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After a relatively quiet first four months of 2022, demand for Chiang Mai residential rentals picked up considerably starting in May with both the domestic and overseas markets active. That seems to be in line with more tourists visiting the region and a more optimistic outlook for the local economy.
Data from Dot Property Group found that housing generates the most interest from both domestic and international tenants. However, demand for condo rentals began picking up steam starting in the third quarter of this year.
There seems to be a lot more room for growth from the overseas side as well with key tourism markets for Chiang Mai rental real estate, such as Hong Kong and Shanghai, having yet to fully loosen outbound travel restrictions. That means competition among landlords is still fierce with the situation currently favoring renters.
When looking at Chiang Mai housing rental demand broken down by price, there are some differences between international and Thai tenants. The former group is most interested in homes with monthly rents between THB20,000-50,000 followed by THB10,000-20,000.
On the other hand, domestic housing renters prefer more affordable properties. Demand for rentals at THB20,000 and less accounted for more than 55 percent of all inquiries made to the Dot Property Group during the first nine months of the year.
There does seem to be a solid alignment between sales and rental demand in terms of pricing with local developers having a good understanding of what buyers and investors expect. This has ensured that ROI targets are still achievable through realistic monthly rents.
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