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Find the latest rental rates on the Hanoi property market
Hanoi is the National Capital of Vietnam and is one of two major cities along with Ho Chi Minh City. It is also one of the ancient capitals in the world, remaining as the capital city of Vietnam for more than a thousand years. It has had different names, such as Thang Long since 1009 by the first ruler of Ly Dynasty, and then Dong Kinh which became distorted by Europeans to Tonquin and then Tonkin during the French Colonial Period between 1883-1945.
Hanoi is located on the western bank of the Red River and It’s been aptly named Hanoi which means “Between Two Rivers”. Hanoi is circled by twenty lakes and rivers and more often, locals refer to it as the “City of Lakes”.
The city has opened its economic doors recently and has been a developing city since the Millennium Anniversary of Hanoi in 2010. With the current trend of competition between major cities of the world and the globalization of economies, there have been exceptional changes to many industries and most notably the real estate industry.
Hanoi is undergoing major infrastructure development with its expansion of railways and the airport and many multinational organizations are setting up shop to get a slice of the action. Furthermore, real estate prices are quite affordable compared to the capital, Ho Chi Minh city. Hanoi is emerging as the most sought-after destination among Vietnamese and foreign investors for real estate investments. As many expats are relocating to Hanoi for jobs with multinational companies, the rental market is very attractive and promising for the investors.
Being an expat, and to find a property to rent in a new country can be very challenging as you will not be familiar with the city. It’s always better to search for housing in reputed and dependable property search websites or through registered property agencies. Hanoi offers a multitude of choices when you want to rent a property. It starts with a small rented room in a house where other rooms are occupied by fellow workers, which will help you to beat the loneliness in a new city as well as to save some money. For example, a Studio Loft in the Old Quarter comes in at a rent of about VND 14,000,000, which is just over $600.
Hanoi, with world-class universities, attracts a lot of foreign students. This has led to a surge in dormitories and living spaces within apartment blocks close to the universities. If you are an expat student that need some privacy, you have got a private rental apartment, which is usually occupied only by foreign students. If you can afford a higher budget, studio apartments might be a better choice.
Multi-room apartments, condominiums and independent properties like houses and villas are more popular choices for families. They start with a small one bedroom and go up to four or five bedrooms. Serviced Apartments are pricier and they are built mostly to cater to the expat community that wants long term rentals. Luxurious Serviced apartments come with top class amenities like gym, swimming pool, cleaning and laundry services, and twenty-four-hour security.
Hoan Kiem – Also called the “Old Quarter”, it’s the most suitable area if you prefer a cultural and easier life, right at the center of the city. You have various choices such as apartments and houses to rent.
Ba Dinh – Formerly known as the “FrenchQuarter’, Ba Dinh is in close proximity to not-so-famous Hoan Kiem. It’s a quieter neighborhood, yet close to the heart of the city. It’s home to government offices and embassies and has French-styled villas.
Tay Ho – It ’s popular with expats and if you like to have a western feel, this is the area you should choose in Hanoi. It has trendy shops, top class dining, and a vibrant nightlife.
True Bach – If you like a calm and serene neighborhood, then True Bach is the right choice. It has fine-dining restaurants targeted at the expat community and is a great place to relax by the lake-side.
Thanh Xuan – This is mainly a residential neighborhood and home to several universities, making it an ideal location for families.
Dong Da – This is the most densely populated locality in Hanoi. If you want to have a taste of pure Hanoian lifestyle, then there’s no better place than Dong Da.
Cau Giay – It means “Paper Bridge” in the Vietnamese language. Cau Giay is named after the historic bridge where the Battle of Cau Giay was fought. The colossal Keangnam Hanoi Landmark Tower is in Cau Gjay. Many Japanese and Koreans consider this district to be their second home and there are many restaurants and takeaways serving to their needs.
Rent of a Studio apartment in areas within the city will cost you around $300-$500 per month, while a two bedroom apartment will be $400-$600 a month. If you are looking for cheaper options, you can rent rooms in French-style homes where the owners let them out on a monthly rent of around $250. The electricity costs will be separate and may cost around $20-$50 per month based on your usage.
If you have a luxurious budget, you can go for Condos and furnished apartments or Serviced apartments. The rent per month for these properties start from $600 and upwards.
Most of the residents in Hanoi use motorbikes and two-wheelers for transportation, due to narrow lanes in the city. It is a lot easier for you to commute in a two-wheeler than traveling by car. Gas prices are also very cheap as it costs just over $3 to fill up your tank.
It depends on where you want to eat. Drinks, especially Beer are very cheap. Street food cost you $1.50, while food in a restaurant might cost between $2.50 and $5.50. If you want to have western cuisine, then you may have to pay a bit more.