Hanoi (VNA) – Expanding the supply of rental housing is not only a social welfare solution but also a sustainable development and investment model that can help ease housing pressure in urban areas.
As the Party, State and Hanoi authorities are prioritising rental housing development, many middle- and low-income workers hope such projects will soon be completed, giving them access to safe, legal, and affordable accommodation.
Seeking stable, affordable accommodation
A native of Phu Tho province who has worked in Hanoi for nearly 10 years, 33-year-old Tran Anh Ngoc is currently renting a self-contained room of less than 12 sq.m for 5 million VND (190 USD) a month.
Working in human resources for a private company with a monthly salary of around 17 million VND, Ngoc has so far saved 800 million VND. However, soaring housing prices have put her dream of owning even a small apartment out of reach.
For people from other provinces who come to Hanoi to work, housing rent is always a major concern. As living costs rise, rental expenses have become a heavy burden, particularly for young people and low-income earners, she said.
Ngoc expressed her hope that rental housing projects will offer more affordable rents than those currently charged by individual landlords, enabling people with modest incomes to access safe and legal accommodation.
Nguyen Trung Kien, who works for a state agency in Hanoi and is from Tuyen Quang province, shares the same concern. His family of four is renting a mini apartment for 7 million VND a month, accounting for about 40% of the couple’s combined income.
Kien shared that his family had considered social housing but had to put the plan on hold because the required initial payment and loan repayment burden were beyond their financial capacity.
A balanced housing market
Nguyen Van Dinh, Vice Chairman of the Vietnam National Real Estate Association (VNREA), described rental housing development as a sound and humane social welfare policy and an inevitable trend.
He noted that most rental housing supply currently comes from individuals, while standards for infrastructure, services, living environments and property management remain inconsistent.
A sustainable real estate market needs a balanced structure between housing for sale and housing for rent, Dinh said, suggesting that Hanoi should evaluate newly launched rental housing projects and expand successful models to address supply and lower property prices.
Duong Cong Minh, a key shareholder of Him Lam JSC and Chairman of Sacombank’s Board of Directors, whose company is developing the 25ha Him Lam Long Bien mixed-use housing project with about 2,000 rental apartments, said rental housing meets the needs of a large segment of urban residents who cannot yet afford homeownership.
Developing rental housing is not only a social welfare solution but also a sustainable development and investment model, he said, calling for policies that enable rental housing developers to access preferential, long-term loans.
According to the Vietnam Association of Real Estate Brokers’ Research Institute for Real Estate (VARS IRE), the State should play a key role in creating mechanisms and coordinating resources, particularly in planning, land allocation and finance, while ensuring appropriate rent levels and proper targeting of beneficiaries.
The Ministry of Construction urged localities to assess rental housing demand among different groups and develop practical investment plans for the 2026-2030 period. Localities have been encouraged to develop worker accommodation projects, allocate land, support households building rental housing, and utilise local housing development funds./.
