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

[xylophone]

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. 

I'm finding the same here where I live (Patong) and after seeing some pretty hefty discounts on this thread, I decided to look at the rental apartments/condos, or even houses, for rent here and hereabouts...... 

 

Nothing has changed and if you're lucky you can rent a 32 m² condo for 25,000 baht per month...... yeah right.

 

Somebody needs to change their thinking if they're hoping to rent out one of the many empty places here, but I have found that farangs are just as "out of tune with the market" as Thais are, this with regard to not budging on unrealistic prices.
 

[gamesgplayemail]

Ridiculous, not price will change, even if 100000 units are empty.

 

[jacko45k]

3 hours 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

If you think a detached house means peace and quiet... sorry, not always the case. Barking dogs, people who beep rather than ring a bell, hawkers, noisy people and Wat loudspeakers, you get it all too.

[ThailandRyan]

2 minutes ago, gamesgplayemail said:

Ridiculous, not price will change, even if 100000 units are empty.

 

Tell that to those that have moved as recently as May 1st into new long term leases, like a friend and his family.  He shaved 30,000 baht of the price the owner wanted, and as the property had been vacant for a year already the owner took the cash....

[Max69xl]

On 5/2/2020 at 4:33 PM, sungod said:

Maybe he works for them? ????

Maybe you're capable of finding other real estate agencies online in Pattaya yourself?  

[Max69xl]

22 minutes ago, gamesgplayemail said:

Ridiculous, not price will change, even if 100000 units are empty.

 

Just because you're totally useless in negotiation a lease, doesn't mean others are. Prices in Jomtien, Pattaya started to go down late last year even before the virus. 

[Dionigi]

Condo costs and rentals have always been highly overpriced. The monthly fees are exorbitant and the sizes are poor. 3 bed houses have always been cheaper than most of the condos. I listen to people telling me what they have been paying for their condo rent and see the size of the place, although I will admit the furnishings are usually nicer than are offered with house rentals, but it still does not rate the prices charged

 

[treetops]

2 minutes ago, Dionigi said:

3 bed houses have always been cheaper than most of the condos.

But less desirable for the majority for all the reasons given, hence the lower cost.  Market economics.  Supply and demand etc.

[Dart12]

You are of course going to find better deals in vacation areas than in say Bangkok, where most people didn't flock away from.

[sungod]

2 hours ago, Max69xl said:

Maybe you're capable of finding other real estate agencies online in Pattaya yourself?  

Sure, there is google. Whats your point?

[Hindy]

fazwaz.com

[SteveK]

A quick search online seems to show that there is a massive glut of properties to rent in Pattaya and Jomtien. The last few weeks alone, Bahtsold has become awash with properties for sale and rent, let alone all the property specific sites.

 

I know Thai-style economics means rarely reducing prices, but it's obviously a buyer's (or renter's) market right now. You should be putting in very low offers and seeing what happens, if they say no you've lost nothing, there will be a dozen other properties to look at so just walk away.

 

You never know, an offer of 50% might even be accepted once a landlord realises that he might not get any other offers, and the property could stand vacant for many, many months.

 

Here's basic condo in Jomtien at 3800 a month, even in the listing they suggest reducing that to 3483 if you pay for a year upfront. I wonder what would happen if you offered 2483 a month? That's less than what a garage in the UK charged to store my motorcycle per week after having repairs done!

 

https://www.bahtsold.com/view/quiet-bright-room-near-jomtien-beach-at-jomtien-complex-condotel-394174

 

Very basic but perfect for somewhere to crash after a bit of boozing/philandering.

[HashBrownHarry]

7 hours ago, jacko45k said:

If you think a detached house means peace and quiet... sorry, not always the case. Barking dogs, people who beep rather than ring a bell, hawkers, noisy people and Wat loudspeakers, you get it all too.

depends how detached it is!

[HashBrownHarry]

7 hours ago, ThailandRyan said:

Tell that to those that have moved as recently as May 1st into new long term leases, like a friend and his family.  He shaved 30,000 baht of the price the owner wanted, and as the property had been vacant for a year already the owner took the cash....

30K per month?

 

If per year it's not really anything to get excited about.

