What is the average rent in Mandalay?

Authored by the expert who managed and guided the team behind the Myanmar Property Pack

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Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Mandalay. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At BambooRoutes, we explore the Myanmar real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Mandalay, Yangon, and Naypyidaw. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What's the average rent right now in Mandalay for the main property types like condos, apartments, and houses?

As of September 2025, mini condos in Mandalay rent for MMK 400,000-600,000 per month depending on location and furnishing level.

Standard 3-bedroom houses command monthly rents between MMK 650,000-900,000 in prime central areas, while similar properties in suburban locations rent for MMK 500,000-700,000. Luxury condos in new developments within central Mandalay often exceed MMK 900,000 per month, with some premium units reaching MMK 1,500,000 or higher.

Older apartments and suburban condos offer more affordable options, typically renting between MMK 350,000-600,000 monthly. The Mandalay condo market shows clear price differentiation between new builds with modern amenities and older properties that struggle to maintain competitive rates.

Standard condos in the 60-75 sqm range rent for MMK 500,000-750,000 in central districts, while similar units in suburban areas command MMK 400,000-600,000. Houses generally command higher rents than condos of comparable size due to additional space and privacy.

It's something we develop in our Myanmar property pack.

How does the average rent vary depending on the neighborhood or area within the city?

Central Mandalay, particularly Chanayethazan Township, commands the highest rental rates due to proximity to business districts and cultural attractions, with luxury condos exceeding MMK 900,000 per month.

Suburban areas like Amarapura and Myitnge offer significantly lower rents with more competitive pricing, where typical houses and apartments rent for MMK 350,000-600,000 monthly. These areas attract families and budget-conscious renters who prioritize affordability over central location.

Patheingyi represents the premium segment of Mandalay's rental market, with scenic properties and larger homes commanding monthly rents that can exceed MMK 1,200,000 for luxury residences. This area appeals to affluent renters seeking spacious properties with enhanced amenities.

The rental price gradient from central to suburban areas typically shows a 30-40% decrease, making suburban locations attractive for cost-conscious tenants. University areas and peripheral districts offer the most affordable rental options, particularly popular among students and young professionals.

What's the typical price difference when you compare small, medium, and large surface sizes?

Property Size	Typical Monthly Rent (Condo)	Typical Monthly Rent (House)	Price per sqm
35-45 sqm (Small)	MMK 300,000-450,000	MMK 350,000-500,000	MMK 8,500-11,000
60-75 sqm (Medium)	MMK 500,000-750,000	MMK 600,000-800,000	MMK 7,500-10,000
80-100 sqm (Large)	MMK 700,000-1,200,000	MMK 800,000-1,300,000	MMK 7,000-9,500
100+ sqm (Extra Large)	MMK 800,000-1,500,000+	MMK 900,000-2,000,000+	MMK 6,500-8,500
150+ sqm (Luxury)	MMK 1,200,000-2,500,000+	MMK 1,500,000-3,000,000+	MMK 6,000-8,000

When calculating total rent, what extra costs should be expected, like fees, utilities, or maintenance charges?

Security deposits in Mandalay typically require 1-3 months' rent upfront, representing a significant initial cash outlay for tenants.

Monthly maintenance fees for most condos and apartments range from MMK 20,000-50,000, covering cleaning, repairs, and shared space upkeep. Luxury buildings often charge higher maintenance fees due to premium amenities and services.

Utility costs including electricity and water are usually billed separately, with typical monthly expenses ranging from MMK 30,000-70,000 depending on usage and property size. Air conditioning usage during hot seasons can significantly increase electricity bills.

Homeowners association (HOA) fees for condominiums range from MMK 30,000-80,000 monthly, with newer luxury buildings charging premium rates for enhanced services. Additional fees for trash collection and pest control typically add MMK 5,000-10,000 to monthly expenses.

Are there local taxes or government charges that affect the net rental income for owners?

Capital gains tax of 10% applies to profits from property sales above MMK 10 million, affecting investors who plan to sell their rental properties.

Income tax on rental income follows progressive rates, starting at 0% for low incomes and rising to 15-20% for larger rental income streams. Property owners must factor these tax obligations when calculating net rental yields.

Annual property tax varies by property type and location, representing an ongoing cost that affects the overall profitability of rental investments. Local government charges may include registration fees and various administrative costs.

Property owners should budget approximately 15-25% of gross rental income for taxes and government-related charges when calculating net investment returns. Professional tax advice is recommended for larger rental portfolios to ensure compliance with Myanmar tax regulations.

If I'm financing with a mortgage, how do the repayment costs compare with current rental income levels?

Monthly mortgage repayments for a MMK 120,000,000 entry-level condo at 9-11% interest rates range from MMK 900,000-1,100,000 over 15-20 year terms, closely matching or slightly exceeding current rental income for similar units.

The Mandalay property market shows mortgage costs often align with rental rates for new builds, making renting more affordable for short-term residents while buying offers equity building and inflation protection. Property price appreciation of 5-6% annually helps offset higher initial mortgage costs.

Investors should carefully analyze cash flow, as mortgage payments may exceed rental income in the first few years, requiring additional capital to cover shortfalls. However, rental increases and principal paydown typically improve cash flow over time.

Financing costs for domestic buyers purchasing rental properties require careful analysis of debt service coverage ratios, ensuring rental income can adequately service mortgage obligations while providing positive cash flow.

