An apartment left empty for two months is two months without income, while management fees keep running. The right rent is not the highest you can ask. It is high enough to be profitable and reasonable enough to find a tenant within a few weeks.
Start from comparable listings
Look in the same building or project for units with the same number of bedrooms, similar area, similar floor height and similar furnishing. Note the asking price and how long each listing has been up. A unit listed for three months without a tenant tells you that price has not been accepted by the market.
Asking price is not closing price. Ask agents working in the building what recent contracts were actually signed at; it is usually a little below the asking rate.
What moves rent away from the average
Floor height and view: a river view, a park view and a view of the next tower sit far apart in price. Furnishing: worn or mismatched furniture cannot command the rent of a new set. Term: longer contracts usually come with softer rent because the landlord avoids vacancy. Target tenant: a unit near offices attracts professionals, one near an international school attracts families.
Prepare the apartment before listing
Clean thoroughly, repaint peeling spots, and check the air conditioning, water heater, locks and kitchen appliances. These small costs are usually far cheaper than one empty month. Photograph in daylight with curtains open and personal items cleared, covering the living room, kitchen, each bedroom, bathrooms and balcony.
Choosing a tenant and writing the contract
A stable tenant is worth more than a few hundred thousand dong of extra rent. Ask about the purpose of the rental, number of occupants, expected stay and workplace. The contract should state the deposit, term, payment date, who pays management fees, repair responsibilities and early termination conditions, with a handover record listing items and condition photos.
If the apartment still does not rent
If there are no serious viewings after three to four weeks, review three things in order: photos and listing text, then price, then terms. A small reduction, or a partial rent waiver in the first month in exchange for a longer contract, usually works better than one deep cut.
Should you use an agent
If you live far away, are busy or own several units, an agent who knows the area can find tenants, show the apartment and draft the contract. Before signing an authorisation, clarify the fee, who receives the deposit and who has the final say.