[HashBrownHarry]

6 hours ago, Dionigi said:

Condo costs and rentals have always been highly overpriced. The monthly fees are exorbitant and the sizes are poor. 3 bed houses have always been cheaper than most of the condos. I listen to people telling me what they have been paying for their condo rent and see the size of the place, although I will admit the furnishings are usually nicer than are offered with house rentals, but it still does not rate the prices charged

 

If they were over priced people would not be renting them!

[BigStar]

4 hours ago, SteveK said:

A quick search online seems to show that there is a massive glut of properties to rent in Pattaya and Jomtien. The last few weeks alone, Bahtsold has become awash with properties for sale and rent, let alone all the property specific sites.

 

I know Thai-style economics means rarely reducing prices, but it's obviously a buyer's (or renter's) market right now. You should be putting in very low offers and seeing what happens, if they say no you've lost nothing, there will be a dozen other properties to look at so just walk away.

 

You never know, an offer of 50% might even be accepted once a landlord realises that he might not get any other offers, and the property could stand vacant for many, many months.

 

Here's basic condo in Jomtien at 3800 a month, even in the listing they suggest reducing that to 3483 if you pay for a year upfront. I wonder what would happen if you offered 2483 a month? That's less than what a garage in the UK charged to store my motorcycle per week after having repairs done!

 

https://www.bahtsold.com/view/quiet-bright-room-near-jomtien-beach-at-jomtien-complex-condotel-394174

 

Very basic but perfect for somewhere to crash after a bit of boozing/philandering.

Yet 14 sq.m. does seem a bit cramped for the exceptional Jomtien dweller who might aspire to more of a life than just booze/philander/crash in a closet.

[ThailandRyan]

7 hours ago, HashBrownHarry said:

30K per month?

 

If per year it's not really anything to get excited about.

It was a 95,000 baht per month rental he knocked down to 65,000 per month.  I would say a 360,000 baht savings is something to be excited about. Especially since he can keep it himself, so do the math. He gets a 100,000 baht per month housing stipend from his company.

[izod10]

8 hours ago, HashBrownHarry said:

If they were over priced people would not be renting them!

Sure as hell the majority are not renting ,thousand pon thousand empty  and new property tax evolving,having to pay money for empty apartment will get anybody buzzing.

   Keep it empty,keep it safe,blight will be upon you in no time at all.

   If Id signed contract to rent before Id break it,lose the deposit,the rental market will for sure get cheaper and cheaper

[HashBrownHarry]

1 hour ago, ThailandRyan said:

It was a 95,000 baht per month rental he knocked down to 65,000 per month.  I would say a 360,000 baht savings is something to be excited about. Especially since he can keep it himself, so do the math. He gets a 100,000 baht per month housing stipend from his company.

That was my question, if it's a 30K a month saving then yes, that's a great result.

 

But if it's a company allowance he's not really benifiting unless it's paid along with his salary?

 

Most companies have stopped doing that.

[ThailandRyan]

10 minutes ago, HashBrownHarry said:

That was my question, if it's a 30K a month saving then yes, that's a great result.

 

But if it's a company allowance he's not really benifiting unless it's paid along with his salary?

 

Most companies have stopped doing that.

He actually gets a separate check every month for his housing allowance.  He fortunately has a good job with a company that is still doing ok even in the COVID times we are in.  He used to travel to all of the companies assets prior to the travel issues we now face.  Now he just uses the companies cameras remotely, and has daily meetings on-line.  This COVID issue has created opportunities for many new types of business, and many folks will turn into work from home employee's and I would guess be able to write of the rent they pay as a business expense now.

[izod10]

19 hours ago, jacko45k said:

If you think a detached house means peace and quiet... sorry, not always the case. Barking dogs, people who beep rather than ring a bell, hawkers, noisy people and Wat loudspeakers, you get it all too.

You could always add   raindrops on top of my head,  or roof actually,but here is the beauty of renting,fresh horizons at a moments notice,guaranteed cheaper and cheaper and cheaper rentals,all over the place.  Get a housekeeper in,they come cheaper too...no tam nam.... as long as u dont s.hag her  everythings OK  in fact better than OK.  Was thinking of Spain,but this place is improving no end   renting that is,owning different story

[Leaver]

20 hours ago, gamesgplayemail said:

Ridiculous, not price will change, even if 100000 units are empty.

