LT Condo Rentals - What discounts to expect

[kevinsan]

Condo lease is up this month. Looking for a new condo with a one year contract. What percentage discount should I expect? 50 to 70 percent? I do not what to offend the landlord, but it is a renters market. The monthly rents at all the property sites and Facebook Marketplace still seem optimistic.

[NCC1701A]

well i did see a post about airbnb on islands being 50% cheaper.

[OneMoreFarang]

I guess part of the question is how you intend to pay.

If you want to pay a year in advance then I guess you can make some great deal.

 

But if you want to pay monthly and then maybe (in theory from the land lord point of view) you don't pay anymore then the landlord has maybe a problem to get rid of you in these difficult times.

[CNXexpat]

Not a smart landlord who increases the rent in this times. Perhaps his idea is that the renters he still has, have to pay for his empty condos too.

[bbi1]

Try offering 50% of what any owner asks and negotiate from there. Owners will be frothing at the mouth to get a tenant in these times.

Edited March 26, 2020 by bbi1

[champers]

The Sales Office at my condo complex have a sign in the window stating no rentals at this time. I believe the same applies at other places too. Supply may not be what you think it is.

 

[gk10002000]

I am not sure I would sign anything long term right now, even if one really was there on fully retirement, planned to stay forever etc.  While you may get some sort of discount rate, if other people do not rent the other condo units, maybe the condo owner will not be solvent and may close up shop.  While that may only mean you have to leave the condo, I would not want any piece of paper that says I owe money on a lease.

[steven100]

You seriously think a thai landlord will want to give you a 50% discount or even discuss one.

you are dreaming my friend.

I think you will be sadly mistaken, but good luck.

Thai's would rather see it empty than cut the rate. 

[Rimmer]

A baiting post has been removed

[Leaver]

6 hours ago, steven100 said:

You seriously think a thai landlord will want to give you a 50% discount or even discuss one.

you are dreaming my friend.

I think you will be sadly mistaken, but good luck.

Thai's would rather see it empty than cut the rate. 

I agree a wealthy Thai who owns many properties would rather see his property empty than give it to a farang at half price, but what about a middle class Thai who took the risk on an investment property through a bank loan? 

 

In the current circumstances, I think they would be happy with any tenant and any money that helps pay the minimum repayment on the loan.  Depending on their deposit, they may have borrowed against the family home to get into the investment property, so without a tenant, and unable to make the repayments from salary alone, that means they stand to lose their investment property and their family home.  I'm sure they will welcome a tenant that keeps foreclosure at bay.  

 

 

Edited March 30, 2020 by Leaver

[Andy from Kent]

8 minutes ago, Leaver said:

I agree a wealthy Thai who own many properties would rather see his property empty than give it to a farang at half price, but what about a middle class Thai who took the risk on an investment property through a bank loan? 

 

In the current circumstances, I think they would be happy with any tenant and any money that helps pay the minimum repayment on the loan.  Depending on their deposit, they may have borrowed against the family home to get into the investment property, so without a tenant, and unable to make the repayment from salary alone, that means they stand to lose their investment property and their family home.  I'm sure they will welcome a tenant that keep foreclosure at bay.  

A wealthy landlord isn't likely to  be worried about foreclosure is he?

[Leaver]

11 minutes ago, Andy from Kent said:

A wealthy landlord isn't likely to  be worried about foreclosure is he?

Read my post again.

 

I said, "but what about a middle class Thai who took the risk on an investment property through a bank loan?"

 

I conceded a wealthy Thai would not care. 

[thaitero]

If landlord can (and many can) best to keep condos empty rather than rent out " half free" to foreigner and face potential tm 30 / sickness / overstay / covid -19 spreading etc problems what you may need to deal if it happens,,

[Yahooka]

14 hours ago, steven100 said:

You seriously think a thai landlord will want to give you a 50% discount or even discuss one.

you are dreaming my friend.

I think you will be sadly mistaken, but good luck.

Thai's would rather see it empty than cut the rate. 

Agree.Ive been looking around for a condo (on behalf of a friend) in the Pattaya/Jomtien area lately and there are very few if any discounts to be had. In my experince as an tenant many condoe`s are owned by indivudals or companies that owns many condo`s already and as such can afford to leave than empty then drop the prices.

[Leaver]

16 hours ago, thaitero said:

If landlord can (and many can) best to keep condos empty rather than rent out " half free" to foreigner and face potential tm 30 / sickness / overstay / covid -19 spreading etc problems what you may need to deal if it happens,,

So, how long should they go without a tenant because their pricing is not competitive?

 

At what stage of a housing crisis would you say a "market correction" is taking place?  Or, do you think the Thai's will never allow a market correction, even with the likes of Vietnam next door? 

[Leaver]

14 hours ago, Yahooka said:

Agree.Ive been looking around for a condo (on behalf of a friend) in the Pattaya/Jomtien area lately and there are very few if any discounts to be had. In my experince as an tenant many condoe`s are owned by indivudals or companies that owns many condo`s already and as such can afford to leave than empty then drop the prices.

Same reply to you as Post #16.

 

So, how long should they go without a tenant because their pricing is not competitive?

 

At what stage of a housing crisis would you say a "market correction" is taking place?  Or, do you think the Thai's will never allow a market correction, even with the likes of Vietnam next door? 

[kevinsan]

Unless there is a rent, mortgage and debt moratorium, the system will start to fail somewhere. HK and the US gave out free cash to meet debt obligations. At least make the interest payments. The free money is for the banks. As the lending banks have obligations to NY. Eventually savings will dry and people get desperate. Who will blink first - Italy, India, China... Like in 1997, too many bad actors willing to take advantage of the situation. Or maybe the Central Bankers will just rewrite the illusory rules behind closed doors.

