landlord question : now that inflation makes everything 10-20 percent more expensive, can you raise the rent now or do I legally have to wait till end of contract / renewal ?

[BritManToo]

20 hours ago, Justanotherone said:

going from 18.000 to 20.000 acceptable ?

There's a million empty rooms in Thailand at the moment, with no sign of any upturn in the market.

I'd suggest a rent reduction from 18k to 12k to at least keep some income going.

No need to wait until the end of his lease, tell him it's a special COVID discount.

 

3 bed houses in my nice quiet moobaan rent for 10k/month in a good year, right now they're mostly empty at any price.

[Ralf001]

2 hours ago, HappyExpat57 said:

My property management company continuously wants to jack the rent on my tenant $50/month every year at contract renewall time. I ask them "What job do you think ANY working Joe has right now that gives them a $50/month raise?" then tell them to leave the rent as is.

 

Corporate greed is destroying this planet and it leaks out into almost every facet of all our lives. It needs to stop. Humans have the greatest intellect and the weakest soul of any animal on earth.

Key point in your post... renewal time.

 

Yeah my landlord has the right to increase my rent at lease renewal time as well, it is my right to accept increase...... or not.

 

 

[MajorTom]

My landlord cut the rent by 10% at the start of covid, without me asking. A wise move. Otherwise I would probably have bargained for a bigger discount, or left it empty.

 

Raising in the current market would be the opposite of wise.

[Liverpool Lou]

21 hours ago, Justanotherone said:

now that inflation makes everything 10-20 percent more expensive

Inflation in Thailand is currently nowhere near "10-20%"!

[bkk6060]

No.

Slumlord attitude you should be ashamed.

[KhunLA]

Already mentioned ... if under contract, then obviously NO.

 

Ethical question ... has your cost of owning gone up ?  Highly doubtful, until you need to fix something.  I would think it's a buyer's / renter's market right now, and if having a tenant, you may want to simply appreciate that fact.

 

If empty for a month or 3, that 10 or 20% isn't adding up to much.

[Justanotherone]

I do my own shopping in person and see the price of everything increase by more than 10-20 percent..   so yes my daily expenses increased and my income did not.

 

I dont work and not pension age by a long long shot.

 

Bank intrest also dropped to bare minimum, so yes, my income went down a lot and a family to feed.

 

My renter also just hired a live in maid...  probably with the savings he made by moving from his upscale condo.

 

The house has extra features and not cramped to the next houses so more privacy and more space and other houses seem to want 25 000 baht for less value   

 

I already started at covid discount rent last year before this new inflation started 

 

 

[Ralf001]

4 minutes ago, Justanotherone said:

I do my own shopping in person and see the price of everything increase by more than 10-20 percent..   so yes my daily expenses increased and my income did not.

 

I dont work and not pension age by a long long shot.

 

Bank intrest also dropped to bare minimum, so yes, my income went down a lot and a family to feed.

 

My renter also just hired a live in maid...  probably with the savings he made by moving from his upscale condo.

 

The house has extra features and not cramped to the next houses so more privacy and more space and other houses seem to want 25 000 baht for less value   

 

I already started at covid discount rent last year before this new inflation started 

 

 

Using your deranged logic I should request my employer give me a 10 to 20% pay rise.... because my daily expenses have increased.

[robblok]

14 minutes ago, Justanotherone said:

I do my own shopping in person and see the price of everything increase by more than 10-20 percent..   so yes my daily expenses increased and my income did not.

 

I dont work and not pension age by a long long shot.

 

Bank intrest also dropped to bare minimum, so yes, my income went down a lot and a family to feed.

 

My renter also just hired a live in maid...  probably with the savings he made by moving from his upscale condo.

 

The house has extra features and not cramped to the next houses so more privacy and more space and other houses seem to want 25 000 baht for less value   

 

I already started at covid discount rent last year before this new inflation started 

 

 

Depends on what your contract says if you have a contract you cant change it. You can't just out of the blue increase rent.

