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There may be unofficial statistics within the capital metropolis that about 70,000 college students migrate to Ulaanbaatar yearly. There will not be sufficient dormitories to accommodate them and due to this fact, condo looking is excessive, particularly, within the new educational 12 months and in winter, so the costs of renting flats go larger from August to October. In relations to this, we have been on this 12 months’s value on rents, townhouses, and a single room.
We additionally talked to landlords and tenants in regards to the value and the state of affairs of the hire. Resident of Bayangol district G.Munkhjin mentioned, “My spouse and I’ve been dwelling in a rented condo for six years. 5 years in the past, we rented a studio condo with a separate kitchen in third and fourth khoroolol for less than about 400,000 MNT monthly. Rents could possibly be paid in as much as three months with versatile phrases. However as of final week, the month-to-month hire for a studio condo with a separate kitchen, prices 1.2 million MNT. It implies that along with receiving the cost in three months, one month’s deposit or a complete of 4.8 million MNT must be paid. The month-to-month revenue of our household is about 2.5 million MNT. Virtually 50 % of will probably be spent solely on condo hire.” Among the many flats for hire, studio or one-bedroom flats, situated within the metropolis middle, are probably the most wanted. Month-to-month charges for such flats fluctuate relying on whether or not they’re furnished or not, and studio flats often price 800,000 MNT to 1,900,000 MNT. For 800,000 MNT, you will discover one situated on the outskirts of town like Nisekh or Yarmag, or you possibly can hire one for 1.5 million MNT to 1.9 million MNT within the downtown. The hire is often paid for greater than three months, along with fearing that property could also be destroyed or broken, cash equal to 500,000 to 1 month’s cost will likely be seized as a deposit. Moreover, the month-to-month hire for a one-bedroom condo is between 1.2 million MNT to 4.5 million MNT. Most of them are furnished and they’re costly if they’re within the metropolis middle, shut to colleges, kindergartens, and bus stations. There have been extra advertisements for renting two- to three-bedroom flats than studio and one-bedroom flats. The demand for these flats doesn’t appear to be excessive. Such flats are sometimes totally furnished and are enticing for long-term leases, and the costs are excessive. Particularly, it ranges from 1.5 million MNT to 7.5 million MNT. The house owners defined that the flats costing greater than 4 million MNT monthly are largely rented to foreigners and are newly constructed and totally furnished, and embody utility payments. So, the month-to-month hire for the most cost effective studio condo is 800,000 MNT, which is sort of 50 % larger than the minimal wage. As well as, in the event you hire two- to three-bedroom flats for five.5 million monthly, you’ll pay 10 occasions greater than the minimal wage.
Because of the excessive price of hire, college students and single individuals typically hire a room subsequent to a family. The value of a single room begins from 300,000 MNT monthly, and whether it is within the metropolis middle, it’s 400,000 to 600,000 MNT. Rest room, washer and kitchen are shared, and in some instances, a sure share of electrical energy and web payments could also be paid. I contacted an individual in response to the commercial {that a} single room of an condo is for hire. An 18-square-meter room with a balcony will likely be rented out within the constructing no. 10 of the fourth khoroo of Bayangol District. The owner mentioned, “Three rooms separate from our kitchen will likely be rented out one after the other. The charge for one room is 500,000 to 600,000 MNT, one to 2 individuals can stay there. Tenants may also pay for web, electrical energy, heating, and houseowners’ affiliation charges. Utility payments are 200,000 MNT in winter and 100,000 MNT in summer season. A clear condo with a safety guard and a digicam.” When requested in regards to the foundation of which the hire is calculated, they mentioned, “Now we have studied the charges of the rented flats on this space. Generally, three rooms price greater than 1.5 million MNT. Dividing every room for hire is useful for us and for individuals who stay alone.”
It’s inexpensive to stay in townhouses within the ger district. 4 to 6 households can stay on one flooring, the toilet is shared, and the month-to-month hire for a 20- to 30-square-meter condo is 160,000 to 300,000 MNT. However in the event you stay in a big room with a toilet and bathe inside, the worth is 400,000 to 500,000 MNT. The three-month hire is often paid upfront. As well as, the basement flooring of some flats is furnished and rented out. Residing in such a room price between 100,000 and 250,000 MNT relying on the facilities and measurement of the realm. If you happen to have a small room for one individual, together with one toilet, the hire will likely be decreased to 100,000 MNT. Other than this, there are various hostels for women. Often, three to 5 individuals can stay in a single room with bunk mattress, wardrobe, and kitchen furnishings. Relying on the placement and facilities, one individual can pay 250,000 to 350,000 MNT monthly. Utility payments are included within the value of the condo. In brief, hire costs have elevated by 30 to 40 % monthly in comparison with this time final 12 months, and nearly doubled from 2021.
Renting flats and city homes has turn into a enterprise. Such companies are run by actual property brokers or people. Dealer brokers set the worth by including a service charge of the worth provided by the person. On this regard, an actual property agent mentioned, “If the condo is rented out by an agent, the house owners don’t want to fret about something. All it’s essential to do is supply your value. We discover the proprietor to hire to, present the condo, and hand it over to the proprietor intact on the finish of the lease. Lots of people are concerned about flats for hire, and it takes time to indicate flats. A contract can be signed and notarized, and the notary charge is often paid by the owner. As an actual property agent, you might be paid by your organization based mostly in your gross sales income. We pay taxes from our wage.” No different tax is paid for renting or leasing an condo, aside from the notary charge. There are no authorized provisions or laws governing this. When clarifying whether or not renters of flats, actual property, and stalls should pay taxes, the Mongolian Tax Authority mentioned, “Residents pay taxes by declaring their private revenue. Taxes could also be paid on rental and different revenue, however those that hire out flats and rooms are much less more likely to pay tax. Additionally, there isn’t a basic details about what number of flats are rented out within the capital per 12 months, at what value, and the way they earn revenue. In truth, in the event you pay private revenue tax, you get a refund for purchasing actual property and paying pupil tuition charges.”
Residents typically pay a mean of 1.5 million MNT monthly to stay in an condo. It would quantity to 18 million MNT per 12 months and 36 million MNT in two years, and it’ll type an advance for a mortgage price 100 million MNT. Nevertheless, residents can not accumulate such funds and can’t get into flats as a result of they do not meet the credit score standards. However the Ministry of Development and City Growth reported that from 2017 to 2022, a mean of 17,000 flats have been put into operation per 12 months, whereas 6,900 households got mortgage loans. For instance, if 10 new flats are put into operation, solely three to 4 of them will likely be included within the mortgage mortgage, that’s if the demand and provide don’t intersect. In 2019, the housing program for rent-to-own was carried out within the capital metropolis to resolve this drawback. About 1,000 households at the moment stay in such flats, as will be seen on the web site of the Ulaanbaatar Metropolis Residence Company.
They mentioned that sooner or later, they might put out many flats for hire or rent-to-own that match citizen’s revenue, nevertheless it has not been carried out. Additionally, the Ulaanbaatar Metropolis Residence Company mentioned that they won’t settle for functions from residents who’re to stay in such flats and can’t present info.
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