[Yahooka]

13 hours ago, Leaver said:

Same reply to you as Post #16.

 

So, how long should they go without a tenant because their pricing is not competitive?

 

At what stage of a housing crisis would you say a "market correction" is taking place?  Or, do you think the Thai's will never allow a market correction, even with the likes of Vietnam next door? 

        So when will this "market correction" take place ? I`ve been following various thai forums for years now and in the opinion of many of the participants there condo prices and rental prices have dropped the last couple of years because of the steady influx of new buildings or projects and lack of (western ?) customers.

 

         Pity that it doesn`t reflect the prices offered when Im and probably others are doing enquires.

[Leaver]

8 hours ago, Yahooka said:

Pity that it doesn`t reflect the prices offered when Im and probably others are doing enquires.

Are you talkng about list prices?   Have you made any offers? 

[shortstop]

The lease expires on the condo that I am currently renting in about a week and am looking around at various options.  If you are a condo owner looking for a tenant please PM me.  I prefer the Pattaya Soi 15 area but am open to other locations at the right price.  Looking for a one bedroom (or two) and will not consider a studio.

Edited April 1, 2020 by shortstop
double word

[Yahooka]

8 hours ago, Leaver said:

Are you talkng about list prices?   Have you made any offers? 

Correct.Yes I have.

[Leaver]

41 minutes ago, Yahooka said:

Correct.Yes I have.

I suspect there will be many more condo's on the market in about 6 weeks time. 

 

Sit back and wait, and then take another look at it.

 

What's your motivation for wanting to buy in at this time?  Pattaya will be different when all this has finished.  It may never get back to what we have all become accustom to here. 

[HashBrownHarry]

9 minutes ago, Leaver said:

I suspect there will be many more condo's on the market in about 6 weeks time. 

 

Sit back and wait, and then take another look at it.

 

What's your motivation for wanting to buy in at this time?  Pattaya will be different when all this has finished.  It may never get back to what we have all become accustom to here. 

It may be better?

[Leaver]

10 minutes ago, HashBrownHarry said:

It may be better?

That's possible, but for sure there will not be the variety and choice in bars, restaurants, nightclubs, gogo's, activities, transport, shopping etc that we had in the past.  Even if one was not into the nightlife here, what would be or could be better about that?

[HashBrownHarry]

1 minute ago, Leaver said:

That's possible, but for sure there will not be the variety and choice in bars, restaurants, nightclubs, gogo's, activities, transport, shopping etc that we had in the past.  Even if one was not into the nightlife here, what would be or could be better about that?

Less people / cleaner environment / safer environment / more respect from locals ( maybe? ), who knows what the future may bring but you certainly appear to be of the glass 1/2 full ilk?

 

It may never happen sunshine!

[Leaver]

4 minutes ago, HashBrownHarry said:

Less people / cleaner environment / safer environment / more respect from locals ( maybe? ), who knows what the future may bring but you certainly appear to be of the glass 1/2 full ilk?

 

It may never happen sunshine!

Many of the things you mention would be a positive, but what about all the closed up buildings?  It certainly will not be as vibrant.  I will miss the variety of different cuisines available here.

 

You are right, one thing that will never happen is more respect from the locals.  ????

[HashBrownHarry]

Just now, Leaver said:

Many of the things you mention would be a positive, but what about all the closed up buildings?  It certainly will not be as vibrant.  I will miss the variety of different cuisines available here.

 

You are right, one thing that will never happen is more respect from the locals.  ????

Closed up buildings, you know Thai people i'm sure someone would have money to 'wash' and come up with something.

 

Different cuisines may not have the volume but i'm sure the variety will still be there.

 

Who knows what the future holds, i live in another part of thailand but still own a condo there that i like to visit for a week or so every month....

[Mike Teavee]

On 3/31/2020 at 12:40 PM, Leaver said:

So, how long should they go without a tenant because their pricing is not competitive?

Everytime I walk to/from the lift I notice that the unit at the end of the corridor still has the same notice stuffed under the door that it had when I moved into mine in August 2018 so it's clear that the door hasn't even been opened during that time. 

  

The owner has splashed out for a high-end Samsung electronic / fingerprint lock so I'm guessing they've invested above average money in the place, yet it's been empty for at least 19 months (For all I know it could have been empty for years before I moved in). 

 

Crazy but as there is no property tax, landlords can afford to leave their property empty (In the UK I'd estimate it would cost me > £350 pm in Council Tax & standing utility charges if my house was unoccupied). 

 

[blackcab]

Off topic posts have been removed.

[Leaver]

4 minutes ago, Mike Teavee said:

Everytime I walk to/from the lift I notice that the unit at the end of the corridor still has the same notice stuffed under the door that it had when I moved into mine in August 2018 so it's clear that the door hasn't even been opened during that time. 

  

The owner has splashed out for a high-end Samsung electronic / fingerprint lock so I'm guessing they've invested above average money in the place, yet it's been empty for at least 19 months (For all I know it could have been empty for years before I moved in). 

 

Crazy but as there is no property tax, landlords can afford to leave their property empty (In the UK I'd estimate it would cost me > £350 pm in Council Tax & standing utility charges if my house was unoccupied). 

 

My comments on this were mainly directed at Thai's owners with mortgages over an investment condo.  Most likely your mum and dad first time property investors.  Without rent coming in, they can't make the repayments, and if they worked in the hospitality or tourist industry here, then they definitely will not be able to make the repayments.

 

So, they are contacted by a prospective tenant who throws a low monthly rent offer at them, on a 1 year lease, but they know that offer will keep the bank foreclosure at bay. 

 

in the present circumstances, are you seriously telling me they will reject that offer?