Chiang Mai Rental Price Index 2023

Table of Contents

• Brief History of Chiang Mai Rental Price Index 2023
• Chiang Mai Rental Price Trends in Q2 - Q3 2022
• Chiang Mai Current Rental Prices in Q2 - Q3 2023
  • A Comparative Analysis of Q2 and Q3 Trends in 2022 and 2023
  • Factors Influencing Rental Prices
• Current Rental Price Data
  • Month on Month Growth for Houses
• Top 3 Locations in Chiang Mai to Rent
  • 1. Mueang Chiang Mai
  • 2. San Sai
  • 3. Hang Dong
• Future Projections and Trends
• Advice for Tenants and Homeowners
• Final Remarks

Rental properties in Chiang Mai increased by 123%. We analyzed 373 units in quarters 2 and 3 of 2023 to find the best location to rent in Chiang Mai. Based on our data, rental rates span a broad spectrum from affordable properties at THB 4,500 to a premium THB 600,000 per month. You will discover houses, villas, condos, apartments, and penthouses significantly rented out for over 300 units. Commercial offerings like office spaces and shophouses were limited, with 10 units on the market. Below, the data from May to September reveals a vibrant and varied landscape of Chiang Mai rental market. We'd love to dive into our article for more insights about this thriving sector.

Brief History of Chiang Mai Rental Price Index 2023

Over the past decade, we observed significant shifts in Chiang Mai rental market. In 2013, the average rental price for a condo in the city center hovered around THB 12,000 monthly. By 2018, this figure had risen to THB 18,000, reflecting a 50% increase over five years. Contrarily, houses and villas slowly increased from an average of THB 25,000 in 2013 to THB 32,000 by 2018. In the latter half of the decade we experienced a surge in demand, pushing average rental prices for condos to THB 24,000 and houses to THB 38,000 by 2021.

Fast forward to 2023, the rental landscape in Chiang Mai continues to evolve. Current data indicates that condos currently average THB 27,000 per month. While houses and villas command a price of around THB 42,000. Over the past two years, rental condos increased 12.5% respectively and 10.5% for houses and villas. In June 2023, the listings jumped up over 60%. Besides, premium properties in sought-after areas like San Sai, Hang Dong, Mueang Chiang Mai, etc., fetch up to THB 600,000 per month underscoring Chiang Mai expanding appeal to locals and expats.

Chiang Mai Rental Price Trends in Q2 - Q3 2022

In 2022, homeowners in Chiang Mai listed 48 properties on FazWaz. com, comprising 21 condos and 27 houses. The average monthly rental price for all properties stood at THB 44,000. Breaking it down, condos had an average rental price of THB 51,666.66, while houses were more expensive, averaging THB 197,000 per month.

Delving deeper into the year, the Q2 2022 saw condo rental prices ranging from THB 8,000 to THB 82,000. These prices corresponded to one-bedroom to three-bedroom condos with the average monthly rental settling at THB 25,500. Houses during this period had a broader range, with prices spanning from THB 8,000 to a whopping THB 950,000. House rentals range from 1-bedroom to 3-bedroom houses and the average monthly rental was THB 85,357.14.

Moving to Q3 2022, condo prices were between THB 8,000 and THB 35,000. These condos, ranging from one to three bedrooms, had an average rental cost of THB 15,823.52. Houses, on the other hand, were priced between THB 8,000 and THB 60,000. They were mainly 2-bedroom to 3-bedroom private pool houses with an average monthly rental of THB 33,692.30.

Chiang Mai Current Rental Prices in Q2 - Q3 2023

Based on our data, in Q2 2023, we observed that Chiang Mai rental market experienced an average condo rental price of THB 21,750 per month with high demand in Mueang Chiang Mai. They range from cozy studio apartments to more spacious 2-bedroom units offering rental prices spanning from THB 6,000 to THB 75,000 per month. 

Moving into Q3 2023, we witnessed an evolution in the condo rental landscape with the average monthly price rising to THB 23,140. Renters explored condos across various Chiang Mai neighborhoods, including Mueang Chiang Mai, San Sai, and Hang Dong. The expanded options now included studio apartments and 2-bedroom condos, available at monthly rates ranging from THB 4,500 to THB 341,000.

Our data reveals that in terms of quarter-over-quarter growth (QoQ), the condo rental market experienced a notable increase of approximately 6.37% from Q2 to Q3 2023. Shifting our focus to houses, during Q2 2023, we observed that the average monthly rental prices for houses in Chiang Mai ranged from THB 8,000 to THB 40,000, comprising 1 to 4-bedroom homes. Mueang Chiang Mai remained a favored choice for renters as it offered houses within this price range. However, in Q3 2023, house rental prices surged with our data indicating an average of THB 41,844 per month. Quarter 3 2023 presented a diverse range of rental options from 1-bedroom residences to luxurious 6-bedroom houses with prices from an affordable THB 4,000 per month to a premium THB 600,000 per month.

QoQ for house rentals from Q2 to Q3 2023 clearly illustrates a significant shift reflecting increased demand and evolving preferences in Chiang Mai's housing market.

