses and other luxury options are available for a fraction of the price of other large Asian metro destinations such as Tokyo or Singapore, where one of the most expensive homes in t is located.
How to Get the Best Price
First, connect with a local agent. Vietnam has a plethora of real estate agencies, making it easy to find someone who can help you. You can track down local agents by searching for places to live in certain areas, such as ‘apartments for rent in Thao Dien.’
If you’re located outside of Vietnam and want to have a place ready before you move, ask your agent to send a selection of options. Make sure to compare prices across multiple agencies to check that you’re being offered units for the market rate.
Because of COVID-19’s effects on travel to Vietnam, apartment rental prices are down from previous highs. Don’t be afraid to negotiate if you see a place you like—you might end up with an appealing offer from a landlord looking for a tenant.
Second, if you’re looking for value for money, look for up-and-coming areas located just outside the center of major cities. Areas like An Phu and District 7 in Ho Chi Minh City offer better value than more established areas that are well known to renters.
Third, try to view a variety of apartments in each building. You’ll find that some units have been available for longer than others. The owners of these apartments are often more responsive to offers than those who’ve only just listed their units for rent.
Signing a Lease Agreement
Once you’ve found an apartment or house that’s right for you, it’s important to make sure that the paperwork is in order before you sign anything
Check that the contract clearly states the payment terms for the apartment, including the date you’ll need to pay your rent each month. Make sure to check for any late fees or other charges that you may incur if your rental payments aren’t made on time.
Before you move in, ensure that the contract clearly lists all of the furniture, appliances, and any other items included with the apartment. If possible, take a video inventory so that you have a clear record of the condition of both the home and its contents.
Check that the terms for the return of your deposit are clearly laid out in the contract and that there’s not an unreasonable wait for you to receive it at the end of the lease. It’s customary to give a one to two-month deposit in Vietnam.
Finally, if you’re renting an apartment, make sure it’s clear who will pay the common fee. This is often left ambiguous in rental contracts.
Renting in Vietnam can be a rewarding experience. The selection of apartments and houses is growing every year, with new developments constantly popping up to suit everyone’s taste and price range.
Just like anywhere else in the world, it’s important to have a plan when you view, compare, and choose properties to live in. Use the tactics listed above, and you’ll enjoy a smooth, stress-free process, whether you’re renting for yourself or for your whole family.