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

[Pilotman]

5 minutes ago, cyril sneer said:

the owners make back the money charging 10 baht a unit whilst getting discounted electric

which is illegal 

[Lacessit]

I'm renting a condo in Chiang Rai, 35 sqm, 6000 baht a month. Very comfortable with ceiling fan, aircon, big bed and small kitchen. Swimming pool.

I've owned big houses before, and to me they are a PITA because of the maintenance. Much prefer this lifestyle, each to their own.

[EVENKEEL]

44 minutes ago, Pilotman said:

Yes.  There are condos and condos of course, but living, as many do here, in something less less than 40 sqm, would kill me off.  My study alone is bigger than that. 

Wow, that's impressive. What do you do in your "study" ahahahaaa

[newnative]

15 hours ago, Grumpy one said:

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

And, people wonder why I prefer to own...

[Pilotman]

1 minute ago, EVENKEEL said:

Wow, that's impressive. What do you do in your "study" ahahahaaa

swing my cat 

[ThailandRyan]

1 hour ago, whiteman said:

and her family has now moved into it, as they could not afford to pay their rent in town.  you wait till you come to visit it again I bet it will look nothing like it did before be warned. People that can not afford to pay there old rent and can not move to lower rentals is a very big red light flashing. But you will not believe me till you arrive back here and find the truth. then you may find it very hard to move them out.

Unfortunately I warned my Friend this may be a possibility.  They are both Thai themselves, and had 5 Thai restaurants in California, that they closed all of except 1.  His house in Bangkok is where his mother, and his 2 sons live.  The other house he and his wife own is in Nonthaburi, and her sister and her family were renting out a shop house in Bangkok, with a small store in front. Sister lost everything so his wife let her move into the house in Nonthaburi that they only stayed in when they visited twice a year each for a month each when they cam separately.  It was mainly vacant except for a caretaker who watched over it for the other 8 months during the year.  I hope that with the relaxation of some things she can get back to work somewhere.  

Edited May 3, 2020 by ThailandRyan

[EVENKEEL]

13 minutes ago, Pilotman said:

swing my cat 

Sounds a bit dodgy.

[jacko45k]

3 hours ago, pattayadude said:

Agreed. If Pattaya cleans up its act and invest in clean beaches, clean streets, public transportation and become a first world city, it may have a chance to become a tourist spot. But if it insists to stay mostly as a sex city, you will see more rental discounts first and more vacant condos to a point of a town of ghost buildings. In the light of covid, even after a vaccine is found, sex cities have no future IMO.

I'd be too scared to be with someone if I don't know how many guys she has kissed, fondled or had unprotected sex with, as long as the mutation of this virus is hanging over our head like "the sword of Damocles", a mythical metaphor representing an imminent and ever-present danger.

Twaddle... 

[deej]

20 hours 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.

With respect

The Condo rental market

here in Cmai is  in tatters.

With your deal sorry to say

my offer would be a flat 12K

Go for it next lease as the Market will fall as the Covid 19 will see to that

My gut feeling is Pattya.s rental market is in better shape  then Cmai  and in all area.s of Real Estate to boot

 

[treetops]

2 hours ago, EVENKEEL said:

Wow, that's impressive. What do you do in your "study" ahahahaaa

Cleans, dusts, stores junk etc.  That's what all these unnecessary extra rooms are for isn't it?

[ThailandRyan]

20 minutes ago, deej said:

With respect

The Condo rental market

here in Cmai is  in tatters.

With your deal sorry to say

my offer would be a flat 12K

Go for it next lease as the Market will fall as the Covid 19 will see to that

My gut feeling is Pattya.s rental market is in better shape  then Cmai  and in all area.s of Real Estate to boot

 

Friend just rented a 4 bedroom 4 bathroom penthouse condo for him and his family here in BKK.  65,000 Baht per month.  Paid the owner 800,000 Baht up front for the year. No deposit for security or cleaning.  310 Sq meters.  The one he was in before was in Klong Toei, this one is in Sathon. Apparently this one had been empty for over a year.  The owner wanted 95,000 baht per month, but he was able to cut it by 30,000 baht.  Hungry owners out there...lucky the company he works for gives him a 100,000 monthly housing stipend.....

[cyril sneer]

3 hours ago, Pilotman said:

which is illegal 

but not enforced

[Pattaya46]

3 hours ago, cyril sneer said:

the owners make back the money charging 10 baht a unit whilst getting discounted electric

AFAIK most condos in Pattaya make you pay the exact electricity price on the ticket given monthly by the electricity company. Not inflated price.

Inflated prices are frequent in apartments though, and the cheaper they are, the more expensive is the electricity.

 

3 hours ago, Pilotman said:

which is illegal 

It's not illegal for most condos. Only for professionals owning many condos or apartments.

[cyril sneer]

31 minutes ago, Pattaya46 said:

AFAIK most condos in Pattaya make you pay the exact electricity price on the ticket given monthly by the electricity company. Not inflated price.

