Bangkok Rental Price Index 2023

Bangkok rental market in 2023 amazed and puzzled us, spinning two quarters with remarkably distinct vibrant yet contrasting trends! Rental prices including condos and houses increased 16.14% in the first half of the year signaling a surge in demand. However, as the year progressed from Q2 to Q3, there was a distinct shift in momentum with each property type experiencing its unique fluctuations quarter-on-quarter. Such an evolving landscape posed challenges for landlords trying to maximize their returns while offering renters more affordable opportunities in the capital city of Thailand. Today, you will see the details below for a comprehensive insight into Bangkok rental landscape in 2023.

Table of Contents Overview of Bangkok Rental Price Index 2023 Bangkok Rental Price Trends in 2023 A Comparative Analysis of Q2 and Q3 Trends in 2022 and 2023 Nationality-Driven Demand Trends Factors Shaping Rental Prices Current Rental Price Data Month-on-Month Growth for Condos Month on Month Growth for Houses Where to Live: Top Bangkok Rental Locations Khlong Toei Si Lom Khlong  Tan Khlong Tan Nuea Lumpini Future Projections and Trends Advice for Renters and Homeowners For Renters For Homeowners Your Bangkok Rental is Calling!

 

Overview of Bangkok Rental Price Index 2023

2023 is a year of notable shifts in the Bangkok rental property market. We observed significant fluctuations throughout the year by analyzing rental prices from our FazWaz website. In Q2 2023, the average property listing price was THB 48,856.33. Breaking this down, condos were listed at an average of THB 46,391 while houses stood at a more substantial price at THB 81,716. However, as we transitioned to the third quarter, the dynamics changed. Condo prices experienced a modest decline of 2.5% settling at THB 45,237. In contrast, house prices took an upward trajectory soaring by 29.7% to reach THB 106,059.

From the demand perspective, FazWaz data insights revealed a total of 923 listings that garnered interest including 752 condos and 87 houses. Talking on tenant demographics, Thai nationals were at the forefront making up 34.2% of the interested parties. Following them are tenants from the US at 8%, the UK at 4%, Australia at 1.5%, and both Hong Kong and Singapore at 0.8%. Impressively, the prices fetched from these leads marked a 279% increase from the original listing price, highlighting the heightened demand and the potential for significant returns for landlords.

On the supply side, the distribution of listings was quite varied. Homeowners dominated the market accounting for 74.28% of all properties listed. Agents contributed 7.96%, closely followed by developers at 7.91%. Broker networks made up 9.86%. This diverse supply landscape combined with the dynamic demand trends suggests that the Bangkok rental market in 2023 was vibrant and challenging, offering a mix of opportunities and hurdles for stakeholders.

Bangkok Rental Price Trends in 2023

Various rental prices in Bangkok dynamic landscape underscored significant shifts between Q2 and Q3 of 2023. During Q2, the average rental price for condos settled at THB 46,391. These condos varied widely in price, with studio units available for as low as THB 5,200 and luxurious 3-bedroom condos, like those at The Ritz-Carlton Residences At MahaNakhon, commanding prices up to THB 600,000 per month, offering tenants breathtaking views of the city. On the other hand, houses had an average median price of THB 81,716. These houses ranged from THB 7,500 to a high of THB 400,000, with townhouses being a more popular choice over single detached houses. Notably, these houses were predominantly located in areas such as Watthana, Khlong Toei, Suan Luang, Prawet, and Bang Kapi.

Moving into Q3, there was a slight dip in the condo market, with the average median rental price decreasing to THB 45,275. However, the housing market saw a significant surge, with the average price jumping to THB 106,059. Q3 2023 offered houses ranging from a budget-friendly THB 5,000 per month to lavish homes priced at a staggering THB 1,000,000 per month, especially from the renowned Land & Houses Developer.

In comparing the two quarters, condos experienced a modest decline of 2.4% in rental prices from Q2 to Q3. In contrast, house rental prices soared by an impressive 29.7%. This dynamic shift underscores the evolving preferences and demands of renters in Bangkok during 2023.

A Comparative Analysis of Q2 and Q3 Trends in 2022 and 2023

Bangkok rental landscape in 2022 and 2023 showcased distinct patterns. In 2022, the median rental price for all properties was THB 154,980 ranging from THB 7,000 to THB 765,000. Condos in Q2 had an average rental of THB 187,772 but saw a decline to THB 116,947 by Q3, influenced by economic factors and shifts in tenant choices. In contrast, house prices went from a median of THB 116,000 in Q2 to a mere THB 21,000 in Q3 due to an oversupply and changing renter priorities.

