What do you need to know about renting in Phnom Penh?
Preparing yourself is essential before moving to a new city. To be better prepared, here are 5 significant things to watch out for during your property hunt to rent in Phnom Penh:
- Rental prices: The neighborhood, building size, and amenities partially affect how much a rental property costs in Phnom Penh. A 1-bedroom apartment in the city center will typically cost between $400 and $1,500 per month. Meanwhile, a 3-bedroom apartment in a more affluent area could cost upwards of $2,500 per month.
- Security deposit: A security deposit is required when renting a property in Phnom Penh. The amount of the security deposit will vary depending on the property. It is usually equal to one month or two months’ rent. The deposit will be returned to the tenant at the end of the lease period as long as the tenant follows all terms of the lease.
- Utilities: Utilities are usually not included in the rent, so you will need to budget for utility bills. The cost of utilities will vary depending on your usage, but you can expect to pay around $50 to $100 per month for a one-bedroom apartment.
- Lease period: Lease terms in Phnom Penh are typically one year or at least six months, most landlords are unwillingly having tenants stay for less than six months. The option for a less-than-six-month lease is severely limited, and the price is often higher than the published rate or non-negotiable.
- Agent fees: No brokerage fee is charged, at least for the present. You do not need to be concerned about the brokerage fees when renting a property through a real estate agent. A commission is paid to the agency by the property owner. However, good agencies remain neutral as they depend on favoritism from both parties.
Here are some tips for renting a house or apartment in Phnom Penh:
- Start your search early: The rental market in Phnom Penh can be competitive, so it is a good idea to start your search early (between two weeks to one month in advance).
- Be clear about your needs: Before you start property hunting, it is important to be clear about your needs. What is the size of the property you need? How many bedrooms and bathrooms do you need? What amenities are important to you?
- Do your research: Once you have a good idea of what you are looking for, it is time to do some research. Check out online listings and talk to real estate agents to get an idea of the rental market.
- Negotiate the price: If you find a property that you like, don’t be afraid to negotiate the price. The asking price is not always the ultimate price.
- Read the contract carefully: Before you sign the lease, be sure to read it carefully. Make sure you understand all the terms and conditions.
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