Demand for cheap rentals outnumbers supply
The boom in high-rise buildings in Phnom Penh indicates the robust economic growth of the Kingdom, but this trend does not include the lower-end accommodation where most economic migrants to Phnom Penh rent.
“Cheap rental accommodation plays a crucial role in providing appropriate settlements to those hundreds of thousands of people who spend less than US$100 per month for their temporary stays in Phnom Penh,” said Chrek Soknim, deputy director at Vtrust Property Co.
The urban population is increasing relentlessly, partly due to migrants from rural parts of Cambodia coming for study and work, as well as foreign expats and visitors. The population is of Phnom Penh is around 1.6 million, although other sources suggest it has hit 2.2 million recently.
The latest data indicates the number of factory workers was around 500,000, most of whom come from the provinces to work in Phnom Penh and Kandal province. …
The lower-level rental accommodation should be improved by investing in this subsector. “Investors should study and invest in this business to provide reasonable, secured rental services for lower- and middle-class tenants,” said Soknim. …
Sam Sopanharith
http://www.phnompenhpost.com/real-estate/demand-cheap-rentals-outnumbers-supply
