APARTMENTS with monthly rental prices of around Ks100,000 are in high demand in the commercial city of Yangon in the post-Thadinguyt period, according to a report of the Myawady Daily issued on Saturday.
Local real estate agents say that the rental market booms after Thadingyut festival, especially in Hlinethaya, Shwepyitha, Dagon Myothit (South), Dagon Myothit (North) and other peri-urban areas, as the majority of potential renters sought new accommodations away from downtown. According to the property agents, the rental prices of apartments in downtown still remains high, resulting in a decrease of rent market activity. Nyan Tun Lynn from Tainglonkyaw real estate services agency said it is his view that tenants are looking uptown because of the high rental rates in the downtown area. The rental market plays a crucial part in the smooth operation of property market, he added. In sub-urban areas, the top-floor apartments have rented for a monthly payment of Ks80,000 while rent for a third-floor apartment in the same area is around Ks100,000. Renters mostly make three-month or six-month rental contracts. In Latha, Lanmadaw, Pabedan, Kyauktada, Botahtaung and Pazundaung townships in downtown Yangon, the monthly rental fee for an apartment is between Ks150,000 and Ks600,000, said U Myint Lwin, a property agent.