Renting Property in Bangkok & Thailand
Each year in Thailand the expat property rental market has seen exponential growth with the nation’s capital becoming one of the lead destinations for visitors who decide to live here. The main appeal is the relaxed lifestyle, and increasingly international outlook of the Thai people with incredible access to a wide variety of international cuisine and spas.
Couple this with the rapidly expanding BTS or MRT system for urban transport in Bangkok and it’s clear that Thailand’s rental trajectory is widely considered one of the most robust in the region.
For newcomers it can be a challenging lesson in learning how the Thailand and Bangkok real estate market functions. Different rules apply to different property markets around the world, and so a brief look at how the local real estate market operates is examined here.
Unlike some global capitals that still advertise by the week, Bangkok rentals are listed online and elsewhere by the month. Usually this price includes just the basic rental and so while it acts as a useful yardstick for rental budgets it’s important to factor in additional costs, although the newcomer will find that these are much less than elsewhere around the world even when considering the use of air conditioning.
Two Months Deposit
In Bangkok and elsewhere throughout the kingdom, it is normal for the landlord to request two months deposit in advance. This rule applies irrespective if the property is a condominium, a townhouse or detached home.
It is also equally the norm whatever the length of the contract. It’s so normal for two months deposit to be put down on a property that alarm bells should ring if the landlord is eager to take any less. Under two months deposit usually means there is a problem with the property and it’s important at this stage to make robust inquiries if you wish to pursue the deal.
It’s normal to expect to pay both electricity and water costs as extra. The cost of electricity is expressed in baht per unit and this can vary from the low end of around 4 Baht and up to 8 but no more than this usually.
Some places have a fixed monthly fee for the water though as individual metering is more ubiquitous this is less so than in previous times. Wi-Fi is also usually found to be an extra cost and usually this is no more than 800 Baht a month, though it’s important to take your laptop and check the connection speed, as some unscrupulous landlords are well overdue in upgrading their internet connections. There may also be a flat administration or maintenance fee each month with upper scale properties though this is more evident when purchasing Thai residence outright.
One Month’s Rent in Advance
This can cause some confusion to the newcomer as this is a standard payment in addition to the two months deposit. It’s important for the renter to make a lasting record of the initial payments as when exiting the property the first month’s payment in advance does not include the last month’s costs for electricity and water.