After a relatively calm first four months of 2022 without new outbreaks of the epidemic, the demand for rental housing in Chiang Mai has increased significantly since May, when both domestic and foreign tourist flows intensified.
The demand for apartment rentals has started to grow since the third quarter of this year.
There has been a significant increase in demand for rental property in Chiang Mai from tourists and expats from Hong Kong and Shanghai. This means that competition among landlords remains fierce, and the situation currently favors tenants.
If you look at the demand for rental housing in Chiang Mai, broken down by price, you can see some differences between international and Thai tenants. The first group is most interested in houses with monthly rents from 20,000 to 50,000 baht, followed by 10,000 to 20,000 baht.
On the other hand, local tenants prefer more affordable real estate. The demand for rent in the amount of 20,000 baht or less accounted for more than 55% of all requests during the first nine months of the year.
It seems that there really is a clear correspondence between sales and rental demand in terms of pricing, since local developers are well aware of what buyers and investors expect. This ensures that ROI targets are still achievable through realistic monthly rents.