Do rental prices ever go down?

[Lacessit]

Depends on who the landlord is. Most farang landlords are happy to take whatever they can get. Some Thai landlords are stuck in a time warp of five years ago, and get zero return on their investment.

[tomazbodner]

Picked a place that I've seen before at HipFlat.co.th website that's listing properties for rent and sale... Obviously they are dropping...

 

[dode57k]

Yes of course rents go down. Loads of cheaper rents in Jomtien just now than a few years ago. I'm paying 1,000 baht less per month just now than I did last year in the same condo, as the landlord knows I'm a good tennant and will provide a regular income. You only have to ask.

[Pattaya46]

17 minutes ago, tomazbodner said:

Picked a place that I've seen before at HipFlat.co.th website that's listing properties for rent and sale... Obviously they are dropping...

 

There is something very wrong in this graph  ??

Just look at their listing ( https://www.hipflat.co.th/en/projects/life-at-bts-tha-phra-xfotyt )

All asking prices are between 50 and 77'000 THB

and average seems to be near 60'000

not at all what this graph is showing !!??

[CGW]

Rentals follow the market despite all the fallacy's you will read on here! 25 years ago house rental prices were high in Pattaya >30k+ for a decent property - supply and demand, there were very few houses on the market, 20 years ago more property became available you could still get good rental but not as high, 15 years later prices were falling, there are highs and lows but prices are down now, there is so much more property on the market!

[lust]

Same in my condo. There’s a vacant shop that’s been sitting there untouched for 2 years. It would be good for my wife to rent it for her business. We asked what the rent is, thinking maybe 10000-15000. They want 40000/month! Lol, what’s wrong with these people?? 
 

my wife said it’s about saving face.

[Bassosa]

At the high end of the scale condo rentals in Chiang Mai have definitely gone down in price and have for some while. 

One building I used to rent in has quite a few apartment of 55m2 - always used to be THB 25k per month excluding utilities (2010-2014). No room for negotiation whatsoever.

A year back that was down to THB 22-23k and I have a feeling it may have dropped even more. Some landlords might even be tempted to a 2-month lease, imagine that!! The horror....

Edited April 19, 2020 by Bassosa

[luckyluke]

1 hour ago, robertson468 said:

There is vacant land in front of our Resort and behind it.  The Owners have been asking for 15 million baht per rai for the last 15 years.  I asked my Wife why they have not reduced the price.  "We are waiting until the price rises and then someone will buy it" was the answer.  Thai logic.

If one don't need the money why reduce the price?

And It is land.

Seems logic.

[WalkingOrders]

In my entire life I have never had my rent lowered. Vacancies do lower to find the market. I think it quite possible condo owners could lower rents to find tenants. Especially now if vacancies are up.

[tomazbodner]

23 minutes ago, Pattaya46 said:

There is something very wrong in this graph  ??

Just look at their listing ( https://www.hipflat.co.th/en/projects/life-at-bts-tha-phra-xfotyt )

All asking prices are between 50 and 77'000 THB

and average seems to be near 60'000

not at all what this graph is showing !!??

Numbers don't match the price per m2 in current listings, but there were postings lately at ~45000/m2 but seems they are gone now. Maybe that's lowest prices, not average. Anyway, looked at this place 6 months ago and you couldn't find anything below 70,000/m2. Now most are around 50k, so 40% or so drop. The drop in rent also seems to show desperation. Well, that's what oversupply causes, when these units were scooped up and planned to be paid off by rental income. They'll drop further as people increasingly run out of money to pay installments, and realestate tax kicks in at the end of the year.

[RocketDog]

20 hours ago, BritManToo said:

In 2009 I rented a condo for 5k, just before Covid in 2020 it was still 5k.

Nice condo too.

Sure, but it also has another 11 years of wear on it. Maybe too low a price in 09?

Edited April 19, 2020 by RocketDog

[RocketDog]

10 minutes ago, luckyluke said:

If one don't need the money why reduce the price?

And It is land.

Seems logic.

Some people inherit the land from family, don't need the money, and probably will get their price eventually. 

[CGW]

19 minutes ago, RocketDog said:

Some people inherit the land from family, don't need the money, and probably will get their price eventually. 