Transitioning to 2023, condos had an average rental of THB 46,391 in Q2 varying from studio units at THB 5,200 to high-end units at THB 600,000. By Q3, the condo price slightly dropped to THB 45,275. On the contrary, houses started with an average median price of THB 81,716 in Q2 spiking to THB 106,059 in Q3 with offerings ranging from THB 5,000 to an astounding THB 1,000,000 particularly from the prestigious Land & House Developer.

In a head-to-head comparison between the two years, 2022's price fluctuations were more unpredictable especially in the house segment. While 2023 demonstrated a more predictable pattern, despite the 2.4% dip in condo prices from Q2 to Q3. However, the housing market in 2023 shone brightly with a 29.7% rise in rental rates reflecting the shifting dynamics and renter preferences in Bangkok's ever-evolving property market.

Nationality-Driven Demand Trends

Which are the most interested renters demographics for condos in Bangkok? Hmm.., diving into our data, Bangkok condos captivated many. But notably, individuals from Thailand hold the most substantial interest representing 64.78% of inquiries. US and UK nationals also showcase significant curiosity contributing to 12.61% and 4.75% respectively, to the demand pool. People are predominantly drawn to 1-4 bedroom units with an average median price of THB 144,052.98, indicating a trend toward seeking both compact and family-sized living spaces. Esteemed developers like AP (Thailand), Sansiri, and Ananda Development are favored due to their reputation for delivering quality, reliability, and stylish urban living solutions in the heart of the vibrant city. Thais tend to choose Sansiri condos for rent and they often opt for spacious 3-bedroom condos at 98 Wireless with a monthly rent of THB 300,000. On the other hand, tenants from the UK have a preference for condos developed by Ananda Development, particularly 2-bedroom condos at Ideo Mobi Sukhumvit 81. Interestingly, the majority tend to rent condos mainly as holiday homes highlighting a potential market for short-term rental investments.

Zooming into Bangkok houses, a compelling 64.38% of rental interest comes from Thailand. US and UK renters trail behind pitching in 6.85% and 4.11% respectively with several other nations each chipping in from 1.37% to 2.74%. They lean towards houses and townhouses, rarely villas, at an average rate of THB 61,164.77 spanning one to six-bedroom options. Notably, most Thai renters show a clear preference for properties from well-regarded developers such as AP (Thailand) and Sansiri. For instance, tenants from Thailand favor 3-bedroom townhouses like those at Baan Klang Muang Rama 9 - Ramkhamhaeng, a development by AP (Thailand). Regarding houses by Sansiri, tenants from Cameroon were interested in renting a 4-bedroom house at Baan Sansiri Sukhumvit 67 with monthly prices set at THB 170,000. This aligns with the trends seen in the condo market.  This likely comes from their strong reputation for providing high-quality homes in the lively heart of Bangkok.

Factors Shaping Rental Prices

An ever-changing rental landscape in Bangkok doesn't just shift on its own. Multiple factors come into play, shaping the prices, especially when we talk about condos and houses. Let's dive deep into what really moves the needle:

• Economic Pulse: High-end properties, especially those in areas favored by expats, experienced noticeable declines in rental rates as the health of Bangkok's economy directly influenced rental prices. When the economy thrives, people have more money and confidence to rent. Conversely, during economic downturns, demand can wane, causing prices to dip. It's a constant dance between prosperity and caution. For example, during the COVID-19 pandemic, Bangkok's economy took a hit from travel restrictions and a drop in tourism leading to reduced rental demands.
  
  
• Supply and Demand Balance: Rental prices in Bangkok often hinge on supply and demand balances. Prices will fall if there are too many properties and not enough renters. Contrarily, when rental properties are scarce, prices tend to climb. This dynamic balance keeps the market in constant flux. Like in 2022, house prices took a nosedive from THB 116,000 in Q2 to THB 21,000 in Q3, hinting at an oversupply.
  