[Photoguy21]

5 hours ago, Dante99 said:

not horrible, stupid

Just plain greedy

[Photoguy21]

49 minutes ago, Justanotherone said:

I do my own shopping in person and see the price of everything increase by more than 10-20 percent..   so yes my daily expenses increased and my income did not.

 

I dont work and not pension age by a long long shot.

 

Bank intrest also dropped to bare minimum, so yes, my income went down a lot and a family to feed.

 

My renter also just hired a live in maid...  probably with the savings he made by moving from his upscale condo.

 

The house has extra features and not cramped to the next houses so more privacy and more space and other houses seem to want 25 000 baht for less value   

 

I already started at covid discount rent last year before this new inflation started 

 

 

You are making money so dont be greedy. Accept what you are getting. It is your choice how much you spend not the person renting from you

[Photoguy21]

At least your ID is appropriate "Justanotherone" you are certainly that. Do you complain if a Thai puts their price up? Probably you do but you feel it is ok for you to increase. Reduce the price and everyone will be happy.

A rental is only good if someone rents

[Hummin]

5 hours ago, HappyExpat57 said:

I have a house in the states. I consistently keep the rent 10% below market value. I STILL make a healthy profit and my tenants stay.

Im happy with my tenant and have not rised my rent for 6 years, and hope she stays as long as possible. Always do what we agreed, pay on time, never complain. What more can you ask for. Well worth to keep when living abroad. 
 

I do have the option to rise rent every year by consumer price index if I want in the contract, and mutual 3 months cancel. 

[Sparktrader]

21 hours ago, Iamfalang said:

never wait.

 

loud noise, pay one day late, whatever....cancel the contract, plus fines!!!  then instant 5000 raise per month or evicted.

 

inflation is a problem and you must make up that money.   next time get a contract for only 4 hours, check inflation, renew.

 

glad you are not my landlord, which is impossible, and thankful.

 

come on, this is a serious question??????????    off to the temple!!!!  

Post of the month

[Sparktrader]

3% rise would be all Id reckon you get without them wanting to move.

[itsari]

I am quite sure you would have to wait to the end of the lease to increase the rent . 

However the present tenant would revolt at the idea of a rent increase considering the present depressed  rental market in Thailand even if the inflation rate is increasing . 

The present Inflation seen is mostly to do with food and energy costs .

[JayClay]

1 hour ago, Justanotherone said:

I dont work and not pension age by a long long shot

So you should consider yourself extremely lucky, and don't expect any sympathy from your tenant when it comes to funding your early retirement!

[daveAustin]

Due to inflation, and every ugly thing in this world, I would lower rent by 10-20%… at end of term of course. Screw capitalism and greed. 

[Thailand]

The main reason we stay where we are is that our rent has remained the same for 9 years and we  have just extended for 3 more years without the Thai landlady asking for any increase. We keep the house in good repair and general condition.

Usually pay a few months in advance.

 

The op is likely to see his tenant seeking alternative accommodation.

[PremiumLane]

And people wonder why landlords are hated

[Hummin]

1 hour ago, Justanotherone said:

I do my own shopping in person and see the price of everything increase by more than 10-20 percent..   so yes my daily expenses increased and my income did not.

 

I dont work and not pension age by a long long shot.

 

Bank intrest also dropped to bare minimum, so yes, my income went down a lot and a family to feed.

 

My renter also just hired a live in maid...  probably with the savings he made by moving from his upscale condo.

 

The house has extra features and not cramped to the next houses so more privacy and more space and other houses seem to want 25 000 baht for less value   

 

I already started at covid discount rent last year before this new inflation started 

 

 

May we know where this location is?
 

Land size, swimmingpool, beach, shopping, other features close by?
 

 

[KhunLA]

47 minutes ago, Thailand said:

The main reason we stay where we are is that our rent has remained the same for 9 years and we  have just extended for 3 more years

Ditto, same for 4yrs, I think, was a bit high, though market for the area, because we have dog, and more don't allow, than do.  Ours was 1 year, then month to month, with either party cancelling if wanting to at any time.  Great landlord, and I think we're good tenants, so good mix.

