A road in Ho Chi Minh City unaffected by rent hikes, customers still compete to rent despite high prices.

After just 2 weeks of being listed, a townhouse with a rental price of 47 million dong/month on Hoang Dieu 2 Street, Thu Duc District (formerly, now Thủ Đức City, HCMC) has found a new owner. This is a street with very few vacant spaces, bustling with business activities leading up to Tet.

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The road Hoang Dieu 2 is an important route in Linh Trung ward, Thu Duc City, Ho Chi Minh City. The road is 1.7km long, 4m wide, connecting from Le Van Chi to Kha Van Can. It is very difficult to find an empty space in the aftermath of the recent wave of renting places in the Ho Chi Minh City market. While some nearby streets such as Kha Van Can, Vo Van Ngan, Dang Van Bi have many empty spaces, with long-term lease signs hanging.

Survey at the end of January 2024 on Hoang Dieu 2 street found very few empty shop-house spaces for rent. Photo by Ha Vy

This used to be a road that experienced the strongest increase in rental prices in Thu Duc City from 2017 to 2019. The increase was about 40-60% in two years. After Covid-19 – the end of 2021, the rental prices in this area continued to rise and only truly stopped from late 2022 until now. Recently, when Ho Chi Minh City faced a wave of returning rental spaces in various districts, this road was virtually outside that trend. Tenants find it difficult to find empty spaces at affordable prices on Hoang Dieu 2 street.

If at the beginning of 2023, there were about 3-4 spaces returned but then new tenants came in just a few weeks to a few months later. Photo by Ha Vy

According to the survey, the 50-60m2 spaces here have rental prices ranging from 35-45 million VND/month. This type of space is rarely returned by tenants. If it is returned, it is only for a short period of time before agents find new tenants. Meanwhile, the large spaces, with rental prices ranging from 80-150 million VND/month, are returned but shortly after that, someone else comes in to rent.

Small spaces on this road are even fought over by customers. Photo by Ha Vy


According to observations, Hoang Dieu 2 street mainly focuses on food and fashion stores. Some colleges and universities located on this road have stimulated the demand for food and entertainment businesses.

Due to its proximity to colleges and universities, business activities on Hoang Dieu 2 street are livelier than in other areas. Photo by Ha Vy

Recently, when the rental spaces on neighboring streets such as Le Van Viet and Vo Van Ngan were returned, Hoang Dieu 2 street became an alternative because the rental prices here were still lower. That is why this road quickly filled up with tenants despite the difficult business conditions.

Some neighboring streets of Hoang Dieu 2 have quite high rental prices, ranging from 40-200 million VND/month (depending on the space and location). Photo by Ha Vy

According to brokers, the actual rental prices for shop-houses on Hoang Dieu 2 street are quite high, only slightly lower than the rental prices on Vo Van Ngan and Le Van Viet streets. When compared to other streets in Thu Duc City, the rental prices here are high. This price level has been pushed up over time due to the increasing demand for renting business places in this area. “Recently, when the rental prices in the city center areas like District 1 and District 3 were returned, a number of tenants have sought large spaces on Hoang Dieu 2 street to rent in order to reduce rental costs. However, there are not many spaces available for customers to choose from,” a broker said.