  
• Infrastructure Developments: New infrastructure transforms a neighborhood overnight. For instance, when the MRT Blue Line extension opened in Bangkok, areas like Bang Wa immediately caught the public's attention. Condos such as Metro Park Sathorn benefited from this shift with a significant increase in rental prices. The reason? The enhanced convenience and accessibility that new train stations bring. A new train station or mall makes an area the next big thing making many places becoming hotspots and rental demand as well as prices often shoot up. It's all about optimizing convenience and enriching your lifestyle.
  
  
• Tenant Tastes: Renters' preferences evolve with changing lifestyles and needs. Today, renters crave homes with work-friendly spaces; tomorrow, it might be about green surroundings. In Bangkok, the recent work-from-home trend has seen a rise in demand for condos with dedicated office spaces or proximity to peaceful parks. Additionally, areas like Sukhumvit, known for its green spaces and lifestyle amenities, witnessed an uptick in rental rates due to changing urbanite preferences.

Current Rental Price Data

How's Bangkok's latest rental prices? Here's a quick rundown from our FazWaz data insights. Condos in Bangkok span a wide price range starting at a budget-friendly THB 9,900. But for those seeking luxury, there are upscale 4-bedroom condos available for a premium THB 1,000,000 per month. Most renters will find condos around the median price of THB 45,239.33.

For house hunters, the options begin at THB 10,900 for a 3-bedroom townhouse in Prawet. You can explore 5-bedroom luxury homes in Saphan Sung, such as the Nantawan Rama 9 - New Krungthepkretha by Land & Houses with a monthly price of THB 1,000,000 per year contract. The average house rental in Bangkok is around THB 95,324.

For more details? You can check out our month-on-month growth figures and deeper insights for both property categories below.

Month-on-Month Growth for Condos

In April, Bangkok saw 244 condo listings averaging THB 46,244 mostly from homeowners. Come May 2023, there was a noticeable decline of approximately 9.68% in the average price bringing it down to THB 41,768. This dip could be attributed to market fluctuations and seasonal demand changes. However, June witnessed a rebound with a sharp 14.06% rise pushing the average price to THB 47,642. Despite an influx of 14,473 condo units listed in July, the average price dipped by 6.52% to THB 44,536, possibly due to a higher proportion of budget-friendly listings that month. Yet, August brought a resurgence with condo prices climbing by 8.40% to an average of THB 48,278. The swing in prices reflects the dynamic interplay of supply, demand, and external economic factors in Bangkok's rental market.

Month on Month Growth for Houses

Bangkok housing market in May was relatively quiet with only 5 listings and an impressive average median price of THB 195,000. The locations of choice were Watthana, Bang Sue, Suan Luang, and Sathorn, with prices ranging from an affordable THB 15,000 to a premium THB 400,000. June brought a significant uptick, quadrupling the listings to 23 and an average price settling at THB 70,696. This shift also marked the rise of townhouses in popularity. July further expanded the market with over 800 listings, pushing the average price to THB 94,800. However, come August, despite the substantial increase to 2992 listings, the average price slightly mellowed to THB 84,062. This ebb and flow in prices and listings showcase the dynamic nature of Bangkok's housing rental market, influenced by various factors including location, property type, and homeowner preferences.

Where to Live: Top Bangkok Rental Locations

We handpicked our top 5 areas in Bangkok where many tenants choose to settle. No matter if you're after a chic condo or a spacious house, locations below offer the best convenience, culture, and comfort blends.

Khlong Toei

First up on our list of top Bangkok rental locations is Khlong Toei. Here, the average rental price stands at THB 50,000, and tenants typically get a median value of THB 385.54 per sq.m. Condos are the hot favorites, especially 2 and 3-bedroom units, though 1-bedroom options are also in demand. Khlong Toei location pulls demand of tenants with residents from China, the US, Korea, England, Canada, Bangladesh, Thailand, and Qatar.

Si Lom

Following closely behind Khlong Toei is the vibrant Silom in Bang Rak. On average, rentals here go for about THB 47,500. Americans have a penchant for the area's upscale condos often opting for properties around the THB 132,000 mark. Meanwhile, Germans, Singaporeans, Russians, and the English tend to gravitate towards units priced between THB 80,000 and THB 475,000. On the more budget-friendly side, the French, Ethiopians, and Malaysians usually seek out condos ranging from THB 20,000 to THB 30,000. While 1-2 bedroom condos reign supreme in Silom, those looking for a bit more space can find 3-bedroom options, though they come with a slightly higher price tag.

