This article on the Bangkok condo rental market appears in the latest Dot Property Group Report. Click here to download your copy.
The first four months were nothing to remember for the Bangkok condo rental market. However, a slow start was forgotten by the time June rolled around and interest remained well above first quarter levels throughout the remainder of 2022 and into this year.
At the start of 2022, COVID-19 still lingered with a spike of cases in December temporarily delaying the country’s reopening. Over the next few months, things returned to normal with tourism arrivals welcomed without restrictions and in-person work resuming. Both undoubtedly caused interest in Bangkok condo rentals to rise post-Songkran.
Greater Sukhumvit remains the epicenter of the Bangkok condo rental market with this area recording 41.2 percent of demand. It was followed by Central Bangkok and Silom CBD which accounted for 12.8 and 11.1 percent of condominium rental inquiries made via the Dot Property Group network of websites last year.
The top five locations are all served by the BTS or MRT which once again highlights the impact this has. With several future rail lines scheduled to come online no later than 2025, it will be interesting to see if projects around these potentially siphon off demand.
In terms of price, Bangkok condo units with a monthly rent between THB10,000-THB20,000 were the most popular. These garnered 36.7 percent of interest last year. Condominiums with a THB20,000-THB50,000 monthly rental collected 33 percent of demand.
While demand for Bangkok condo rentals rose during the second half of 2022, it remains a tenant’s market overall. The oversupply of condominiums in areas such as Greater Sukhumvit gives prospective renters flexibility in negotiations as they know something else is always available.
In the THB10,000-THB20,000 monthly rental segment, it is possible to find multiple units in the same building in addition to other projects nearby. Without the fear of missing out, it’s not unusual for prospective tenants to walk away from reasonable rental rates in hopes of finding something for even less.
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