This paper examines the impact of the capital structure on the profitabilityof 34 listed real estated firms in the Hanoi Stock exchange with the inclusion of the Covid-19 pademic, period 2018-2021. With the application offixed effect, random effect models, and Mann & Whitney U tests, supportedby diversified tests for checking and solving the model flaws, the study’sfindings confirm the negative relationship between the debt-to-total assetsvariable and profit efficiency of studied real estate firms. This suggests thatoperating under an expected rising interest rate environment aligned withrestricted bank lending real estate sector, Vietnamese real estate firms balance their capital sources, between borrowings, including short-term andlong-term loans with equity. Inclining towards equity capital could be moreexpensive but will help businesses reduce the pressure on borrowing costsand also show how much of the property’s value can be used to secure thedebts of the company