Khlong  Tan

Khong Tan slides into the third spot for popular rental areas in Bangkok, presenting properties with a median price of THB 43,500, translating to THB 654.17 per square meter and drawing a vast spectrum of renters. Condos here steal the spotlight, making up a whopping 97.1% of interest, while serviced apartments trail at 2.9%. Renters here are particularly drawn to 1-bedroom condos, though 2, 3, and 4-bedroom options also enjoy their fair share of attention. During this period, 66 condos found tenants, compared to just 2 serviced apartments. The area catches the eye of a diverse renter pool, with individuals from Russia, Kazakhstan, Latvia, Singapore, Canada, and more calling it their temporary home.

Khlong Tan Nuea

Moving beyond the areas above, our data highlights a clear liking for standalone houses in Khlong Tan Nuea, Watthana, where the median rental price is THB 150,000. It's interesting to see tenants from Poland finding appeal here, often choosing four-bedroom houses. They chose from different needs or wants, like needing more room for family or visitors, wanting a home office, or just enjoying having extra space in the middle of busy Bangkok.

Lumpini

Lumpini takes the stage as the next popular area with tenants chiefly opting for condos and serviced apartments. The median rental price here stands at a reasonable THB 32,500, or THB 628.57 per square meter. Diving into the demographics, French, Japanese, and Czech Republic tenants tend to gravitate towards condo rentals, spending between THB 65,000 to THB 77,500. In contrast, individuals from Taiwan, Spain, and Naples often settle at a median price of THB 49,000. Meanwhile, other Asians, along with Russians and British folks, lean towards an average price point of THB 27,700. Notably, the preference for studio to 2-bedroom condos stands out, suggesting a trend towards cozier, more compact living spaces in Lumpini.

Future Projections and Trends

The future of Bangkok properties rental trends paints a fascinating canvas of opportunities and challenges. We anticipate that the condo market will potentially stabilize experiencing a modest growth of around 3% to 4% due to more jobs and work opportunities. As Bangkok businesses grow and look for new talent, the demand for small, well-located units will likely rise showing the city's economic health. On the flip side, houses, a staggering 29.7% spike from Q2 to Q3 in 2023, may experience a gradual cooling down potentially settling at a growth rate of approximately 10% to 12%, as the price surge might temper demand slightly. Key areas like Khlong Toei and Si Lom will likely retain their allure among renters, given their strategic location and amenity-rich neighborhoods. On the contrary, emerging hotspots influenced by infrastructure developments could redirect some demand offering new opportunities for landlords and developers. With Thailand's economy and tourism sector poised for a comeback post-pandemic, international renter demographics diversify further, weaving a more intricate tapestry of tenant preferences and rental dynamics in the coming years.

Advice for Renters and Homeowners

Why seek advice? Navigating the dynamic Bangkok rental landscape requires smart knowledge and strategy. Below, we provide guides tailored for renters and homeowners for you to embark on your rental journey with confidence and insight.

For Renters

Getting puzzled about how to find Bangkok rentals? Here, our supply listings showcase over 22,000 properties available on our FazWaz website with median prices sitting at THB 48,733 offering choices to prospective tenants. Our expansive list caters to varied preferences and budgets from cozy condos in the bustling heart of the city to serene suburban houses. Take advantage of our user-friendly platform, where you can filter properties based on your preferences, such as location, price range, and amenities, simplifying your search process. Moreover, our dedicated team is always ready to assist you ensuring your journey from browsing to moving in is seamless and stress-free.

For Homeowners

With many properties listed on websites, you'll find a sea of competitors vying for the attention of potential renters. To stand out, ensure your listing shines with crisp photos and a detailed inviting description. Set a competitive price by examining similar local properties and being mindful of features and amenities. Ensure you provide clear and accurate information to your real estate agent to assist potential tenants effectively. Lastly, present a spotless, well-maintained property during viewings to captivate and reassure potential tenants.

Your Bangkok Rental is Calling!

Catch this; your Bangkok living awaits now! The 2023 Bangkok rental market navigated through notable ebbs and flows highlighting vivid shifts between condos and houses. Influenced by various factors like economic conditions and infrastructure developments, rental trends experienced a vibrant dance of ups and downs. A diverse demographic of renters, including locals and international tenants, played a substantial role in steering the demand and pricing patterns. Moving ahead, these insights from the past year stand and in 2023 are crucial guides for future rental market navigation in Bangkok aiding stakeholders in making informed decisions.

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