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

In 2022, Chiang Mai rental market witnessed some notable fluctuations. Condos, which had an average monthly rental of THB 25,500 in Q2, experienced a sharp 38% drop to THB 15,823.52 by Q3. Houses followed a similar trend; their average rental price in Q2 was THB 85,357.14, but it dropped by about 60% to THB 33,692.30 in Q3.

Fast forward to 2023, and the rental landscape in Chiang Mai painted a brighter picture. Starting at an average of THB 21,750 in Q2, it climbed by 6.37% to THB 23,140 in Q3 for condo rentals. 

The housing market also rebounded. While the average house rental in Q2 2023 hovered between THB 8,000 and THB 40,000, it rose to THB 41,844 in Q3, marking a 4.6% increase. Moreover, Q3 2023 offered various housing options with prices ranging from THB 4,000 up to a premium of THB 600,000. This shift from 2022 to 2023 indicates a more resilient and promising rental market in Chiang Mai.

Factors Influencing Rental Prices

Why the current rental prices in Chiang Mai? Well it increased due to several factors. Economic growth, tourism trends, and infrastructure developments play significant influences on the demand and pricing within the rental market. These factors actively shape the amount tenants pay and mirror the ever-evolving vibrancy of Chiang Mai.

• Economic Influencers:
  Chiang Mai's economy greatly affects its rental market. As businesses flourish and job openings rise, the city attracts more residents including digital nomads drawn to its blend of work and travel opportunities. Many rent homes for several months to two years captivated by the city's co-working spaces, community events, and welcoming vibe. This influx, combined with a robust economy, often drives rental prices up. However, during economic downturns, demand and rent may decrease.
  
  
• Tourism and Its Impact:
  Tourism always plays a big part in Chiang Mai. When the city experiences a surge in tourists, short-term rental prices, especially in areas popular with visitors, often see an increase. It is not just limited to hotels; condos and apartments catering to tourists can also command higher rents. Conversely, periods of low tourist influx due to external factors like global health crises or political unrest can lead to a dip in these short-term rental prices.
  
  
• Infrastructure and Development Projects:
  Due to ongoing infrastructure and development projects, the Chiang Mai landscape is constantly transforming. New roads, public transport systems, and amenities provide areas in the region more accessible and appealing. As Chaing Mai becomes more connected and developed, rental prices often rise. For instance, you will clearly see areas near new shopping malls or transit hubs with a marked increase in demand and subsequently rental rates.

Current Rental Price Data

The current rental listings on FazWaz for Chiang Mai present various options. We listed 255 condos featuring 1 to 2 bedrooms. Their asking prices start at a modest THB 4,500 and climb to a noteworthy THB 340,000 per month. For those seeking luxury, we have penthouses with 2 to 3 bedrooms, listed between THB 22,000 and THB 75,000. On the housing side, there are 373 units showcased. The monthly listed rates for these homes span from THB 4,400 to a substantial THB 600,000. Notably, the top areas for both condos and houses on our platform are Mueang Chiang Mai, Hang Dong, and San Sai.

Month on Month Growth for Houses

Chiang Mai housing market shows a significant month-on-month growth throughout 2023. In May, there were 8 house units listed, priced between THB 10,000- THB 50,000 per month offering 2-4 bedrooms. Come June, the listings jumped to 13 units, a growth of over 60%. These houses were priced a bit lower, between THB 8,000 - THB 35,000 monthly with a median price of THB 23,150 and varied bedroom options from 1 bedroom to 5 bedrooms.

The surge in July was dramatic! Listings skyrocketed to 243 units, an astonishing 1,769% increase from June. The price range expanded significantly from THB 44,000 -THB 600,000 with a median price of THB 43,743. August saw a slight dip in listings to 98 units, but this number was still considerable. Prices ranged from THB 6,000 -THB 240,000 with a median at THB 37,652. The 1-5 bedroom options remained consistent.

The data reported house listings in Chiang Mai are on the rise. Besides, the monthly growth in numbers highlights the strong demand for houses in the area indicating the Chiang Mai housing market is truly thriving!

Top 3 Locations in Chiang Mai to Rent

Chiang Mai boasts several popular rental locations and below are the top three popular locations where you can find a variety of property options to suit your preferences and lifestyle. 

1. Mueang Chiang Mai

Mueang Chiang Mai is undeniably the top rental location for condos and houses. This vibrant neighborhood witnessed a significant surge in interest especially for its condominiums. An impressive 63.6% of potential renters are setting their sights on these modern condos. Interestingly, approximately 30% comes from international tenants, notably from the UK, US, and Japan. Their preferences range widely, from affordable condos priced at THB 75,000 to the more luxurious ones that touch THB 342,000 offering choices from one-bedroom units to expansive five-bedroom spaces.

Houses are also part of this rental boom with their unique charm. Mueang Chiang Mai reports that houses, especially those under development, are catching the eye of 27.3% of the market, while standalone houses account for 9.1%. These standalone homes, in particular, are drawing attention from individuals hailing from New Zealand, Canada, and even locals from Thailand. As for rental trends, houses are as popular as condos.

