Rental market has imploded, landlords offer crazy discounts for tenants -- my experience with searching for a condo for rent this week

[Ecosudmon]

My old rental contract was up and so I was looking what is on the market this week to move into another condo next week for rent. I looked on dotproperty.co.th for condos and contacted the agencies of the condos I liked. I asked for 6 months contract even though some condos were only available for 1 year according to the listing on the website. I was prepared that I would have to pay more for that but the agents usually contacted the owner and they were willing to offer 6 months for the same terms. The agents would also offer to show me similar condos that were advertised for higher prices with a discount, for example: 

 

This condo for 15,000 instead of 25,000 baht per month (40% discount): https://www.gecko-properties.com/en-GB/realestate/central-pattaya/condo/gkp-c008104

 

This one for 12,000 instead of 15,000 baht: https://www.gecko-properties.com/en-GB/realestate/central-pattaya/condo/gkp-c008098

 

13,000 instead of 15,000 baht: https://www.gecko-properties.com/en-GB/realestate/central-pattaya/condo/gkp-c004835

 

9,000 instead of 11,500 baht: https://www.gecko-properties.com/en-GB/realestate/south-pattaya/condo/gkp-c004897

 

When I went to see a condo, I would ask the agents about the market right now and they said that new rental activity has gone down and that is why some landlords are desperate to offer discounts, including Thai landlords. I ended up renting one for 9,500 instead of the advertised 13,000 baht a month.

 

 

[Drax]

Just checked my condominium. Cheapest i was able to find was 20k and most asking 25k for one bedroom and 35-55k for two ????. Meanwhile I’m paying 16k from before covid. 

 

i guess discounts haven’t arrived bkk yet. 

[piewarmer]

I just got 2K a month off my condo rental renewal in central Chiang Mai, I offered 2K less and they accepted immediately.

18K down to 16K by the way.

[Snow Leopard]

The discounts will come. The real estate bubble is over me thinks for a few years. I am currently buying real estate in the UK. Not residential. 

[Oldie]

You only list offers from gecko-properties.com. Are there no other good offers? 

[sungod]

2 minutes ago, Oldie said:

You only list offers from gecko-properties.com. Are there no other good offers? 

Maybe he works for them? ????

[Pattaya46]

Looking for 2 condos I know well, prices on these websites are really inflated compared to usual prices in these places. If you like a condominium, better to walk in and look for rent ads on the board.

[SteveK]

15 minutes ago, piewarmer said:

I just got 2K a month off my condo rental renewal in central Chiang Mai, I offered 2K less and they accepted immediately.

18K down to 16K by the way.

Should have offered 10k!

[Ecosudmon]

7 minutes ago, Oldie said:

You only list offers from gecko-properties.com. Are there no other good offers? 

The owner of this one offered me this one for 8,500 instead of 9,000, the agency is Paradise Realty: https://www.thailand-property.com/condo-for-rent-in-the-gallery-jomtien-chonburi_4002368

 

The one I rented was from with the agency Thompson Property but I did not want to show it here because it would make the location of my new rental place public.

 

The agencies do not offer discounts, the owners do. I think the agency does not influence that so everyone should be able to find discounted condos at every agency when they ask for it.

 

[OneeyedJohn]

God help me if I ended up having to live in something like that. They were all awful, and with a swimming pool next to the car park.

 

Whats with all the astro turf in the last one.

 

Plus, you need staggered balconies so that you don't kill your wife when you throw her over.

Edited May 2, 2020 by OneeyedJohn

[Ecosudmon]

51 minutes ago, Pattaya46 said:

Looking for 2 condos I know well, prices on these websites are really inflated compared to usual prices in these places. If you like a condominium, better to walk in and look for rent ads on the board.

Interesting. What could be the incentive for the owner to offer a condo for a higher rent on these websites compared to the board? Owners compete with each other on these website and people who go on the website to look for a condo will call the owner with the lowest advertised price.

 

[Pilotman]

I am not at all sure that I would live in a condo if it was offered for free, never mind paying. 

[Pattaya46]

30 minutes ago, Ecosudmon said:

Interesting. What could be the incentive for the owner to offer a condo for a higher rent on these websites compared to the board?  //

Unsure, but maybe they are targeting through Internet potential tenants who are still abroad, or tourists looking for a 1-2 months rental. In links given by the OP, I didn't see any indication of contract length (month? year?...) so probably short term prices, and then higher.

[Peterw42]

To a certain extent there are rental price drops every year around this time of the year. its the start of low season. 

Most long term renters haven't up and left because of covid.

Sure, there are no new arrivals at the moment but rents have always been reduced and negotiable, depending on time of year, coming into low season.

 

 

[sungod]

1 hour ago, OneeyedJohn said:

God help me if I ended up having to live in something like that. They were all awful, and with a swimming pool next to the car park.

 

Whats with all the astro turf in the last one.

 

Plus, you need staggered balconies so that you don't kill your wife when you throw her over.

I think the word you are looking at is 'exist'.

 

Mind you, if you just want to get on the lash each night and just crash then I suppose it fits a purpose.

