The long-term benefits of renting a house in Ho Chi Minh City that young people should know

1. Buying a house in the city requires a large amount of money

Land prices in most areas in Ho Chi Minh City are on the rise in line with regional development. The central and near-central areas such as districts 1, 2, 3, 10, Phu Nhuan,... are all from 100 million to 200 million/m2. Districts far from the center such as District 12, Binh Tan, District 9, ... have prices from 50 million - 90 million/m2. Buying a house far from the center will be lower, but in terms of convenience and convenience for life, it will not be enough. 

On the contrary, the central area that ensures modern comfortable living often has a high price. The disparities in these regions are not small. Therefore, young people who are not financially capable or intend to borrow to buy a house should consider renting an apartment and using the remaining money to invest profitably. At that time, they can both enjoy a comfortable life and have a stable income. Best of all, they won't have to take on a debt that the loan isn't using to generate a profit.

Propzy Insight has released its August 2021 report on home ownership rates in Vietnam. Accordingly, the rate of home ownership in Vietnam is 88% and 12% is rented. In Ho Chi Minh City, the rate of tenants is 32% - the highest in the country. In Hanoi, the rental rate is only 16%. This shows that it is harder for people in Ho Chi Minh City to buy and own a home because of high prices in many areas. 

2. Benefits of renting a house in Ho Chi Minh City for young people

2.1. Low rent and convenience

House prices for rent in Ho Chi Minh City are often within the affordability of many people (except for luxury apartments or villas for rent). Young people can find serviced apartments for rent from 4 million to 10 million with modern and comfortable living space. Many mini apartments only have a rental price of less than 5 million per month, suitable for the number of 1-2 people sharing the same rental. For young families with high incomes, apartments priced at 10 million fully furnished are still a suitable choice. In addition, most of the apartments for rent are located in convenient traffic locations, in the city center or in the center of the district, near a densely populated area. Meanwhile, if you want to buy a house in these crowded areas, the buyer will have to pay a very high amount (about 50 million/m2-100 million/m2, depending on the area).

2.2. No need to take out a loan to buy a house

Borrowing money from a bank to buy a house is a big debt that many people are afraid of. Sometimes, because of the desire to "settle in a peaceful career", many young people have to borrow money to buy and own a dream house. However, for those with low finances, and the loan exceeds 50% of the home's purchase price, this loan becomes a burden. Instead of taking out a home loan without having a suitable balance, young people should rent a house to live in and use the money for profitable investment or business.

2.3. Can change location flexibly

The advantage of renting is that tenants can flexibly change the location and rental area. In case of changing workplace, in order to facilitate moving to the workplace, tenants can quickly search for rental housing near the workplace and move in.

In addition, for many people, changing the rental location is also having the experience of living in a different environment. Bringing many new things to young life in a big city.

2.4. Reduced ownership liability

When buying a house, the owner is responsible for all the responsibilities related to his house, from buying furniture, arranging rooms, repairing damage, checking the quality of items, electrical systems periodic water,... Small things in the house will take a lot of time, especially for those who are busy with work outside.

In contrast, when renting, the tenant only needs to report the problem to the landlord for help. Serviced apartments or rental houses in general help tenants feel comfortable when renting. The landlord always supports and helps to repair damage and troubleshoot problems that occur in the house that the tenants. Therefore, when renting a house, tenants will reduce the busyness of the day.

3. What areas should you rent a house in Ho Chi Minh City?

Ho Chi Minh City is a densely populated urban area, in which many people from other localities come to live and work. Each place in Ho Chi Minh City offers different living experiences and possesses outstanding advantages that make the lives of people there more convenient. Here are some suggestions for a number of districts in Ho Chi Minh City that are popular with young people looking to rent a house.

3.1. District 2

The demand for houses for rent in District 2 is gradually increasing thanks to the outstanding development of this area. The service of renting whole houses in District 2 or townhouses in District 2 is available in many areas and in many segments from affordable to high-end. Many young people love life in District 2 thanks to its modernity and the opportunity to integrate into the international community. However, house prices in District 2 are always high and tend to increase sharply. Therefore, owning a house in District 2 is not easy. Instead, many of them choose to rent affordable apartments to experience the modern and convenient life here.

3.2. Phu Nhuan district

Phu Nhuan district is the bridge between many central and sub-central districts. Traffic in Phu Nhuan is closely connected with neighboring areas and is located near important places such as the airport, big companies, banks, entertainment spots,... In addition, the rental price Housing in Phu Nhuan is also said to be suitable for many young people. Renting a house in Phu Nhuan makes it easy for them to access modern amenities and catch the latest trends just like District 1.

3.3. Binh thanh district

Binh Thanh is rated as a district with a standard of living suitable for students and young working people. Many businesses with affordable prices with good product quality are known by many people. In Binh Thanh district, it is not difficult to see cheap food shops attracting many young people to eat every day. Young people who love the area with many shops and cheap services choose Binh Thanh to rent a house