Yangon’s rental surge fuelled by booming migrant influx

THE property rental mar­ket has been more active in Yangon, and it is hard to find rooms which are being rented directly be­tween owners and tenants.

The domestic migrant population in Yangon has been steadily increasing, leading to a consistent rise in the rental market across nearly all town­ships in the city.

“The rental market has been active in nearly all townships. It doesn’t need to wait long for the next tenant after the for­mer one moved. Despite slow buying and selling ac­tivities, the rental market has been growing,” said an estate agent.

In past, some rented rooms were advertised along with the owner’s phone number, but now such rooms are difficult to find, and tenants have to contact estate agents to find rented rooms, accord­ing to tenants in Yangon.

In addition, rent pric­es become higher depend­ing on locations, and most are six-month or one-year contracts.

“The price is around K300,000 even for higher floors, while it is K400,000 or K500,000 for lower floors. Prices are expen­sive if the property is con­veniently located,” said a Yangon resident. — MT/ ZS