How Does Rental Deposits Work in Vietnam?
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Foreigners can rent apartments and houses in Vietnam.
When you decide to rent, you normally pay a deposit equal to a period of renting the location.
The deposit amount varies a lot between regions but the practice is the same.
The renting contract should stipulate the deposit amount.
It is typically paid at the time of signing the contract.
Let's zoom in on Da Nang in central Vietnam.
Renting and Deposits in Da Nang
In Da Nang, the most common amount of deposit is equal to one month of rent.
If the rent per month for an apartment is 8 million dong, then the deposit will be 8 million VND.
In my experience, deposit amounts are more varied when you approach lower rents below 5 million VND.
Additionally, for long term contracts >1 year and complete houses the deposit may be equal to two months of rent.
As a rule of thumb you can expect longer contract periods the higher the rent.
When Do You Pay the Deposit to Rent in Da Nang?
You normally make a deposit when you decide to rent a place, and sign a contract.
Either in cash or through a local bank transfer.
Do not expect to make an international bank transfer when you rent from landlords with single or multiple buildings.
Large companies may offer to receive international bank transfers but I have not yet seen that.
Such transfers also takes longer than paying in cash or transferring money within the country, making them less appealing to locals.
It is important for landlords, property managers and agents that a potential tenant shows up after accepting an offer.
With that in mind, deposits are commonly thought of as an insurance that you will actually rent the location when you say you will.
Our Rental Viewing Assistance is a service to help you gather information and perspective on a place to live in Da Nang, while you are unavailable to visit in person.