I,ve just renewed my extension for the year and lease is up ,has anyone noticed a drop in rental costs as a result of the downturn? Central Pattaya seems empty but no sign of any reductions advertised other than cheap hotel rooms?

In Bangkok I see some condo's for 25% less than before.  Not all, there are now big differences in the same building. It seems some people are desperate, others not. I also see more flexibility with contracts. First you always got a 1 year contract, now 3, 6, 9 months is also possible for the same monthly term.

 

 

 

 

23 minutes ago, dimitriv said:

In Bangkok I see some condo's for 25% less than before.  Not all, there are now big differences in the same building. It seems some people are desperate, others not. I also see more flexibility with contracts. First you always got a 1 year contract, now 3, 6, 9 months is also possible for the same monthly term.

 

 

 

 

I recently leased a new condo 25% cheaper than my previous unit in the same building, included is a new washing machine and fast free internet. 

Being able to deal directly with the owner is a big advantage. 

18 minutes ago, twocatsmac said:

I recently leased a new condo 25% cheaper than my previous unit in the same building, included is a new washing machine and fast free internet. 

Being able to deal directly with the owner is a big advantage. 

Is it noticeable in your areas the lack of westerners? Pattaya is virtually empty near me and even the cheaper apartment blocks are not interested in dealing, seem content to be that way...strange although Thai only places seem willing to bargain.

There are no foreigners entering Thailand now and many of those who are here are trying to get out.  Right now, the renter is king.  We have just negotiated a new lease on a unit that is 30% less than a year ago in the building where we live already in BKK and which includes all new furniture selected by us from Ikea.  There are a fair number of foreigners in this building and in this area.

2 hours ago, Olmate said:

I,ve just renewed my extension for the year and lease is up ,has anyone noticed a drop in rental costs as a result of the downturn? Central Pattaya seems empty but no sign of any reductions advertised other than cheap hotel rooms?

In Big C Pattaya klang there is a board near the toilets where 

everyone can advertise for rent or sale something. I noticed in

the last weeks a drop around 10 to 30% in the price of the rent and sale

for the condos.

Most of the owners, Thais or foreigners, are still waiting and hoping for a change 

in the tourism policy, they think it's only a matter of weeks before all return to

the normal, so they are just waiting.

 

The more the time past, the more they should

understand the tourists will not be allowed to return

then we can expect massive discounts next year

Just signed a condo lease for 12 months central Bangkok....had the choice of 6, 12 or 24 months all at the same price. Originally advertised at 26k got it down to 17k..........on our floor there are 14 rooms and only two seem to be occupied. Happy days.

10 minutes ago, Olmate said:

Is it noticeable in your areas the lack of westerners? Pattaya is virtually empty near me and even the cheaper apartment blocks are not interested in dealing, seem content to be that way...strange although Thai only places seem willing to bargain.

I referred to Udon Thani so always western expats coming and going and not affected by the virus in the way Pattaya has been.

 

If you do experience difficulties negotiating with Thai landlords it will be due to the “fear of Johnny foreigners” here to infect us syndrome. 

2 minutes ago, twocatsmac said:

If you do experience difficulties negotiating with Thai landlords it will be due to the “fear of Johnny foreigners” here to infect us syndrome.

It's more due to the greed syndrome imo

I wonder if cheaper prices will also mean bad service.

If something is broken in the condominium, like i.e. the air-con, how fast will an owner fix it?

It would be interesting to read comments about that from the people who were able to get special prices. 

On Facebook marketplace i see condos in Pattaya offered at lower rent

1 minute ago, OneMoreFarang said:

I wonder if cheaper prices will also mean bad service.

If something is broken in the condominium, like i.e. the air-con, how fast will an owner fix it?

It would be interesting to read comments about that from the people who were able to get special prices. 

Early days.....had a few small problems, which were easily sorted....but the Thai landlord has been on them straight away, sorted and fixed. Fingers crossed.

3 minutes ago, OneMoreFarang said:

I wonder if cheaper prices will also mean bad service.

If something is broken in the condominium, like i.e. the air-con, how fast will an owner fix it?

It would be interesting to read comments about that from the people who were able to get special prices. 

Agree there, it’s partly the reason I,m looking to move. A new owner but no offer of incentive to stay on.

36 minutes ago, kingofthemountain said:

It's more due to the greed syndrome imo

Thinking I’d left my old Thai/Chinese landlord with an empty condo for 12 months or so cheered me up. (I’ll show em for not negotiating)

 

4 months later a farang is now paying 3k a month over what I was. 

The moral here I suppose is, she knew the business better than I did and the best units will always rent eventually.

3 minutes ago, twocatsmac said:

Thinking I’d left my old Thai/Chinese landlord with an empty condo for 12 months or so cheered me up. (I’ll show em for not negotiating)

 

4 months later a farang is now paying 3k a month over what I was. 

The moral here I suppose is, she knew the business better than I did and the best units will always rent eventually.

You'd have to be going some to get one over on the Chinese.

4 minutes ago, twocatsmac said:

Thinking I’d left my old Thai/Chinese landlord with an empty condo for 12 months or so cheered me up. (I’ll show em for not negotiating)

 

4 months later a farang is now paying 3k a month over what I was. 

The moral here I suppose is, she knew the business better than I did and the best units will always rent eventually.

Sino\thai landlord have usualy enough money to wait 

a better opportunity to earn even more money than they have

and your story illustrate it perfectly.

However with the virus and the closure of the borders a lot of things have

changed, i am not sure at all in your case any farang will be coming 

to take your place, not to mention to paying more for the rent.

4 minutes ago, Surelynot said:

You'd have to be going some to get one over on the Chinese.

????  Yes and she couldn’t tell me quick enough, I felt like putting a copy of my old contract in his post box. 

Yes, go 25% below the asking price maybe more. 1000's of places out there and desperation as the ST renters are gone.

Facebook groups are getting bombarded with rental property 

Also look on Airbnb many properties with huge discounts you just need to search

My owner landlady on Sukhumvit 13 has now agreed, after the initial 3 month lease, to go "month to month", and though I'm still paying the old average for the building, it's nice to be this flexible. And I don't think things around here have yet really adjusted down to where they are headed.

3 hours ago, twocatsmac said:

the best units will always rent eventually.

And how much rent do these people often lose while waiting for "eventually?" 

 

Many times their greed and / or "face" get in the way of a business decision.    

 

39 minutes ago, Leaver said:

And how much rent do these people often lose while waiting for "eventually?" 

 

Many times their greed and / or "face" get in the way of a business decision.    

 

You are right

a lot of landlords (Thais and foreigners) seem prefer

to lose 1 year or more of rent rather than discount 10 or 20 % on the rent price

as a former landlord myself in my country of origin, i don't see any logic in this

and it's imo a pretty stupid behaviour, but it seems to be the ''normal'' thing here in Thailand

 

4 hours ago, Surelynot said:

Early days.....had a few small problems, which were easily sorted....but the Thai landlord has been on them straight away, sorted and fixed. Fingers crossed.

The lease should set forth clearly which party is responsible for maintenance and repair of the major appliances and unit systems...and the tenant's remedies (withhold rent) for failure to maintain the unit in a habitable condition.