Tips for negotiating rent in Ho Chi Minh City (Saigon)
Housing negotiation is a fun experience yet it requires the tenants be able to know some skillset. Here are tips for negotiating rent in Ho Chi Minh City.
Negotiating rent after Researching market prices in Ho Chi Minh
Whether faced by a landlord’s agent or the actual landlord, your negotiation counterpart will in all likelihood know very well what the rental property market trends are, and what the market rate for the apartment is at the time.
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To level the playing field, you should know the information as well. There are a variety of ways to go about this, but you can view past rental transaction prices for properties on the housingsgn.com when you view a listing. Cross-referencing will give you a good indication of the going rate of a rental apartment/room, as well as whether prices have been trending up or down for a given area.
Your bargaining position is good in current market
While the price trends differ between neighborhoods and even between different developments within the district, the general trend has been that rental supply is higher than demand except central District (District 1 and 3). Right now, the market remains a tenant’s market. This means that the market is in your favor and your bargaining position is good.
Read more: Top 3 neighborhoods for housing in Ho Chi Minh City (Saigon)
When the rental market is in an upward swing and landlords find their property hotly contested by prospective tenants, they will have the power to play tenants out against each other and request higher renting fees. If, however, the rental market is sluggish and the property runs the risk of being vacant, landlords will have to be more accommodating and settle for lower rental fees.
Your homework would have informed you about the state of the rental market, whether the unit/development in question is popular, and whether your bargaining position is good.
When you are equipped, no landlord or agent will be able to unscrupulously lease you a US$1,100/month room for US$1,300. And while the right negotiation margins are probably still a bit uncertain, you will have a general idea of what to pay and what not to pay for your next place.