 

Dont know about the wife, would be tempted to throw myself off if I had to live in one of those during 'lockdown.'

[Oldie]

1 hour ago, Ecosudmon said:

Interesting. What could be the incentive for the owner to offer a condo for a higher rent on these websites compared to the board? Owners compete with each other on these website and people who go on the website to look for a condo will call the owner with the lowest advertised price.

 

These websites and brokers don't ask for any commission? Here at my condo complex in Pattaya for instance there are many apartment offers from owners in the entrance hall that you will not find on the internet. Really great rates from individual owners. Sure you will have to go there. But you should check out the location anyway. 

[Grumpy one]

2 hours ago, Ecosudmon said:

The owner of this one offered me this one for 8,500 instead of 9,000, the agency is Paradise Realty: https://www.thailand-property.com/condo-for-rent-in-the-gallery-jomtien-chonburi_4002368

 

The one I rented was from with the agency Thompson Property but I did not want to show it here because it would make the location of my new rental place public.

 

The agencies do not offer discounts, the owners do. I think the agency does not influence that so everyone should be able to find discounted condos at every agency when they ask for it.

 

What a remarkable condo.

Complete with a cheap copy of Astro turf in the living room. 

This has to be the deal of the century

[redwood1]

6 hours ago, Ecosudmon said:

The owner of this one offered me this one for 8,500 instead of 9,000, the agency is Paradise Realty: https://www.thailand-property.com/condo-for-rent-in-the-gallery-jomtien-chonburi_4002368

 

The one I rented was from with the agency Thompson Property but I did not want to show it here because it would make the location of my new rental place public.

 

The agencies do not offer discounts, the owners do. I think the agency does not influence that so everyone should be able to find discounted condos at every agency when they ask for it.

 

For this place I would not pay 1 baht over 6,000....Now that I think about it 5,000 max.....

Edited May 2, 2020 by redwood1

[thequietman]

6 hours ago, Snow Leopard said:

The discounts will come. The real estate bubble is over me thinks for a few years. I am currently buying real estate in the UK. Not residential. 

Property prices are currently up just over 1%, since this time last year in the UK.

Why do you say it is attractive to buy now when the average price of a home is 230,000 pounds.

[thequietman]

6 hours ago, sungod said:

Maybe he works for them? ????

Clearly, it's so obvious. ????

[redwood1]

I would say a 40-50% discount on Pattaya rentals would not be hard to come by......

 

50% of some thing is a lot better than 100% of nothing....

Edited May 2, 2020 by redwood1

[Puchaiyank]

Dang...think of all that poon-tang you can purchase with that extra money!

[ThailandRyan]

5 hours ago, redwood1 said:

For this place I would not pay 1 baht over 6,000....Now that I think about it 5,000 max.....

For my dog to live in maybe....Not... pass

[pattayadude]

12 hours ago, Ecosudmon said:

This condo for 15,000 instead of 25,000 baht per month (40% discount): https://www.gecko-properties.com/en-GB/realestate/central-pattaya/condo/gkp-c008104

 

This one for 12,000 instead of 15,000 baht: https://www.gecko-properties.com/en-GB/realestate/central-pattaya/condo/gkp-c008098

 

13,000 instead of 15,000 baht: https://www.gecko-properties.com/en-GB/realestate/central-pattaya/condo/gkp-c004835

 

9,000 instead of 11,500 baht: https://www.gecko-properties.com/en-GB/realestate/south-pattaya/condo/gkp-c004897

advertising for gecko?

why don't you post some listings from other agents also so we have a reason to believe this is not a gecko commercial.

with only 10 posts since 2018, I am too not convinced

 

Edited May 2, 2020 by pattayadude

[torturedsole]

11 hours ago, OneeyedJohn said:

Plus, you need staggered balconies so that you don't kill your wife when you throw her over.

If my wife gets emotional then she doesn't need any help.  

[scubascuba3]

It's amazing how many ads don't tell you the name of condo and location link, they want to hide it. Often the cheaper places are in Jomtien not close to beach

[Thailand]

Looks like his should be in classified with all the links to properties to rent.

And even then those prices don't appear to indicate an implosion.

[baansgr]

Stupid owners are still wanting 120k a month for a four storey shophouse on South Jomtien Beach.....made me spill my coffee when they told me the price....place has been empty befor Covid.

[jacko45k]

2 hours ago, ThailandRyan said:

For my dog to live in maybe....Not... pass

If they allow dogs, well that should knock a few more thousand off the price!

[PingRoundTheWorld]

13 hours ago, Peterw42 said:

Most long term renters haven't up and left because of covid.

A good portion of renters did leave. A massive amount of vacation rentals are now vacant, and condo buildings in tourist areas were half-empty even before the virus. There was a bubble for sure, now it is bursting and it will get ugly (for owners) before it gets better. The entire economy is going to shrink and foreign money is not coming back for months if not years.

 

I moved out in February, the current asking price for the same type of unit is 20% lower than what I paid, and I could probably get it lower. My friend just received a 35% discount on his rent. First blood has already been drawn, from now on it will be a painful race to the bottom. Great if you're a renter, terrible if you're an owner.