 

Also owns townhouse next door, on 3rd tenant, since we've been here, and only empty for a month or 2 between tenants, so guessing still priced right.

 

On OP's query, aside from able to, would be nice to know where, what, and how much is the market around you.  Are others renting for much more ?  If it takes 3 - 6 - 9 months to lease out again, will the 10-20 % recoup the loss, and will new tenant stay long enough to justify the hike ?

[Hamus Yaigh]

2 hours ago, Justanotherone said:

I dont work and not pension age by a long long shot.

I was going to say don't give up your day job.

[treetops]

On 4/17/2022 at 7:37 AM, Justanotherone said:

I dont work and not pension age by a long long shot.

Relying on rent income in Thailand wasn't the smartest move you made.

[Golden Triangle]

2nd post on this subject, odious person.

[asiacurious]

On 4/16/2022 at 2:27 PM, Justanotherone said:

landlord question : now that inflation makes everything 10-20 percent more expensive, can you raise the rent now or do I legally have to wait till end of contract / renewal ?

 

going from 18.000 to 20.000 acceptable ?

It's as ok as if the tenant decides to pay you 2,000 baht less in the middle of the lease because because they got a pay cut.

 

Also, who raises (or lowers) rent by only 2 baht?!

[biervoormij]

If a landlord demanded an increase in rent what would be the consequences of stop paying rent and make the landlord evict you? How much time would it take to evict someone in Thailand?  Will it stop you from getting another rental in Thailand?

 

I would not want to do this but if the landlord pressed for an increase in rent before the end of the contract. I assume I would have to contact a lawyer to get him to honor our contract and I would stop paying rent until it was resolved.

[soi3eddie]

On 4/16/2022 at 8:57 AM, richard_smith237 said:

Never let go of a good tenant if you can help it.

Don’t let greed get the better of you. 

Agreed. I never raised rent on my tenants in London during 1990s and 2000s. Even in London, a property would be empty for a minimum of 1 month and there would always be extra maintenance or renewal needed before renting again. Next tenants may not be as reliable paying rent or taking care of the property. I have succesfully used this example with the landlord of the place I rent in west London to avoid rent increases for the last 5 years (6 month contracts) - don't think my luck will run much longer though. 

 

Of course if under a contract term then both sides are bound by what is agreed in the contract/agreement.

 

[Hummin]

22 minutes ago, biervoormij said:

If a landlord demanded an increase in rent what would be the consequences of stop paying rent and make the landlord evict you? How much time would it take to evict someone in Thailand?  Will it stop you from getting another rental in Thailand?

 

I would not want to do this but if the landlord pressed for an increase in rent before the end of the contract. I assume I would have to contact a lawyer to get him to honor our contract and I would stop paying rent until it was resolved.

You pay what the contract says, and you got your back covered, and tell them you are moving when contract is done.

 

Never heard anyone had any problems like this before, only people who rented from landlords who did not own the property, and one day had the real landlord on the door. 

[asiacurious]

1 hour ago, biervoormij said:

If a landlord demanded an increase in rent what would be the consequences of stop paying rent and make the landlord evict you? How much time would it take to evict someone in Thailand?  Will it stop you from getting another rental in Thailand?

 

I would not want to do this but if the landlord pressed for an increase in rent before the end of the contract. I assume I would have to contact a lawyer to get him to honor our contract and I would stop paying rent until it was resolved.

You're the one in control.  He can't go to your bank to take extra rent.  He can't stand behind you at an ATM and force you to hand over extra cash.  All he can do is demand you pay him more and then wait until the end of the lease.  Until then?  And he can go cry in his soup.

 

That is... as long as you keep paying the rent as the lease requires.  But if you breach the contract (do something in violation of the lease, like you don't pay the rent on time), then he CAN take action against you, including possibly evicting you.

 

So just keep paying the rent and doing whatever the lease requires and respond to his demand politely but firmly.  You can say you're happy to negotiate a new rent when the lease ends, but for now you'll keep paying what your current lease calls for, thank-you-very-much.