 

I think it's early days at this stage.  

 

If prices were not going to fall, at all, then we might see Pattaya / Thailand out pricing itself in the long term accommodation market, for expats, when compared to other countries in South East Asia, particularly Vietnam, who I see as Thailand's biggest competitor in the near future.  

 

The greedy Thai landlords have pushed the market in the hospitality industry, probably past breaking point, as we saw this high season, pre virus, with the lack of western tourists.  There's every chance they could do it in the property sector as well.      

[HashBrownHarry]

3 hours ago, ThailandRyan said:

He actually gets a separate check every month for his housing allowance.  He fortunately has a good job with a company that is still doing ok even in the COVID times we are in.  He used to travel to all of the companies assets prior to the travel issues we now face.  Now he just uses the companies cameras remotely, and has daily meetings on-line.  This COVID issue has created opportunities for many new types of business, and many folks will turn into work from home employee's and I would guess be able to write of the rent they pay as a business expense now.

That's the best way and the used to be normal.

 

A lot of companies now will give you and allowance but pay the landlord direct so there's nothing left in 'your pocket'.

 

Tight guys i've know in the past would rent a decent place for 20-30K even with a 100K allowance and scoop the rest...

[ThailandRyan]

47 minutes ago, HashBrownHarry said:

That's the best way and the used to be normal.

 

A lot of companies now will give you and allowance but pay the landlord direct so there's nothing left in 'your pocket'.

 

Tight guys i've know in the past would rent a decent place for 20-30K even with a 100K allowance and scoop the rest...

That was the way it used to be.  Most companies now want you to document everything on an expense account form.  Up until I retired I would expense my gas, miles driven, oil changes, and anything else I could use to get the numbers to be even with advances equaling expenses, just so I did not have to return any money to the company.  My friend is very lucky as he has been with the company for over 20 years.  

 

I used a room in my house where I would work out of, and thus wrote off that portion on my taxes.

[damascase]

19 hours ago, SteveK said:

A quick search online seems to show that there is a massive glut of properties to rent in Pattaya and Jomtien. The last few weeks alone, Bahtsold has become awash with properties for sale and rent, let alone all the property specific sites.

 

I know Thai-style economics means rarely reducing prices, but it's obviously a buyer's (or renter's) market right now. You should be putting in very low offers and seeing what happens, if they say no you've lost nothing, there will be a dozen other properties to look at so just walk away.

 

You never know, an offer of 50% might even be accepted once a landlord realises that he might not get any other offers, and the property could stand vacant for many, many months.

 

Here's basic condo in Jomtien at 3800 a month, even in the listing they suggest reducing that to 3483 if you pay for a year upfront. I wonder what would happen if you offered 2483 a month? That's less than what a garage in the UK charged to store my motorcycle per week after having repairs done!

 

https://www.bahtsold.com/view/quiet-bright-room-near-jomtien-beach-at-jomtien-complex-condotel-394174

 

Very basic but perfect for somewhere to crash after a bit of boozing/philandering.

But....... only 14 sqm!!

[Zikomat]

On 5/3/2020 at 8:24 AM, 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.

God save us from Pattaya becoming another first world city. We have enough of them and I prefer this naughty sex city to any of those hugely overpriced and boring places. 
 

 

[Leaver]

2 hours ago, Zikomat said:

God save us from Pattaya becoming another first world city. We have enough of them and I prefer this naughty sex city to any of those hugely overpriced and boring places. 
 

 

What if Pattaya remained a naughty sex city, but became hugely overpriced, like other first world cities?  

 

It's already happening.  

[Rimmer]

off topic troll posts dragging Amsterdam and UK  into the topic has been removed

[gamesgplayemail]

On 5/5/2020 at 2:39 PM, Max69xl said:

Just because you're totally useless in negotiation a lease, doesn't mean others are. Prices in Jomtien, Pattaya started to go down late last year even before the virus. 

 

I mostly find big mouth cheap charlie people who pretend to get better than me but at the end just live in their dreams and pay more because they know nothing.

 

 

[Captain Monday]

On 5/2/2020 at 7:08 PM, 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.

Guy needs a new decorator. ????