There happy for it to let sit empty, adjoining my house is 3 1/2 rai of land that Bangkok people bought during floods in 2011, they have never once been back since they bought it, sure they know its there but its just an investment to them.

Edited April 19, 2020 by CGW

[creative1000]

51 minutes ago, lust said:

my wife said it’s about saving face.

@lust   A few months back we found a small center of 8 shophouses with a 20-Baht store, seamstress, cheap milk tea cafe, cheap noodle shop etc... inquired with the landlord about the remaining vacant properties, and they asked for 50,000 baht /mo. Theres no way the other shops are paying that let alone making that. No idea what they're basing the valuation on.

Edited April 19, 2020 by blackcab
Font normalised

[blackcab]

An off topic post has been removed.

[geisha]

19 minutes ago, creative1000 said:

@lust   A few months back we found a small center of 8 shophouses with a 20-Baht store, seamstress, cheap milk tea cafe, cheap noodle shop etc... inquired with the landlord about the remaining vacant properties, and they asked for 50,000 baht /mo. Theres no way the other shops are paying that let alone making that. No idea what they're basing the valuation on.

Your face ! 
send the wife or another Thai friend back alone.

[AAArdvark]

Just moved out of a condo in CM.  I was renting for 18K and it is for rent for the same 18K

[Dazinoz]

Really depends on the owner. I have been renting a 2br house in Chiang Mai 3 years now. I have done a lot work around the place to make it easier to live. It is in a gated mooban In Padaet. A lot of people in the mooban were not paying the community fee (in my case 500/month) and the owner of my house was 18 months behind. Several attempts by the mooban owners (not sure what they are called) to collect failed to they issued people with a Bluetooth device to open entrance gate, Not paid up you don't get in. Owner lives 300km so I agreed with agent to pay fee and deduct from rent after she caught up the 18 months arrears. I renewed lease in February so owner wanted me to still pay the 500 plus full rent which worked out to be 5% rent increase. On talking with the agent he says the owner believes rent should be increased every year. But because I have kept the place clean and tidy and made improvements they suggested she didn't. Still copped the 5% and I am ok with that.

[anto]

43 minutes ago, Dazinoz said:

Really depends on the owner. I have been renting a 2br house in Chiang Mai 3 years now. I have done a lot work around the place to make it easier to live. It is in a gated mooban In Padaet. A lot of people in the mooban were not paying the community fee (in my case 500/month) and the owner of my house was 18 months behind. Several attempts by the mooban owners (not sure what they are called) to collect failed to they issued people with a Bluetooth device to open entrance gate, Not paid up you don't get in. Owner lives 300km so I agreed with agent to pay fee and deduct from rent after she caught up the 18 months arrears. I renewed lease in February so owner wanted me to still pay the 500 plus full rent which worked out to be 5% rent increase. On talking with the agent he says the owner believes rent should be increased every year. But because I have kept the place clean and tidy and made improvements they suggested she didn't. Still copped the 5% and I am ok with that.

Thats why i hardly ever rented when i lived in Thailand .Over the years i owned 2 houses and 2 Condos alternatively .I like to do up a place to suit my needs and a landlord  will just take advantage of that .Would only ever buy a Condo though as my ex-Thai wife burned me on my last house sale .( a story told a million times over )

Edited April 19, 2020 by anto

[Wake Up]

Some good information on TFV. Problem is you have to get through all the old men who see the worst in everything and know it all Thai experts. 
 

My Thai landlady in Bangkok soi 13 one bedroom 73 square meters charged 30,000 baht A month in 2016 and 2017. I moved out. In 2019 she rented the condo to me for 25,000 because I am clean and pay on time. I moved out to experience a new place. She was willing for me to stay for 22,000 because the numbers of expats that pay on time is decreasing and she owns 4 condos in that building. 
 

don’t buy all the Thai BS you read on this forum. Most of these guys don’t know any Thai people, never traveled Thailand, do not understand any of the Thai language or culture and enjoy their personal misguided  feelings of “superiority, expertise, and misery.”
 

 Read about why misery and judgment make some humans feel “In control and emotionally comfortable” and you will get a picture of the daily TVF complainers and “experts.”  

Everything is negotiable. Good and bad Thai people and good and bad expats. Most people are good. Most daily experts and complainers are not worth your time, void of facts,  emotionally damaged and have few friends and almost no intimate relationships. They have lived here in their bubble world for a long time so that is their claim to fame and foundation of their knowledge. 

