Pattaya Rental Price Index 2023

"🔍 Analyze Pattaya rental indexes. Discover the best months to invest in this dynamic property market!"

 

Looking at Pattaya rentals, the rental property market is stable, as we see a strong foundation even without big jumps in rentals in the last two quarters. Data from FazWaz, covering affordable condos rented for 5,000 baht per month up to fancy villas over 1,000,000 baht per month, shows lots of Pattaya rental options. This points to a robust, diverse market for rentals in Pattaya. Our analysis of key areas like Nong Prue, Na Kluea, Pong, and Huai Yai examined rental rates and important market stats, revealing differences and unique traits across rentals in Pattaya. In short, closely examining the data opens up the complexity and opportunities in Pattaya's multi-layered rental property scene. While the overall market is steady, distinct local conditions create a varied landscape for Pattaya rentals of all types and price ranges.

Table of Contents Pattaya Rental Market: A Deeper Dive into Dominant Trends Overview of changes in Pattaya rental market prices in the Q2 - Q3 of 2022 Supply and Demand in Pattaya Rental Market 2023 Deciphering Market Trends: Percentage Change Month-to-Month in Pattaya Rental Prices 2023 Rental Index Distinguished by Locations in Pattaya Forecasts of Future Rental Patterns Condo Forecasts House Forecasts Implications of Short-Term Housing Price Trends in Pattaya Gear Up for Pattaya's Thrilling 2023 Rental Market!

 

Pattaya Rental Market: A Deeper Dive into Dominant Trends

From 2018 to 2023, Pattaya's rental scene saw clear shifts. In 2018, condos made up about 60% of rentals, with houses taking the remaining 40%. Condos were often cheaper and close to key amenities like shops and restaurants, with security like guards and cameras.

Moving to 2023, condos grew their hold on the market, now taking a big 85% share, leaving houses with just 15%. While condos surged ahead, houses still found tenants, especially families wanting more space, yards, and private pools. The mix of popular condos and steady demand for houses creates a solid rental market in Pattaya, meeting different renter needs and keeping both sections stable.

Overview of changes in Pattaya rental market prices in the Q2 - Q3 of 2022

Pattaya rental market in 2022 saw big changes month-to-month, our latest price report shows. In quarter two, the average monthly condo rental in April was 22,900 baht. Surprisingly, this dropped to 13,444 baht in May, a decrease of over 41%. Then in June, the average rebounded sharply to 28,847 baht, a jump of more than 114%. The third quarter didn't see huge rental price increases though. House rents in April and May held steady around 60,000-63,000 baht per month. But we saw a rise to about 72,000-79,000 baht in June and July, an increase of around 20%. However, August saw a big drop to just 24,200 baht per month, signaling unstable demand in Pattaya's rental market. 

Comparing quarters 2 and 3 of 2022 shows a clear drop in rentals in Q3. Specifically, Q3 had 121 units rented out, down from 153 in Q2 - a decrease of about 21%. For average rental prices, condos were 21,370 baht in Q2 and went up to 32,210 baht in Q3. House rents averaged 67,523 baht in Q2 then jumped to 131,108 baht in Q3. So while house rental prices increased significantly between the quarters, the overall number of rentals fell by 21%, indicating a slowing market by Q3 2022.

Supply and Demand in Pattaya Rental Market 2023

Pattaya's 2023 property market shows demand from both local and foreign renters, for both houses and condos. FazWaz data covering 61 houses and 332 condos shows average monthly rents of 26,036 baht for condos and 63,242 baht for houses. In quarter 2, the total rental demand in Pattaya was 2,606,914,680 baht, with the average demand per property at 6,446,769 baht. Most renters chose from the 168 available condos, which saw a total demand of 10,089,443 baht and an average demand of 3,363,147 baht per unit. One-bedroom condos were the most popular among renters.

Looking at who's renting, condos saw interest from 15 nationalities. Thailand made up 41.6% of condo tenants, followed by 16% from the US, 9.9% from Australia, and 9.4% from the UK. For houses, which had total demand of 1,128,748,000 baht and average demand of 9,901,298 baht, renters focused on the 61 houses available in quarters 2 and 3. Again, Thai tenants led at 50.5%, then 14% from the US, and 9.3% from Singapore. Notably, most rented houses, especially 3-bedrooms, were vacation homes. This shows Pattaya's ongoing popularity as a leisure destination despite global conditions.

Deciphering Market Trends: Percentage Change Month-to-Month in Pattaya Rental Prices 2023

As we delve into Pattaya's rental market in 2023, let's shift our attention to the changes in rental prices. This Month-to-Month (M-o-M) analysis delves into the shifts experienced in both condo and house rental values, shedding light on the dynamic forces steering the market.

