Dhaka's residential rental market, at first glance, seems to be doing well. A growing city with increasing housing demand, new apartments in the pipeline, and increasing trends in rent — all would indicate that the system has to work. But does it?

Let us examine a little closer — and ask the questions we so often tend to forget.

If there are so many apartments being built, then why are so many empty?

Statistics in recent years from real estate websites and construction logs indicate that more than 20,000 new flats are entering the Dhaka market every year. The majority of them are in high-rent zones like Gulshan, Banani, Baridhara, and Bashundhara, for high-income groups and expatriates.

But most of these apartments are vacant.

Why?

Because supply is not the issue. The issue is inefficiency in discovery, matching, and negotiating. Properties are out there, but finding them, seeing them, checking them out, and renting them is not standardized and optimized. Listings are scattered across a collection of informal channels — from Facebook groups to word-of-mouth broker networks — so renters and landlords can't reliably find each other.

Is the rental market transparent or predictable for renters?

Far from it.

Most renters in Dhaka begin looking without any single database of properties on offer. Costs vary vastly - within the same building - based on whom you ask. In high-end areas, rents for similar flats (e.g., 2,000–2,500 sq ft) vary between BDT 90,000 to BDT 1,60,000, typically based on qualitative bargaining, not predetermined parameters.

Besides, renters rarely get complete property information beforehand - floor plans, amenities, state of utilities, or clear payment conditions. This leads to back-and-forth visits, loose promises, and, all too often, eleventh-hour broken promises.

Is the system becoming easier for homeowners and landlords?

Not really.

Upmarket property owners, those who own many properties, face a different crisis - trust, time, and transparency shortcomings. Their flats may lie unrented not due to lack of demand, but due to breakdown of communications, mismatch of tenant profiles, or unscrupulous intermediaries.

Without an orderly structured platform or agency, most residents simply leave keys with caretakers or agents on an ad hoc basis. This also subjects the properties to risks of abuse, prolonged vacancies, or even financial disputes. In a recent examination of rental property transactions in Bashundhara and Gulshan within a three-month window, over 40% of listed properties remained unrented for longer than 45 days, despite the areas being prime.

That's lost revenue, and largely avoidable.

Is the current system professionally regulated?

No — and that lies at the heart of the crisis.

Unlike most world cities where letting agents or estate agents are licensed and regulated, Dhaka's rented housing market is dominated by unlicensed, unregulated brokerage. No common code of practice, no check process, and no real penalty for misrepresentation or unethical conduct.

This not only undermines confidence but leads to chaotic service delivery. Two different tenants are charged two different amounts for one property. Transactions are not committed to paper. Conflicts never get resolved. It's a good faith system - in a market that demands discipline and is ironically run by people who mostly work in bad faith.

How does all this impact Dhaka's urban growth?

The impact is subtle but serious!

Rental instability affects mobility. When people can't easily find housing, they delay moving for work, school, or family purposes. Empty homes lead to unused housing infrastructure, especially in neighborhoods built for upscale residential purposes. This makes the perceived shortage of quality housing worse, even if in reality there is available supply.

The bigger effect? A perceived more elite, expensive, and less welcoming market — even when it doesn't have to be.

What's the way forward?

It's time for structural change — not simply in policy, but in attitude.

Dhaka's rental housing needs:

1. Price transparency and property data
2. Standardized contracts and digital processes
3. Professional broking with accountability
4. Accessible data for homeowners and renters alike

We don't need so many more buildings. We need a better system - one that connects people efficiently, securely, and fairly.

Until that's realized, Dhaka's residential leasing system won't function for anyone — and the city's total housing potential will remain unrealized.