What are some example rental prices for different property types so I can get a realistic picture?

Central luxury condos of 70 sqm typically rent for MMK 900,000-1,200,000 monthly, representing premium pricing for modern amenities and prime locations.

Standard condos or apartments of 50 sqm in non-central areas command MMK 400,000-600,000 monthly, offering good value for middle-income tenants. These properties often include basic amenities and reasonable access to city center areas.

Detached houses with 3-4 bedrooms rent for MMK 700,000-1,000,000 monthly, appealing to families who prioritize space and privacy. Suburban houses and apartments offer more affordable options at MMK 350,000-600,000 monthly.

Luxury houses in premium areas like Patheingyi can command MMK 1,500,000-2,500,000 monthly, featuring enhanced amenities, larger lots, and prestigious addresses. Student-oriented accommodations and shared apartments in peripheral areas start from MMK 200,000-350,000 monthly.

Who are the main renter profiles in Mandalay today—expats, students, professionals, or families?

1. **Expats and foreign professionals** concentrate in central districts and gated communities, typically leasing luxury condos with modern amenities and international-standard facilities.2. **Young local and foreign professionals** represent a growing segment renting mid-priced apartments and condos, often prioritizing proximity to business districts and transportation links.3. **Families** prefer larger homes in quiet suburban areas like Amarapura and Patheingyi, driving increasing demand for houses with multiple bedrooms and outdoor space.4. **University students** primarily rent shared apartments and budget-friendly studios in peripheral areas near educational institutions, focusing on affordability over luxury.5. **Domestic migrants** from rural areas seek affordable housing options, often choosing older apartments and shared accommodations while establishing themselves in the city.

What do vacancy rates look like right now, and how do they vary by property type and area?

New condos and gated communities maintain low vacancy rates below 6-8% due to high demand from affluent renters and modern amenities that attract premium tenants.

Older units and suburban apartments face vacancy rates exceeding 12%, with property owners struggling to fill units due to abundant new supply and tenant preference for modern facilities. This creates a challenging rental environment for owners of aging properties.

Central district properties generally maintain lower vacancy rates compared to suburban locations, reflecting strong demand for convenient locations despite higher rental costs. Premium properties with unique features or exceptional locations often achieve near-full occupancy.

The Mandalay rental market shows clear segmentation, with modern properties in desirable locations experiencing minimal vacancy while older or poorly located units struggle with extended vacancy periods that pressure rental rates downward.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Myanmar versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What are the current rental yields, and how do they compare with the best-performing property options today?

Central new build condos achieve gross rental yields of 5-6%, with net yields after taxes and expenses typically falling to 3-4% due to management costs and tax obligations.

Older properties experience declining yields around 4%, pressured by increasing vacancy rates and higher maintenance costs as buildings age. These properties face challenges competing with newer developments that offer superior amenities.

Suburban properties generate slightly higher yields of 4-5% due to lower competition and reduced purchase prices, though they may experience slower capital appreciation compared to central locations. The best-performing properties combine modern construction with strategic locations near transportation and amenities.

It's something we develop in our Myanmar property pack.

How have both rents and yields changed compared with one year ago and five years ago, and what's the forecast for the next 1, 5, and 10 years?

Rental rates increased approximately 5% year-over-year from 2024 to 2025, continuing a steady growth pattern that has averaged 4-6% annually over the past five years.

Rental yields have shown gradual decline for older buildings due to increased competition from new developments, while new properties maintain or increase yields through premium amenities and strategic locations. The Mandalay rental market demonstrates resilience with consistent growth despite economic challenges.

One-year forecast predicts moderate rental increases of 3-5% as supply and demand reach better balance. Five-year projections show steady gains driven by urbanization and economic development, with premium properties expected to outperform older stock.

Ten-year outlook remains robust for new high-quality buildings in strategic locations, though oversupply risk exists for older apartments that fail to maintain competitive standards. Successful rental investments will likely require focus on modern properties with superior amenities and locations.

How do Mandalay's rents and yields compare with other big cities in the region that are similar in size and economy?

Mandalay's central condo yields of 5-6% are competitive but slightly below Bangkok's citywide average of 6.05% in 2025, reflecting different market maturity levels and investor demand patterns.

Purchase prices per square meter in Mandalay remain more affordable than Bangkok, Jakarta, and Kuala Lumpur, though rental rates adjust proportionally to maintain reasonable yield spreads. This creates opportunities for investors seeking emerging markets with growth potential.

Vacancy rates in Mandalay show more volatility, particularly for older buildings, compared to Bangkok's core districts which maintain consistently low vacancy rates due to established demand patterns. Regional comparison suggests Mandalay offers good value and upside potential for selective investors.

The Mandalay rental market positions itself as an emerging opportunity within the Southeast Asian real estate landscape, offering reasonable yields with potential for capital appreciation as the city continues developing its infrastructure and economic base.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Mandalay Price Forecasts
2. Mandalay Real Estate Trends
3. Apartments.com Mandalay
4. Myanmar Tax Booklet
5. Thai Biz Myanmar
6. Myanmar Housing
7. Property Scout Thailand
8. Myanmar Real Estate Forecasts
9. Bangkok Condo Rental Yield
10. Global Property Guide Thailand