Percentage Change in Pattaya Rental Prices (April to September)

• May Surge: May saw a big jump in rental prices, especially for condos, which had a large percentage increase of +39.3%. This notable uptick was likely due to more tourists and higher demand for places to stay, creating a busier rental market.
• June Seasonal Adjustment: In June, condo and house rentals saw small changes, with percentage increases of +0.6% for condos and +15.9% for houses. This matches the usual seasonal pattern where demand goes up a bit as summer starts. It also shows the potential impacts of the economy and government rules.
• July Fluctuations: In July, the rental market saw changes. Condo rents had a small drop of -2.9%, but house rents jumped up by +123.4%. These shifts could show renters have different preferences or budget considerations.
• August Dip: In August, the market pulled back, with drops in both condo and house rentals. Condo rents decreased notably by -8.0%, possibly due to economic uncertainty or global happenings. House rents also went down by -22.9%, showing a change in market conditions.
• September Rebound: September saw unusual rental market activity, with big percentage jumps for condos (+13.3%) and houses (+7.0%). These big swings point to special market situations, like a temporary surplus of rentals or outside factors causing this uncommon behavior.

Rental Index Distinguished by Locations in Pattaya

Pattaya's rental market is divided into the top 5 sub-districts, which are further divided into localities. The following table shows the average rental price per property type in each major district of Pattaya:

5 Districts with the Highest Amount of Rental Demand

The chart shows that average rental prices vary a lot across Pattaya's subdistricts. This is mainly due to the unique features of each area. For example, Na Kluea is in central Pattaya, Nong Prue is the largest subdistrict, Pong has natural peacefulness, Huai Yai covers much of South Pattaya, and Bang Lamung reaches into North Pattaya. But other key factors also impact the differences in popularity:

• Proximity to amenities: Na Kluea and Nong Prue are closer to restaurants, shops, transportation, and other amenities, which makes them more desirable for renters.
• Demand from tourists and expats: Huai Yai, Pong,  and Nong Prue are more popular with tourists and expats, who are willing to pay higher rents for convenience and access to amenities.
• Limited supply of rental properties: Na Kluea, Bang Lamung, and Nong Prue have a limited supply of rental properties, which drives up prices.

Forecasts of Future Rental Patterns

Condo Forecasts

Condos are the top rentals choice in Pattaya, showing the demand for urban living, especially with young professionals and expats. Looking at the data, the average yearly condo rent is around 25,887 baht. With ongoing development and projects like the Eastern Economic Corridor (EEC), condo rents may increase. The EEC aims to attract investment and workers in technology, logistics, and tourism, potentially driving up demand for condos in good locations with amenities. Given EEC impacts, new infrastructure, and potentially more demand with economic recovery, condo rents could rise about 7-10% in the coming year. To learn about the EEC's effect on real estate, check out our detailed analysis here.

House Forecasts

Houses in Pattaya, which are notably prevalent in listings and exhibit an average yearly rental price of around 42,077 THB, present a stable yet slightly ascending market scenario. The demand for houses might see a subtle rise, particularly among families and long-term expatriates seeking spacious and private living arrangements, buoyed further by potential EEC-driven population influx. However, the growth may not be as pronounced as condos due to the urban-centric development and the younger demographic's inclination towards flexible and cosmopolitan living. Predicting a conservative estimate, house rental prices might witness a 4-6% increase in the upcoming year, balanced by factors like the pursuit of suburban tranquility by a segment of the population, EEC-driven demographic shifts, and the gradual return of international tourism and business activities.

Implications of Short-Term Housing Price Trends in Pattaya

In the near future, the housing price index in Pattaya will show a slight increase, albeit without significant deviation from the previous year's figures. This small upward shift carries implications for both potential homebuyers and savvy investors in the Pattaya real estate market.

On the other hand, this marginal uptick could be seen as a positive development, particularly for individuals and investors who have prepared themselves financially for property acquisition. It makes homeownership and investment in the Pattaya market more accessible and potentially appealing.

However, it's crucial to acknowledge the challenges at play. The simultaneous rise in interest rates serves as an indicator, reflecting the health of the market and the intricate factors affecting Pattaya's real estate landscape.

Gear Up for Pattaya's Thrilling 2023 Rental Market!

Get ready for your Pattaya lifestyle! The 2023 Pattaya rental market witnessed significant fluctuations, with a spotlight on the interplay between condos and houses. Various factors, such as economic conditions and infrastructure enhancements, drove these rental trends, resulting in a dynamic market landscape. A diverse tenant base, comprising both locals and international renters, influenced demand and pricing dynamics. As we move forward, these insights from the past year serve as invaluable guides for navigating Pattaya's rental market in 2023, empowering stakeholders to make informed decisions.

Houses and Condos for Rent in Pattaya