Rentals go up in Yangon property market

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  • Rentals go up in Yangon property market

YANGON property market is experiencing a good condition with more rentals, according to real estate agents. Due to the influx of relocating families, the rental market for houses and apartments in Yangon is continuously high, they said.
“There are more rental deals because it’s the pre-monsoon season where house-moving occurs. Both houses and apartments are rented. Not very soon after one moves out, the next one moves in. Rental prices are K 250,000, K300,000 or K400,000 depending on the location and neighbourhood. Although the rental rate is high, there are still people who move in, or visit for training courses from the other cities, so transactions happen continuously,” said an agent.
Rentals with deposits and the 6-month contracts are now becoming more common. “Recently, rental apartments are no longer cheap. Many of them are rented on a monthly basis, on a yearly basis or on a deposit. If the neighbourhood is clean and good, it is more expensive. Those who have moved from other cities with their elderly parents prefer to rent houses. As most people cannot afford a house, they usually rent apartments,” said a tenant.
Yangon’s real estate market is currently experiencing a slowdown in sales, but the rental market is still thriving with good prices. — MT/ZN

Source: The Global New Light of Myanmar

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