Inflated prices are frequent in apartments though, and the cheaper they are, the more expensive is the electricity.

yes sorry i was referring to apartments - it's disgraceful that the new law was never enforced, pure robbery

 

makes it even worse that people pay the same rate despite electric companies dropping the price during covid

[WillyPlatt]

On 5/2/2020 at 10:25 AM, 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.

An approx 10% discount in a market that is collapsing by the day is terrible.

They would have bitten your hand off for 12K.

[WillyPlatt]

On 5/2/2020 at 10:30 AM, Oldie said:

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

Inflating prices to reduce them is not exactly rocket science.

Just keep offering 50% of the asking price until someone accepts. They won't be getting any new expats or long term winter stayers this year.

[mighty]

On 5/2/2020 at 5:37 PM, Pilotman said:

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

so why comment on it?

[sungod]

I guess we are all spending more time on here than usual, but I have seen alot of topics started by new posters.......

[bbi1]

On 5/3/2020 at 10:53 PM, WillyPlatt said:

Inflating prices to reduce them is not exactly rocket science.

Just keep offering 50% of the asking price until someone accepts. They won't be getting any new expats or long term winter stayers this year.

Agreed, 50% offers from the asking price of any property listed in Thailand is the only way to go.

[Enzian]

This is tough, because I have rentals in the US (I have a manager) and if we get an offer below asking (or even if it is higher!--I'd have to explain) we tune them out, the conversation is over. But I am currently moving around in Sukhumvit, and I have to be realistic about what the "new normal" market prices should be, even if the owners are not.

[Wuvu2]

The main purpose of those websites are to sell properties and the rental are on behalf of prior buyers. Agents will tout the income potential of the property to support sales prices. The must keep the perceived rental value high in order to be able to keep selling properties. Without any MKS or actual sales data it's impossible to nail down comparable sales values in Thailand. I've always found that direct rentals from owners are much less expensive than through an agent. 

 

Particularly in buildings that rent mostly to foreigners, in times like this the old saying holds true "If you are not completely embarrassed by your offer - you are offering too much".  

 

For the foreseeable future any landlord that can get his condo fees and maintenance paid by rental income is lucky indeed. In our building of about 450 units websites list more than 300 units for rent or for sale.

[Dart12]

Yeah...we negotiated almost all properties to over 50% off what they were asking... Everytime we said "maybe" they would throw a lower offer out lol.  Good time to be a renter.

It's like being the prettiest girl at the prom right now.  No shortage of gifts being thrown at me and requests to dance ????

[5633572526]

On 5/2/2020 at 4:17 PM, Drax said:

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. 

If you put no effort into finding them than nothing is what you will find

[nickmondo]

On 5/2/2020 at 5:37 PM, Pilotman said:

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

i agree.

what could be worse than getting disturbed by slamming doors, neighbour noise, etc, etc.

peace and quiet of a house all day long for me.

can get a detached house for the same price as a condo if you look hard enough, and good quality

[ThailandRyan]

42 minutes ago, nickmondo said:

i agree.

what could be worse than getting disturbed by slamming doors, neighbour noise, etc, etc.

peace and quiet of a house all day long for me.

can get a detached house for the same price as a condo if you look hard enough, and good quality

Then you would also need to have your own transportation or use Grab to get to where you needed instead of simply walking a short distance to MRT, BTS, The bus stop, or hailing a taxi on the road in front.....to each his own.  Why would I need the extra hassle of insurance and costs, when if I need to go somewhere I can just rent for a few days, or use the public transport.  Sorry but then I am not afraid of being a city dweller.

[Pilotman]

1 hour ago, nickmondo said:

i agree.

what could be worse than getting disturbed by slamming doors, neighbour noise, etc, etc.

peace and quiet of a house all day long for me.

can get a detached house for the same price as a condo if you look hard enough, and good quality

exactly right. 

[izod10]

1 hour ago, nickmondo said:

i agree.

what could be worse than getting disturbed by slamming doors, neighbour noise, etc, etc.

peace and quiet of a house all day long for me.

can get a detached house for the same price as a condo if you look hard enough, and good quality

agree, have damned large house(rented),just me,now and again paid guest  but Get a cleaner in,cheap enough,shout your head off ,...big garden couple of mutts  keep it safe        Feels good

[chilly07]

If you go through an agent it will always cost more as owner has to recoup the fee. And many so called agents just go around collecting contact No's which you can do yourself

[Pattaya46]

2 hours ago, nickmondo said:

what could be worse than getting disturbed by slamming doors, neighbour noise, etc, etc.

peace and quiet of a house all day long for me.

I have know many guys living in houses and complaining about noise :  loud music or groups/parties from neighbour houses, groups of young thais with "enhance" motorbikes, dogs !

[izod10]

45 minutes ago, Pattaya46 said:

I have know many guys living in houses and complaining about noise :  loud music or groups/parties from neighbour houses, groups of young thais with "enhance" motorbikes, dogs !

This is the problem with buying,no way out.    Renting ,the way to go,so many houses on offer

 

  If you have assets,meaning pre-covid assets,   it was a tough deal getting shut,getting tougher,.... now all those assets are junk bond status,never get shut unless given away,and with property tax about to evolve ,that is hardy  a solution

Edited May 5, 2020 by izod10