The Toul Kork district is one of the 11 districts in the capital city extending over 8 km. It's known for its high concentration of villas, low-to-high-end condominiums, and a growing business district!
Looking at the current development project in the district, we can notice that there is a range of international schools, restaurants, commercial buildings, shopping malls, sport centers, and coffee shops.
Additionally, Toul Kork also offers new developments such as the TK Royal One, The Gateway, Apennines Condominium, and many more. Due to its fast development, this is currently one of the best locations for living or working. This in turn has increased increased the demand for accommodation within this district. Currently there are several houses for sale in Toul Kork and houses for rent in Toul Kork.
Tips for renting in Toul Kork District
We're making it a point that readers who go through our blog are well-informed about the various steps and important things to remember when making investments (yes, renting is an investment!). That's why we've created these important questions to ask if you're looking to rent in this fast growing district!
What documents should I secure?
If you have decided to look for Houses for Rent in Toul Kork, you should ensure that your landlord is able to issue a legal rental agreement. Make sure that you agree with all the rights and obligations defined in the lease ad that you retain a copy of the agreement.
To ensure the legality and vitality of the lease, you can also consider hiring a 3rd party service provider such as lawyers or a reputable estate agents to ascertain the legal liabilities stated in the contract.
Should I get a furnished or unfurnished house for rent in Toul Kork?
Usually, homeowners will offer different services and conditions for rentals. Serviced apartments have much to offer for customers looking for high-end property, such as: fully furnished units with hot-cold water, washing machine, kitchen equipment, Internet, and cable TV. Additionally, condos often offer gyms, swimming pools, and parking.
However, currently even homeowners of simple houses offer fully-furnished units and kitchen equipment.
Ms. Sengly, the owner of a rental house on the 2nd floor in Toul Kork said, "In the past, I used to rent out my house without furniture. Later on, I had to add kitchen equipment, a sofa, beds, cable TV, etc. This increases the tenants demand as well as the rental price."
Getting a fully-furnished rental unit will provide convenience and comfort, especially for expats who who just want to live and work in Cambodia and would rather not worry about where to buy appliances. Fortunately, more and more rentals - be it apartments or condos - are offering fully furnished rooms.
What are the rental prices and included amenities in Toul Kork houses for rent?
Depending on your preference and needs, you may opt to rent a condominium in Toul Kork; you can get a furnished one-bedroom condo unit for $250 a month up to a four-bedroom fully-furnished lower-end unit for $2,000 a month near TK Avenue. Prime Units in Boeung Kak 1 have three bedroom units for around $2,100 a month.
Serviced apartments are also widely available -- starting from $350 to around $4,000 per month, depending on the area, services, and amenities.
The rental prices for a villa starts at around $550 and up -- depending on quality, rooms, and amenities such as swimming pools. Villa’s are more freely available for rent and sale in Toul Kork, as compared to prime inner city districts where the availability of villas are now very low, and also much more expensive than those in Toul Kork.
An increasing number of borey developments are also popping up around Toul Kork, proving very popular with local buyers seeking shop houses and villas with sound infrastructure and a safe neighbourhood environment.
What is the benefit of long-term rental and short term rental agreements?
Usually the duration of the lease contracts range from 6 months to 12 months.
Foreigners seem to have been more reluctant to long-term lease contracts and rather prefer short-term agreements with month-by-month payment scheme, since they usually don’t stay long.
However, long-term lease contracts can have their perks: they presents a great opportunity for negotiations the deposit and monthly rent with the owner. Owners will most likely approve the request due to the long time rent prospect.
Where do I start looking for rentals in Toul Kork?
Finding a good rental space that suits your needs will likely take some time -- especially if you are a newcomer (more so as a foreigner) in town. Some people rely on private brokers who assist them during the house hunting. It's good practice to search for real estate agents who are under licensed companies. Renters do not pay any fee to the real estate agent, since they charge a commission to the landlords. We've compiled a list of reliable real estate agencies in Cambodia that can save you a great deal of time and offer services for FREE.
Miss En Chansreyleak, Sales staff in the real estate company Yong Yap Properties -- one of the leading property service agencies for selling and renting real estate in Phnom Penh said, "As a standard for real estate agents, we provide services in a very efficient and trustworthy manner to our clients."
Chansreyleak continued, "We understand the needs of the clients. In addition, we provide counseling and help solve problems they might face during their stay. Honesty and professionalism, this is what you should look for in real estate agents, to help find homes for rent or sale."
Are there other options to look for properties on my own?
You can visit Realestate.com.kh, the leading real estate portal in the country. Here you can freely browse among more than 45,500 properties of all types, filtering by price,location. etc
What taxes do I have to pay when I rent?
By law, when property owners lease to individual tenants, those must pay 10 percent of the monthly rent to the government. However, depending on the agreement between the landlord and tenants, in some cases the landlord can do that for them.
In the past, the real estate entity would normally withhold 10% of the rent from the Lessor and in a sub-lease situation, the tenant of the real estate entity would withhold 10% of the rent on the sub-lease to the real estate company. Instruction 18410 now provides for an exemption on the withholding tax on the sublease, if both the lessor and lessee are registered tax payers.