As the new academic year begins, students are concerned about the rising cost of accommodations.
Rising Demand Leads to Higher Rental Prices
For students studying away from home, stable housing is always a top priority. This demand intensifies during the back-to-school season. According to data from the Batdongsan.com.vn technology platform, in July, the interest in rental rooms and houses in Hanoi increased by 10% compared to June. In Ho Chi Minh City, the increase was even higher, at 22%.
The Price History tool on Batdongsan.com.vn also indicates that rental prices in some areas have been on an upward trend since Q2/2024.
For instance, in Ward 9, District 5, Ho Chi Minh City, which is close to prominent universities such as the University of Natural Sciences, the University of Pedagogy, and the University of Medicine, the average rental price in Q2/2024 was 6 million VND per month, a 50% increase compared to the same period last year.
Rental price history in District 5, Ho Chi Minh City (Source: Batdongsan.com.vn)
In Hanoi, in Bach Khoa Ward, Hai Ba Trung District, an area that houses well-known universities such as the University of Technology, the University of Construction, and the University of Economics, the average rental price in Q2/2024 was 5 million VND per month, the highest in the last four years. Rental prices in Bach Khoa Ward have increased by 25% from Q3/2020 to Q2/2024.
Rental price history in Bach Khoa Ward, Hanoi (Source: Batdongsan.com.vn)
According to Batdongsan.com.vn, some landlords in Hanoi have increased rents by 10-15%, citing rising real estate prices as the reason for the increase. Similarly, the rental market in Ho Chi Minh City has also seen a rising trend in recent months, significantly impacting tenants’ psychology and behavior.
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The simultaneous increase in rental prices near universities in major cities like Hanoi and Ho Chi Minh City has posed a financial challenge for tenants, especially students who are still financially dependent on their families or young graduates with low salaries.
As a result, the mindset of this group has shifted to balance income and monthly expenses. According to a Batdongsan.com.vn survey on consumer behavior in renting homes in the last six months of 2024, 47% of respondents chose to rent rooms with less furniture, and 51% opted for smaller rooms.
Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, said that, considering the locality, tenants in Hanoi tend to accept renting rooms with less furniture, while those in Ho Chi Minh City prioritize renting smaller spaces to cut costs. Other chosen options include renting places with fewer amenities and sharing a room.
Duy Quang (from Long An province), a second-year student at a university in Hanoi, shared that after the summer vacation, he returned to school in early August to prepare for the new academic year. However, his landlord informed him of a rent increase of 500,000 VND per month.
“My contract ends in September, and I’m looking for other rooms with less furniture because they are more affordable,” said Duy Quang.
Apart from rent, Mr. Quoc Anh advised students and their parents to consider the convenience of transportation and the security of the area surrounding their accommodations. Fire safety is also a significant concern. According to Mr. Quoc Anh, tenants should check for fire escape routes, fire safety equipment, and the proximity of electronic stores or factories with flammable materials to minimize potential accidents. Additionally, tenants should thoroughly inspect the room for hidden cameras to ensure their privacy and personal safety.
The upward trend in rental prices is expected to continue for at least the next 1-2 months as the number of students enrolling in Hanoi and Ho Chi Minh City continues to rise. This situation calls for young people to be financially savvy and adjust their spending to maintain a harmonious balance between their essential needs.
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