The Philippine residential rental market has been under strain for the last 2 1/2+ years. How soon will it recover from the deep discounts presently being offered by motivated landlords? Several factors will drive this recovery. First, the Philippines needs to drop all restrictions and requirements for foreigners to travel here as many tourists and expats have other options and will not travel to a nation with travel restrictions, masks, etc. The airlines need to gear up and add additional flights as well as increase the airport system to handle more tourists. The “high season” for tourists will be lost this year, 2022 and the largest influx of tourists will start next high season about November 2023. High vacancy rates mean landlords will be competing for the renters for much of another year.