Serviced apartment vs long-term lease in Hanoi: which is cheaper?

Short answer: the shorter the stay, the more a serviced apartment tends to win on total cost and hassle, and the longer you stay, the more a long-term lease tends to win once furnishing is counted. A serviced apartment bundles rent, utilities, wifi and cleaning into one monthly price. A long-term lease is cheaper per month but you furnish it, set up your own bills, and commit for a year. Which wins depends entirely on how long you are staying.

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Choose serviced if…

• You are staying for a shorter time
• You want zero setup and no furniture spend
• You value flexibility over the lowest monthly rate
• You are arriving before you have decided on an area

Choose a long-term lease if…

• You are committing to a year or more
• You already know the neighbourhood you want
• You are happy to furnish or want an unfurnished base
• You want the lowest possible monthly cost

What a serviced price usually covers

The appeal of a serviced apartment is one bill. What that bill covers varies by building, so check each item rather than assume it:

• Rent for a furnished apartment, with linen, towels and a working kitchen
• Electricity and water, sometimes with a monthly allowance and a charge above it
• Internet and wifi
• Cleaning, often weekly, and sometimes laundry
• A reception desk, security and the building’s management fee

What a lease adds to the rent

A long-term lease quotes a lower monthly rent, but more of the cost sits outside that figure:

• Bills you pay on top: electricity, water, internet, parking and often the management fee
• Furniture and household basics, if the home is unfurnished or only partly furnished
• A deposit, held until you leave and returned on the conditions in the lease
• A notice period, and sometimes a penalty if you leave before the lease ends

Which works out cheaper

The longer you stay, the more a long-term lease tends to win once furnishing is counted. The shorter the stay, the more a serviced apartment tends to win on total cost and hassle. To compare, switch Nest search to Short-term: homes with a nightly rate show there. For what a lease adds on top of the rent, read the guide to the true cost of renting.

How to compare the two for your stay

Put both options on the same footing before you decide.

• Work out the all-⁠in monthly cost of the lease: the rent plus the bills that come on top. What bills cost on top of the rent shows the bills written down on the homes Nest lists today.
• Add the one-off costs of the lease, such as furniture, and spread them over the months you expect to stay.
• Compare that with the serviced price for the same months, once you have checked what the serviced price includes.
• Then ask what each costs if your plans change: the notice period on a lease, and the shortest stay a serviced building accepts.

Questions to ask a serviced building

Five answers tell you what the one bill really covers:

• Is electricity included in full, or only up to an allowance each month?
• How often is the apartment cleaned, and is laundry part of it?
• What is the shortest stay you accept, and what notice do I give to leave?
• Is there a deposit, and when does it come back?
• Is the price the same for a longer stay, or does it come down?