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

[Pravda]

None of the condos in the OP are a crazy deal. They were all overpriced. 

 

 

[ThailandRyan]

2 minutes ago, Pravda said:

None of the condos in the OP are a crazy deal. They were all overpriced. 

 

 

Only looked at one the OP Posted and as I said, wouldn't let my dog live in it. People who are short on money might look at such places, but then as you say they are still over priced.  I feel bad for expats who are retired here and now because of exchange rates are driven to rent something below the standards they would normally have, because it has become the new normal.  But I know a few people who enjoy living Thai Style and a small studio with a fan and cold water is all they need.

[pattayadude]

54 minutes ago, PingRoundTheWorld said:

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.

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.

[rickthailand]

most horrible condos i have ever seen

[ChipButty]

I didnt bother looking

[baansgr]

26 minutes 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.

Aids didn't stop people...sexual urges have no barriers....guys are still picking up street walkers in Pattaya as we speak

[baansgr]

5 minutes ago, pattayadude said:

HIV now a treatable disease, it didn't kill people in 2 weeks. this one does

But the fear and possibility of catching a life threatening disease didn't deter people...s@@# they didn't even use condoms...a few beers and all inhibitions go out the window I'm afraid

[saakura]

10 minutes ago, baansgr said:

Aids didn't stop people...sexual urges have no barriers....guys are still picking up street walkers in Pattaya as we speak

Those are extreme sex addicts. Just like alcoholics who may have been drinking medical alcohol during the ban. I agree with Pattayadude that brothel cities like Pattaya have no future after this batch of older sex addicts pass away. Not saying that men will stop going to prostitutes, but they dont need to go to brothels, the entire business will shift online. Both buyer and seller can meet and greet online, cutting out the middlemen.

[Enzian]

Highly relevant topic for me. Following my recent breakup I've moved to central Sukhumvit in Bangkok; I shouldn't name the building but it is big and everyone knows it. The landlords I've met here are willing to go 30 days at a time, just tell them toward the end of the 30 days if you are staying or moving. The studio prices are holding at 18k, so that could be better. But with no commitment past 30 days I can shop with impunity, and even move around a bit as a sort of hobby while the semi-crisis remains. I'm hoping in the next few months I can find something in a nicer newer smaller building for the same or slightly more, kind of a project to see if I can do it. I agree the rental market is going to be like pay-for-play (or like it used to be): almost too much choice.

[izod10]

Was asked by absent seller if I would live in his house rent free while trying to sell it,no thanks

 

  People here still think the property prices will still be going up,      this x next year it will look like the sahara

[thaibeachlovers]

Is this the end of "Thainess"?

[pattayadude]

6 minutes ago, baansgr said:

But the fear and possibility of catching a life threatening disease didn't deter people...s@@# they didn't even use condoms...a few beers and all inhibitions go out the window I'm afraid

there is no shortage of uneducated idiots, and the world will not run out of those in the near future. But usage of condoms skyrocketed after HIV which pretty much protected you from the virus. This is one is a different animal. You don't even need to have sex to get infected. A french kiss is enough

[spidermike007]

Covid will likely re-set the whole economy. I think we will see significant price corrections across the board. Thailand is in for a world of hurt, after deliberately shutting down its economy. Millions of restaurants and small businesses will be lost forever, and millions will remain out of work. In addition, the tourism sector will take a year or two to revive, if it does. The very group that Thailand was targeting (lower to middle income tourists from China and India) were the one worst affected by Covid. 

[thaibeachlovers]

57 minutes ago, pattayadude said:

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.

Never heard of syphilis or herpes then? Having unprotected sex with prostitutes was ALWAYS a bad idea. However, Corona doesn't go in at the small head, but the big one.

[ThailandRyan]

The rental market will be suffering from a long time.  I have talked to many friends who would normally come to SE Asia every year with their family, taking trips throughout, Viet Nam, Thailand, and Bali.  They have taken hits in their portfolios and some have been put out of work.  Most will not be able to travel for a few years or until after everything gets moving again and they can re-build what they lost.  One friend had to refinance his house in order to take out money to keep his family afloat for the next year, or until his wife gets back to work.....The place they have in Thailand is luckily already paid for, and her family has now moved into it, as they could not afford to pay their rent in town.

