Rental Values For Condo's In Pattaya ?

[thaijasmine]

I have been renting the same condo for the last 2 years but this morning

I overheard an owner doing a hard sell job ( amazing when you think its

not long before the high season starts ) with a potential tenant to take another

another condo in my building at 25% less than what I am paying?

I hadnt really stopped to think if the downturn would lead to owners cutting rents

by as much as this?

Has anyone else achieved these kind of discounts staying here long term ?

[imaneggspurt]

We rented in view talay b in 2001 for 9000 a month ,my friend moved in when we moved out 9 months later, he is still there and has just moved to another bigger one in the same building for the same price,.we moved into a house and the landlord has dropped the rent price 2 times in 2 years when we threatened to leave, to buy to live in thailand is fine, for investment ?, dosent seem too good to me,.

Edited September 14, 2009 by imaneggspurt

[TJG]

Yes, in general terms, rental values have fallen. Most tenants who are looking to re-new their old lease are looking for quite significant discounts, often in the 20-25% range.

[thaijasmine]

Yes, in general terms, rental values have fallen. Most tenants who are looking to re-new their old lease are looking for quite significant discounts, often in the 20-25% range.

I just mentioned this to the owner ( because I am no longer tied to a lease here )

I just pay month to month. His reaction was he didnt charge a high rent

during the peak times and so there is no justification for him to lower the rent

now. The trouble is he is glued to the stock market and so he reckons

everything is rosy again because the SET is so strong so its hard to argue with him that you

cant measure the real economy like that. I dont really want to move

but I will do if i think I am paying through the nose.

I need to to get some hard evidence of leases being renewed

at the range you are suggesting.

[BiggyD]

I would suggest a couple of things;

1. Check out the notice board in your building or building office to see what rental units are asking/achieving.

2. Check with some of the long standing agencies in town what similar units are going for. Companies such as Alan Boltons, East Coast Real Estate, Northern Thai etc all have been here for a long time and should be able to tell you if prices are dropping or if your owner is correct and you have been on a great deal for the last few years.

BD

[imaneggspurt]

Yes, in general terms, rental values have fallen. Most tenants who are looking to re-new their old lease are looking for quite significant discounts, often in the 20-25% range.

I just mentioned this to the owner ( because I am no longer tied to a lease here )

I just pay month to month. His reaction was he didnt charge a high rent

during the peak times and so there is no justification for him to lower the rent

now. The trouble is he is glued to the stock market and so he reckons

everything is rosy again because the SET is so strong so its hard to argue with him that you

cant measure the real economy like that. I dont really want to move

but I will do if i think I am paying through the nose.

I need to to get some hard evidence of leases being renewed

at the range you are suggesting.

Our landlord tried this, so i said, ok we will stay on a month to month basis til we find something cheaper or you find a new tenant, after 48 hours he called to discount 5k a month,.

[Guderian]

I've negotiated my rent down from 23K/month in 2007 to 19K at present. My neighbour, with the same owner and same sort of room (but with slightly shabbier furniture) only pays 15K/month, I discovered. The lease comes up for renewal next month and I am aiming to get a reduction to 16K/month.

Just to be on the safe side (negotiating from a position of strength, as it were), I've checked out similar rooms in the same building and there's a very nice one for rent at 16K/month, so if my landlady doesn't drop her price then I will just move a few floors.

[TJG]

Yes, in general terms, rental values have fallen. Most tenants who are looking to re-new their old lease are looking for quite significant discounts, often in the 20-25% range.

I just mentioned this to the owner ( because I am no longer tied to a lease here )

I just pay month to month. His reaction was he didnt charge a high rent

during the peak times and so there is no justification for him to lower the rent

now. The trouble is he is glued to the stock market and so he reckons

everything is rosy again because the SET is so strong so its hard to argue with him that you

cant measure the real economy like that. I dont really want to move

but I will do if i think I am paying through the nose.

I need to to get some hard evidence of leases being renewed

at the range you are suggesting.

I run a real estate brokerage and this is what I have seen happening in recent months. In my experience most tenants that are renewing have gotten this sort of reduction. They are good tenants, the landlords appreciate this and also understand that it would be hard to find a new tenant right now. Even if they did they would be unlikely to get more than offered by the tenant who is renewing his lease.

[thaimate]

Dont know about condos but just over 3 years ago rented a largish house for 30k reduced from 40k ,after 1 year rent was reduced by 2k this year by anothr1k and we are getting our kitchen enlarged ,our landlady also carries out repairs straight away no problem .

ps she also buys us christmas and birthday presents

[tropo]

Over the past 3 years my rent has been dropped from 25k, down to 22.5k and now 21k. I still feel I'm paying too much, but I couldn't be bothered to move for the sake of a few thousand baht.

[Guderian]

The OP may be interested in an update to my post #7 above.

I spoke to the owner of my place yesterday, explained to her that the pound is still stuffed, I've heard that rents are falling, and I have seen a similar room for 16K Baht/month. She immediately came down to 16K Baht for a 6-month extension, so I'm happy and she's happy.

In 3 years I have negotiated the rent down from 23K to 16K, a reduction of 30%. BTW, when I first moved to Pattaya 5 years ago, I rented a similar room on a much lower floor in the same condo, also for 16K Baht/month. I was told at the time by several estate agents that I had been very lucky to get it so cheap and that I should really have been paying over 20K/month for it.

So yes, from my personal experience rents may have peaked 3 or so years ago, but now they have fallen well back, probably below what they were in 2004. Of course, YMMV.

[Thaifan2]

The OP may be interested in an update to my post #7 above.

I spoke to the owner of my place yesterday, explained to her that the pound is still stuffed, I've heard that rents are falling, and I have seen a similar room for 16K Baht/month. She immediately came down to 16K Baht for a 6-month extension, so I'm happy and she's happy.

In 3 years I have negotiated the rent down from 23K to 16K, a reduction of 30%. BTW, when I first moved to Pattaya 5 years ago, I rented a similar room on a much lower floor in the same condo, also for 16K Baht/month. I was told at the time by several estate agents that I had been very lucky to get it so cheap and that I should really have been paying over 20K/month for it.

So yes, from my personal experience rents may have peaked 3 or so years ago, but now they have fallen well back, probably below what they were in 2004. Of course, YMMV.

You have been renting in Pattaya for the last 5 years .You could own a decent condo now for the money you spent in that time .

[Asianrider]

Lot of landlords are prepared to "adjust" the rent to keep a tenant with a good track record.

[Guderian]

You have been renting in Pattaya for the last 5 years .You could own a decent condo now for the money you spent in that time .

A condo, sure, but a "decent" condo for 1.2-1.3 million Baht?

Anyway, the first two years I stayed in two different buildings but moved on for various reasons. In both rooms I had a complete noisy asshol_e living above me, and that was one of the reasons I was happy to move. If I'd bought a condo straight off I would have been stuck with the first noisy neighbour, and by now would either have gone mad or else would be spending my days in Nong Palai for having attempted to kill the idiot.

I think I'll stay renting, thanks all the same.

[syd barrett]

Some of the rents listed above are high IMHO.

Surely if you are here for the long stay it is wiser to rent a totally unfurnished apartment for 8,000-10,000 Baht?

[Pattaya46]

Surely if you are here for the long stay it is wiser to rent a totally unfurnished apartment for 8,000-10,000 Baht?

And where will you find it ?

The usage is (at least at Pattaya) to rent apartments fully/nearly furnished.

It's very rare to find empty apartment for rent.