Bangkok is Thailand’s economic heart and it usually benefits from a fast-paced and dynamic rental market. With a steady flux of expat and Thai working professionals all year round. However, during the past year 12 months (Y2020 – Y2021) we have witnessed an approx 40% decrease in rental inquiries.
This was unfortunately to be expected, COVID-19’s impact on the local economy and resulting travel restrictions inevitably affected the market. The negative impacts were especially severe for Central Bangkok’s rental market as it includes a strong expat-led rental sector.
During the past 12months it is also interesting to note that a notable decrease in higher priced rental inquiries occurred, i.e. those of 40,000 THB and above. With even fewer inquiries at the high end of over 100,000 THB per month having been received since the beginning of the Y2021.
Instead the last 12 months has brought an increase in low-level inquiries (10- 20,000 THB) and affordable inquiries (20-40,000 THB per month). With the biggest increase found for properties priced between the 20-40,000 THB price range; this was likely driven by rental demand for 2-bed condos available at this price range.
Our Bangkok condo rental team has also experienced an increase in renters looking to downsize or looking for more affordable rental properties. It is also important to note that several landlords have reviewed their rental rates downwards, resulting in a small correction in rental prices across Bangkok during the pandemic.
On Nut remains the most popular rental neighborhood. This area also came out on top in a market report back in 2018. The popularity of On Nut is likely because of its travel convenience to Central Bangkok and the large selection of modern condos priced at low-level/ affordable rental rates (I.e., Only 10-15,000 THB for a 1-Bed).
Bangkok’s prime locations, notably Thonglor, Asoke and Phrom Phong remained popular condo rental destinations. Over the past 12 months (2020-2021 we have encountered many renters looking for discounted rental properties in the Central Business District. With many renters taking advantage of the price correction and upgrading their lifestyles, while maintaining or even reducing their cost of living.