[kingdong]

16 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-re

 

16 hours ago, Ecosudmon said:

 

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.

 

 

Paparazzi making your life hell?

[Traubert]

11 minutes ago, spidermike007 said:

The very group that Thailand was targeting (lower to middle income tourists from China and India) were the one worst affected by Covid. 

No.

 

That's simply not true.

[pattayadude]

12 minutes ago, Enzian said:

Highly relevant topic for me. Following my recent breakup I've moved to central Sukhumvit in Bangkok; I shouldn't name the building but it is big and everyone knows it. The landlords I've met here are willing to go 30 days at a time, just tell them toward the end of the 30 days if you are staying or moving. The studio prices are holding at 18k, so that could be better. But with no commitment past 30 days I can shop with impunity, and even move around a bit as a sort of hobby while the semi-crisis remains. I'm hoping in the next few months I can find something in a nicer newer smaller building for the same or slightly more, kind of a project to see if I can do it. I agree the rental market is going to be like pay-for-play (or like it used to be): almost too much choice.

I am not surprised to see rents go down to %50 of what they were in January. I recently checked Airbnb rates in Medellin/Colombia  for next month and I noticed what used to be $100 a day was priced at $25 a day! Though the whopping %75 discount is temporary and will likely correct itself in a few months, its a message to what the future of discounts will look like.

[pattayadude]

12 minutes ago, thaibeachlovers said:

Having unprotected sex with prostitutes was ALWAYS a bad idea

never thought it wasn't. I don't even remember the last time i had unprotected sex

[whiteman]

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.

[pattayadude]

3 minutes ago, pattayadude said:

never thought it wasn't. I don't even remember the last time i had unprotected sex

thanks to the lockdown,I don't remember the last time I had sex either!

[thaibeachlovers]

1 hour 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.

Firstly, the people that could do the clean up only want money, not to spend it, IMO, which is why despite billions of baht coming into Pattaya it's still a dump.

Secondly, Pattaya has nothing to make it a tourist destination for rich people.

Thirdly, too many people come to Pattaya, never get further than between Beach and Buakhao and think that is Pattaya. It's like saying Bkk is only Nana and Cowboy.

Pattaya is hardly a sex city. It is a city that has a sex area which is easily avoided completely.

[bbi1]

17 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.

You obviously offered and paid way too much. Should've offered only 10k max.

[Keyser Soze666]

16 hours ago, Pilotman said:

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

A bit harsh. I've lived in houses and condos, and while I now prefer a house I enjoyed my time in condo's for the best part, the key is not to have noisy neighbours.

 

Rich, wealthy people live in condo's (apartments) in NYC for example, yes they will very big, but a condo all the same.

[Pilotman]

4 minutes ago, Keyser Soze666 said:

A bit harsh. I've lived in houses and condos, and while I now prefer a house I enjoyed my time in condo's for the best part, the key is not to have noisy neighbours.

 

Rich, wealthy people live in condo's (apartments) in NYC for example, yes they will very big, but a condo all the same.

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. 

[Keyser Soze666]

3 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. 

A study? Oooh I say.

 

Yes, needs to be a decent size. Being single and having a nice done out condo is good. Impresses woman. They may even give you a discount!

[pattayadude]

15 minutes ago, Keyser Soze666 said:

A study? Oooh I say.

 

Yes, needs to be a decent size. Being single and having a nice done out condo is good. Impresses woman. They may even give you a discount!

on the contrary, I think her price goes UP with the size of the condo. 40sqm=$40 120sqm=$120 and so on...

just saying...

[Keyser Soze666]

2 minutes ago, pattayadude said:

on the contrary, I think her price goes UP with the size of the condo. 40sqm=$40 120sqm=$120 and so on...

just saying...

Ah, another cynic..cheer up mate.

[cyril sneer]

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

[bodga]

17 hours ago, OneeyedJohn said:

Plus, you need staggered balconies so that you don't kill your wife

Or  anyone elses