Anyone experiencing rental price reductions YET?

[how241]

7 minutes ago, Airalee said:

The landlords that aren’t proactive in taking care of their clients risk losing them to a better deal...sometimes within the same building.

Agree,  it is better to give a discount for 1-2 months then lose a good customer. 

[how241]

Just because you can get away with 'squeezing'  your landlord for a discount during this virus, doesn't mean you Should do it.  No different than selling water bottles for 200 baht during a drought.  It is 'price gouging' in reverse...Would you like someone doing that to you ??  Sure,  if it is a giant corporation and no one individual gets hurt, then it might be OK  but if your landlord owns only a few small rental properties does it seem right to take advantage of these hard times ??  If you truly need the extra discount to survive then go for it BUT if it only means a few extra beers than maybe better to not pressure your landlord into giving you a discount.  I'm sure many will disagree as some people will take advantage of every situation every time. 

[treetops]

In reverse of course, your landlord has been "squeezing" you for 8% ROI for how many years?  It's now payback time and landlords should accept that it's part of the job.

[Airalee]

1 hour ago, how241 said:

Just because you can get away with 'squeezing'  your landlord for a discount during this virus, doesn't mean you Should do it.  No different than selling water bottles for 200 baht during a drought.  It is 'price gouging' in reverse...Would you like someone doing that to you ??  Sure,  if it is a giant corporation and no one individual gets hurt, then it might be OK  but if your landlord owns only a few small rental properties does it seem right to take advantage of these hard times ??  If you truly need the extra discount to survive then go for it BUT if it only means a few extra beers than maybe better to not pressure your landlord into giving you a discount.  I'm sure many will disagree as some people will take advantage of every situation every time. 

Everybody is experiencing “hard times”.  All our incomes are down.  Interest rates on savings are down.  Stocks are down and many dividends have been cut or eliminated.  Teachers and other employees are taking cuts in salary (why should they have to dig into savings to save their landlord?) So, if a landlord has to take a 10-20% hit on his income (rent), which is not even comparable to your 2000% price gouging water example...it is what it is.  
 

Shared sacrifice.
 

Does a landlord only charge what they “need to survive” when times are good?

[how241]

1 hour ago, treetops said:

In reverse of course, your landlord has been "squeezing" you for 8% ROI for how many years?  It's now payback time and landlords should accept that it's part of the job.

These are exceptional/unusual times that I would not consider as "part of the job"...

[how241]

20 minutes ago, Airalee said:

Everybody is experiencing “hard times”.

Maybe,  as many live off fixed gov't, checks that are not affected by the virus slow down....The other points you make are certainly valid.   

[treetops]

7 minutes ago, how241 said:

These are exceptional/unusual times that I would not consider as "part of the job"...

Many landlords won't, but denial doesn't change the facts from being facts.

 

Now if all landlords had tucked away a bit of their profits during the good times, the bad times wouldn't be such an issue.  It's been that way in life for thousands of years but some still don't get it and live too much for today only.

Edited April 25, 2020 by treetops

[how241]

Personally, I have told my Thai lady,  who handles everything related to rentals to drop the rent by 50%  and allow renters to pay whenever they have the money.  The customers were VERY appreciative. My Thai lady thinks I am too  soft for this business. haha.  She is probably right.

Edited April 25, 2020 by how241

[Nurseynutcase]

Further to all the replies on my rent being dropped by 50% I would like to point ut the following.

 

she is stunned that the house is clean and well cared for.  It was in a disgusting state when I moved in.

I pay/do all the maintainance in the house a/c's water pumps etc.

She has five houses she rents out and a Farang husband who works all over the world.

I am a landlady in England and I too offered my tenants a rent reduction,  please note that I have to pay for all the maintainance and annual contracts in the UK.

 

It works both ways.

 

[Metapod]

Thought about asking mine but he's Chinese and I've never personally met him, so not sure if it's worth asking

[ThaiWai]

In Thailand no customers means raise prices to make up for losses. Simple Thai logic. 

[ifmu]

On 4/25/2020 at 8:27 AM, DeeMak9 said:

The hostility against landlords never ceases to amaze me. Renting out property is the livelihood of many and some of you dare to talk about 50% reductions. Unless you're jobless or got a 50% reduction on your salary yourself, shame on you.

you own and rent property somewhere  .. right ?

 

only a landlord thinks like that 

[Wake Up]

Personally I am happy the AirBnB owners will be hurting. IMO they were ignoring the hotel laws by renting condos by the night or week in buildings built for long term tenants and live in owners only.
 

Maybe one good thing to come out of the virus will be the decline or elimination of AirBnB in many cities.  

 

If you want to stay in a place for a short term like a month or week or two weeks, get a hotel. If you have condos and want to rent them by the night on AirBnB then karma is a bit$$ and you took a chance, ignored the hotel laws,  took a bad risk, and lost. 
 

Lots of condos will be for sale and get cheaper and cheaper in 2021 especially by those owners of multiple units with bank loans. Hotel rooms will be cheaper also due to a lack of demand and fewer airplane seats in the air in 2020 and 2021 compared to 2019. 

Edited April 27, 2020 by Wake Up

[WhatsNext]

On 4/25/2020 at 8:27 AM, DeeMak9 said:

The hostility against landlords never ceases to amaze me. Renting out property is the livelihood of many and some of you dare to talk about 50% reductions. Unless you're jobless or got a 50% reduction on your salary yourself, shame on you.

Hostility ? Do you know how the stock market works, or any market for that matter ? Supply and demand, you have something that is in oversupply, if you want it to be rented out you have to follow market prices, if you don't you don't get anything. Grow up

[how241]

14 minutes ago, WhatsNext said:

Hostility ? Do you know how the stock market works, or any market for that matter ? Supply and demand, you have something that is in oversupply, if you want it to be rented out you have to follow market prices, if you don't you don't get anything. Grow up

Do you REALLY believe that today's stock market works with supply + demand.  I think not.  The markets are controlled by large banks/funds and is mostly manipulated. If you mostly live off a Govt. check then you are not really impacted much by this viru and you are Only looking to take advantage of your landlord. Just because you 'might' be able to squeeze your landlord out of a few thousand baht doesn't make it the right thing to do.  Not all landlords are super rich.  Many Thai landlords depend of this rental income to support their families. If your rent was fair before the virus and you are seriously impacted then I think you should not ask your landlord for a rent reduction. Please don't whine about how some stock dividends will be cut as that usually will be many months from now. 

Edited May 21, 2020 by how241

[shortstop]

On 4/24/2020 at 1:56 PM, 3421abc said:

My contract expired in march and I am currently going on a monthly basis. I have no plans to renew at the current price. 

 

I just started looking and haven't seen any reductions. 

I'm in a similar situation.   My contract expired, and I decided not to play hardball with the price my landlord offered for renewal, agreed to his price but insisted on going month to month.  Figure the landlord gets his price and I retain my flexibility.

 

I am now seeing price reductions.  On the bulletin board in my Pattaya condo, I saw a studio that would be 15K pre-corona now being offered for 11K.  

 

I also saw a sale price on a one bedroom about 15% to 20% lower than the usual asking price.  I'm not really sure what the relationship between the asking and selling price is but I doubt that there will be any takers at this price.

 

Instead of focusing on finding a good rental deal I'm now thinking that perhaps I'll buy a condo in 2021.  I figure I'll bide my time until the price is right and if I can't get a great price then I will just continue renting.

[Cheesekraft]

my landlord graciously told me she would NOT increase my rent, but no discount.