In terms of month-on-month growth, the rental market for houses in Mueang Chiang Mai shows fluctuations. In May, the average rental price for houses was at THB 25,000 per month. June witnessed a slight decrease with an average of THB 22,500 per month. July saw a significant surge in prices reaching THB 41,405 per month. While in August, there was a decline with an average of THB 34,382 per month. Fluctuations reflect the dynamic nature of the rental market in Mueang Chiang Mai presenting opportunities for renters and landlords to find favorable deals while staying attuned to market shifts.

2. San Sai

San Sai stands as a highly sought-after location in Chiang Mai for renting houses. With its wide range of housing options and affordable prices, about 99% of tenants in San Sai choose to rent homes rather than condos. Houses in the area are priced variously starting from as low as THB 6,500 per month and going up to THB 600,000 per month. However, the median price for house rentals in San Sai is about THB 50,000 per month making it a relatively affordable choice for tenants.

Local Thais make up the majority of tenants in the area, frequently renting houses for short and long terms. Houses typically offer between 3 to 7 bedrooms providing ample space for families and individuals. On average, rental prices for these properties fall at around THB 24,500 per month with variations depending on the size and amenities provided, ranging from THB 14,000 to THB 100,000 per month. 

3. Hang Dong

Hang Dong emerged as the third most popular area for property rentals, particularly houses. According to a report from FazWaz, Most local Thais prefer renting homes with 2 to 7 bedrooms, priced between THB 20,000 and THB 120,000 per month. While Thais are the major tenants, there's also a significant presence of international renters, including Chinese, Canadians, Koreans, New Zealanders, and Americans. Locals and expats choose this ideal residential choice because of its tranquility, proximity to nature, and modern amenities blends. Besides, the easy accessibility to Chiang Mai's central attractions combined with its serene environment and various housing options make it a sought-after location for diverse tenants.

Future Projections and Trends

By 2030, we will witness a 12% increase in rental demand, mostly driven by young professionals seeking a balance between work and leisure, attracted to Chiang Mai for its culture and peaceful scenery. Besides, more digital nomads are choosing Chiang Mai as a popular destination for remote work.

Rental prices in Chiang Mai are historically more affordable than in Bangkok. However, we could anticipate a 4-6% annual increase in rental rates over the next decade with rising demand. This growth might be more pronounced in areas close to co-working spaces, cafes, and cultural hotspots.

Alongside, eco-tourism and sustainable living are becoming focal points in Chiang Mai. By 2025, we could see up to 25% of new rental properties in the city incorporating green features from solar panels to water-saving fixtures.

Lastly, the outskirts of Chiang Mai, known for their tranquility and natural beauty, might experience a 10% uptick in long-term rentals. As remote work becomes more mainstream, many will seek peaceful retreats away from the city's hustle and bustle, turning these once-quiet areas into budding residential zones.

Advice for Tenants and Homeowners

• For Tenants: When looking for a rental property in Chiang Mai, always consider its proximity to essential amenities like markets, transportation, and co-working spaces. For example, if you're a digital nomad, Peaks Avenue and D Vieng Santitham are perfect options for you as they are ideally located in Mueang Chiang Mai, a bustling area with a mix of tradition and modernity and recently rented out through our website. Before signing any lease, inspect the property thoroughly. Check for good internet connectivity, a must-have for remote work, and ensure your condo going to rent has proper security measures. If you're uncertain or need recommendations on which condos to rent, reach out to our agent for assistance.
• 
  For Homeowners: If you're a homeowner renting out your property in Chiang Mai, think about what tenants need, especially international ones. For instance, a fully furnished apartment with modern amenities can attract higher rental rates. Given the city's appeal to digital workers, offering a strong Wi-Fi connection can be a significant advantage. Besides, promoting your property's cultural or scenic views is a unique selling point. For example, if your property offers Doi Suthep mountain views or is close to historic temples, highlight the features in your listings. Moreover, you should prioritize regular maintenance and competitive pricing. Utilize diverse marketing channels including online platforms and agents like FazWaz to effectively showcase your property best features. Maintain responsive and transparent communication with prospective tenants. Lastly, ensure your property comes with safety standards and rental regulations enhancing your tenants' confidence and satisfaction.

Final Remarks

Chiang Mai rental market in 2023 presented a dynamic and promising landscape in recent years. The data from the first half of 2023 indicates a robust trend with diverse properties available for rent from houses and villas to condos. Rental rates vary widely catering to different budgets and preferences with premium properties commanding top prices in sought-after areas. Economic growth, tourism trends, and infrastructure development factors continue to shape rental prices in a vibrant city.

Looking ahead, Chiang Mai rental market appears optimistic in the future. Chiang Mai's appeal to both local and international renters, particularly digital nomads, is likely to lead to a growing demand for rental properties. Rental prices are likely to continue their upward trajectory particularly in areas near co-working spaces and cultural hubs. Eco-friendly and sustainable living will gain momentum. Moreover, the outskirts of Chiang Mai may become even more attractive as remote work becomes mainstream offering peaceful retreats for those seeking a balance between work and leisure. Overall, the Chiang Mai rental market is set for growth, promising opportunities for both tenants and homeowners.

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