Good luck. 

 

Edited April 19, 2020 by Wake Up

[captainjackS]

My bulding has a sign posted on the inside of the front lobby door that says (in more Thai words) "500฿ discount for April" due to difficult economic situations resulting from COVID. Perhaps also the school off term which is usually a bit slower in the city rental rooms.  We shall see next week when the bills are printed. FWIW, I live in a fairly new 4500฿/month room in a building of 60 rooms with only 3 rooms (including mine) occupied by "farangs".  The remaining rooms appear to be Thai people in their 20s-30s.

[torturedsole]

4 hours ago, geisha said:

Your face ! 
send the wife or another Thai friend back alone.

I only purchase goods in LOS that have a price tag attached to them, i.e. food courts / stalls, 7-Eleven and shopping malls.  Everything else is fronted by my wife.  Easy formula to follow and 100% negates any mention of the special falang rate.  

[madmen]

8 hours ago, seancbk said:

 

For that price (the 48 sq/m one) I would consider renting it just as a holiday flat to get out of Bangkok once a month.

Could give the keys to friends here when I'm not using it. 

Are there any decent online sites showing Pattaya properties?  A two bed place would be good, then I could go down with a mate for the weekends.

 

 

Ask anyone for a link to real estate office add and YOU WILL NEVER ever get one,because they don't exist and if they do they are miles away, you need a 3 day hike to get to the beach 

[CharlieH]

unnecessary inflammatory comment removed.

[liddelljohn]

Thais dont normally reduce rents or sale prices until its far too late ,, over 25 years I have seen empty properties decay into ruins  when the owner idioticly refuses to reduce asking price ,, same at some car and motorcycles shops I have seen vehicles sitting rotting for years  at inflated prices until they are worthless ...

[madmen]

7 minutes ago, liddelljohn said:

Thais dont normally reduce rents or sale prices until its far too late ,, over 25 years I have seen empty properties decay into ruins  when the owner idioticly refuses to reduce asking price ,, same at some car and motorcycles shops I have seen vehicles sitting rotting for years  at inflated prices until they are worthless ...

So thai people share with you a farang info about their rental agreements 

 

Sure OK ????

[luckyluke]

6 hours ago, madmen said:

Ask anyone for a link to real estate office add and YOU WILL NEVER ever get one,because they don't exist and if they do they are miles away, you need a 3 day hike to get to the beach 

Correct. Same as the ones claiming that you pay far too much rent, that they don't. 

They never let you know  where they live, or/and neither come up with a concrete alternative of your place. 

[jackdd]

A year ago i moved to Chiang Mai, so was looking at many houses back then.

One type of house at which i was looking was like this one: https://www.ddproperty.com/en/property/ahd1031-a-house-for-rent-good-atmosphere-with-3-bedrooms-2-toilets-and-fully-furnished-for-rent-7831706

A year ago the lowest asking prices were about 15k unfurnished and 18k furnished.

As we can see this is now offered for 12k, so some people are indeed reducing the asking prices, in this case 20% less than a year ago.

[Trujillo]

After living on an island in Thailand for a year or so, I said I thought 18,000/month was too much, so they reduced it to 15,000. 

Here in CM, the same situation occurred and the rent was reduced as well. I think it has to do with your relationship with the landlord and whether or not you are paying what you both feel is a mutually acceptable amount. 

[traveller101]

I had a look at around more than houses in 2016 for rent through agents, cheapest offer on the market 18000. Without exception, all of them were either not maintained and in various stages of dilapidaton and/or void of any outdoor space. In addition I followed various leads from locals, trying to negotiate with owners.

The results were similar - either cheap (15000+ Baht) places, obviously not lived in judging by the number of broken appliances and mould on walls or well presented 2 bedroom properties with modern appliances in good working order with a pricetag of 30000+ Baht.

Finally after 2 months a friend told me of a house being vacated in 2 weeks and better act fast to get it.

Quick inspection ticked all the right boxes and 2 days later I was able to sign the contract. And since I paid a year in advance, no security deposit was required. Rent fully furnished remained at 11000 Baht to the present day and broken fixtures are promptly attended to by the owners, who are Muslims.