The outbreak of COVID-19 hurt the Thai and global economy, and the tough restrictions imposed on the daily lifestyle of Bangkok’s residents for the last 2 years felt like a replay of the beginning of the pandemic.
Thailand has had 3 waves of Covid-19 that created a negative effect on the Capital’s rental market. However, he pandemic is now under control, with fewer cases and an extensive vaccination programme.
The rental market of Central Bangkok has traditionally been Expat-led, especially in the Capital’s prime areas such as Asoke, Phrom Phong and Sathorn, where plush downtown luxury condo prices are usually at premium rental rates.
A tenants market
Right now, it is actually a good time to be a tenant. It is a great time to get RENTAL DEALS as the city still is a Tenant’s Market but it won’t last too long due the recovery.
The rental discounts being provided depend on the property and landlord. However, in recent months Fresh Property has seen big discounts that sometimes are as much as 15-30% compared to the standard rental rates.
Bangkok landlords are more inclined to offer large discounts, especially in the following situations:
- If the renter is able to move-in quickly
- If the renter is able to rent for longer than 1 year (I.e., 18-Months or 24-Months)
- If the renter has a good professional profile and stable work/ income
If a renter can meet and prove any of those requirements to a landlord, it can be used as a negotiating tool to obtain a larger rental discount.
Examples of rentals with great discounts
Ideo Mobi Asoke
1 Bedroom/ 1 Bathroom/ 33 Square Meters, 15,500 THB per month
Ideo Mobi Asoke by Ananda is a new project completed only 2 years ago. It is located in the heart of the Asoke Business District, a vibrant commercial hub with shopping malls including Terminal 21 and Mid-Town Asoke, with restaurants and several shops located nearby.
The building is stylish and it offers residents a large selection of luxury amenities such as a rooftop pool, co-working space and lounge, fitness center and green spaces.
The property is well-presented, modern and ready to move-in. Usually 1-Bedroom condos rent for about 20,000 THB per month, whilst this unit is offered with a great 22.5% rental discount.
Whizdom Connect
2 Bedroom/ 1 Bathroom/ 38.47 Square Meters, 15,500 THB per month
Whizdom Connect is an elegant project by MQDC. The condo is located in Punnawithi in East Bangkok. Punnawithi is a peaceful Thai neighborhood that offers a quiet community living environment. Getting to Central Bangkok is only a 10-minutes ride on the BTS Skytrain. Whizdom Connect is located right next to Whizdom 101, a mixed-use complex with an expansive shopping mall.
The property is a modern residence with numerous facilities and services including 24-hr security, garden area, sunny pool, fitness center and a residents’ lounge.
The property is a 1-Bed Plus type unit (Master Bedroom and Single Bed). It is functional with enough space for a couple, or even sharers. The unit is bright, airy with beautiful open views. Usually a 2-Bed (38.47 Sqm) type unit would rent at 23,000 THB per month. This condo is offered at a 35% rental discount.
Condo One X Sukhumvit 26
1 Bed/ 1 Bath/ 50 Square Meters, 15,000 THB per month
Condo One X Sukhumvit 26 is a well-located and very conveniently located condo in the heart of trendy and prime Phrom Phong. The neighborhood is a vibrant area with a fantastic lifestyle and plenty of hangout spots and shopping malls including Emquartier, Emporium, and K-Village, making it ideal for working professionals and young families.
Condo One X Sukhumvit 26 is a well-managed condo with a full set of services such as 24-hr security, handymen and management office. The residence also offers numerous facilities including a large sunny pool, sunbathing area and gym.
The condo unit offers a spacious 50 square meters of living space, a large master bedroom and plenty of storage space. Condo units of this type and size normally rent for about 24,000 THB per month so this condo is at a 37% rental discount.
A good time to get better rental deals
Economic conditions had been tough, however now is a great time to get some good rental deals. Fresh Property believes this situation is only temporary and hopefully things will get back to normal in the next few months.
Fresh Property is a full-scope and established Bangkok Real Estate Agency. We offer consultancy, sales, rental and property management services.
Buyers and renters are welcome to browse our extensive portfolio of new projects, resale properties and rental homes.
Alternatively, feel free to contact us by sending us an inquiry to [email protected].
