Serviced apartment market that you should be interested in

In Vietnam, it is becoming more popular to search for apartments to rent or buy. As a result, numerous investors have actively constructed and developed the market for serviced apartments. How would you rate the present state of rental real estate projects? Let’s read the article below to keep up with the latest market news!

See more: Serviced apartment for rent in hanoi

Overview of the serviced apartment model

Before learning about serviced apartment market information, let’s first take a look at some overview concepts about this housing model!

What is the serviced apartment model?

Serviced apartments are a common type of rental accommodation in Vietnam. To support daily activities, the apartment is completely furnished with the essentials including a kitchen, television, refrigerator, bed, toilet, etc.

The majority of serviced apartments are often found in apartment buildings, and residents can make use of the amenities both within and outside the building. This model’s support for housekeeping, catering, laundry, and other services akin to hotels is a unique feature.

Serviced apartment model
Serviced apartment model

Serviced apartment classification

This concept is divided into three currently prominent types in the serviced apartment industry, which are:

  • Mini Apartment: This is a good option for travelers from abroad, single people, etc. Because it has a little living area, full amenities, and a reasonable rent.
Mini apartment
Mini apartment
  • Medium-sized apartment: This space is more spacious than a mini-apartment and is also more stylish, contemporary and pleasant. When compared to the compact apartment model, the rental cost will be a little more.
Medium-sized apartment
Medium-sized apartment
  • High-end apartment: This is a model for market segments that enjoy luxury and high-end products. These apartments typically have a prime location near major tourist attractions and have access to all of the regular utility services offered around the world. Compared to the other two portions, the rental cost will be higher.
High-class serviced apartment
High-class serviced apartment

See more: Listing of luxury apartments Hanoi

Advantages and disadvantages of serviced apartments

Why has the rental industry for serviced apartments risen and developed so strongly? Let’s examine what makes this concept currently popular in real estate.

Advantages of serviced apartments

The following are some notable benefits of the serviced apartment model:

  • Stylish and cozy living space.
  • Ideal living quarters that protect privacy and accommodate daily demands.
  • To give clients the maximum comfort and convenience, provide both internal and external amenities.
  • When there are support services accessible, cleaning and cooking may be done quickly and easily.
  • allows for the selection of a home model with section, area, design, and pricing based on individual needs and preferences.
  • gives people the freedom to pick between short- and long-term rentals.
Advantages of serviced apartments
Advantages of serviced apartments
  • Using a surveillance camera system, smart management, modern technology, and high security, ensure security around-the-clock.
  • offers a nice place to live, reasonable prices, and a full range of high-class services, all of which have the potential to draw in numerous foreign investors.
  • Encourage the signing of legally binding, transparent contracts that ensure benefits and reduce risks when dealing with scammers.
  • Other helpful services, including interpretation, flight ticket booking, tour guide, etc., are also available to international visitors at the flat.

Cons of serviced apartments

The major disadvantage of adopting this housing plan is that it would cost significantly more than regular apartments. Customers still save money compared to a 4-5 star hotel while still getting all the complimentary utility services though.

Read more: ハノイの賃貸アパート

Users of serviced apartments

Most items that select this model will typically fall into one of the following categories, according to statistics from the market for serviced apartments today:

  • Single customers: Since this item is frequently preoccupied with work and has little time for cooking or cleaning, this model will be the best option. After a long day at work, residents will always have a clean, comfortable space thanks to serviced apartments.
Single customers are often busy with work
Single customers are often busy with work
  • Long-term business or travelers: By selecting this option, customers can spend much less money than they would by booking a long-term hotel, while still receiving the highest level of comfort and convenience.
  • Businesses: This is a solution for those who need to find a temporary place to stay so that staff members can rest and work productively.
  • Foreigners working in Vietnam: This model will accommodate their fundamental needs while also providing comfort, convenience and proximity.
Foreigners working in Vietnam
Foreigners working in Vietnam

Overview of the serviced apartment market for rent

The apartment market in major cities like Ho Chi Minh City, Hanoi, Da Nang, Nha Trang, etc. tends to recover and develop quickly, according to statistical reports on the current situation of the epidemic. shortly after the Covid-19 outbreak. There are many possible items from which to choose and strongly invest in this dwelling plan.

Apartment rental capacity is reportedly growing quickly, but prices are also competitive, only slightly rising quarter over quarter. within a city. Because Ho Chi Minh City and Hanoi are the country’s major economic, cultural, and political centers and have substantial population densities, analysts have determined that these two cities have a significant potential for developing this model. There are a lot of foreign workers and a large population.

This is another factor contributing to the ability of Vietnam’s two most important economic regions to draw both domestic and international investors into the serviced apartment sector. Strong growth in apartment construction is accompanied by upscale, opulent, and contemporary infrastructure designed to draw in more potential tenants.

Overview of the serviced apartment market for rent
Overview of the serviced apartment market for rent

Customers now have a simpler time selecting the ideal lodging thanks to the serviced apartment industry’s expanding diversity and richness. In order to reduce costs and provide highly functional living spaces, tenants can select the segment, kind, and price that best meet their budgetary needs and usage requirements.

Customers may now make the best judgment and decision by having a more comprehensive understanding of the advantages, limitations, and benefits that this model offers thanks in part to the aforementioned analysis.

See more: Rental apartments in Tay Ho Westlake

Competitive attraction of serviced apartment market

After the recent pandemic, the competitive attraction in the market for serviced flats for rent is currently experiencing a fresh breakthrough and grown significantly. In order to accommodate the current trend of individuals wanting to rent homes, this model has drawn many investors to begin developing major projects.

Competitive attractiveness of serviced apartments
Competitive attractiveness of serviced apartments

Due to the convenience and similarity in popularity, this model has been in intense competition with regular rental apartments in recent years. The fact that both rents fall within the same price range increases competition, leaving consumers unsure of which model to pick.

In order to give clients the greatest experience possible, real estate projects today are progressively attempting to update infrastructure and bring diversified, standardized, and professional utilities.

See more: Vinhome Metropolis apartment of rent

Some notes when renting a serviced apartment

Although the serviced apartment model offers many alluring perks, tenants must pay attention to some crucial elements in order to secure their rights, safety, and transparency. comprised of:

  • To discover the best apartment for you, choose the purpose of use and the length of the rental time.
  • To ensure that payment obligations are fulfilled as specified in the contract, take into account one’s financial situation and capacity to pay.
  • Find trustworthy landlords and investors to work with and steer clear of con artists that harm people’s property.
  • Contracts and legal documents must be comprehensive, transparent, and devoted to upholding the terms of the agreement throughout your stay.
  • Make sure the details on the contract match the actual state of the house and its interior by inspecting them.
Note the terms of the contract
Note the terms of the contract

An overview of the serviced apartment market in Vietnam as of today can be found in the article above. This will enable customers to form the best and most appropriate decision by giving them a more comprehensive understanding of this model. Additionally, customers should get in touch with Property Plus for more detailed guidance if they’re looking to rent a reputable serviced apartment in Hanoi.

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