At this moment, there is still a fair market for renting out your condo in Chiang Mai, although some people wonder what the limits to Chiang Mai's growth are and whether the market can absorb all the new construction projects.
In general, one can distinguish:
- a short-term market for tourists and visitors: from 1 day to a few months;
- a long-term market for (semi-) residents say for 6-12 months.
Of course it depends on your preference what kind of tenant you want, but most landlords probably prefer long-term stable tenants and work with 1-year contracts. Some focus on the short-term market and try to compete in the segment of hotels and service apartments.
Obviously, margins differ greatly between short-term and long-term and so does the amount of work.
Whatever tenant you take, it's recommendable to work with a good Rental Agreement to clarify your mutual rights and obligations. A good sample contract you can find here.
Some often asked questions about rental rights and obligations are:
- by foreign landlords: can I evict my tenant in case of trouble?
- by tenants: am I sure to get back my deposit?
The answers to these questions are rather straightforward: if you have a good rental contract, as a landlord it's relatively easy to evict your tenant. Incredible situations that happen in the West with an (over-)protection of the tenant, are not likely to happen here. Thai laws and especially the Thai police tend not to favour the tenant in such case.
As for deposits being withheld (partially), there are of course some cases where landlords have kept an unjustifiable large part of the deposit at the pretext of damage in the property, however they are relatively scarce.
It's important to pay attention to what kind of tenants you choose. Chiang Mai's market is flooded with people with limited budget and with that comes a limited sense of responsibility. You don't want tenants like Adam and Ross, for example:
A good screening of your tenant before, and a proper check of your property during check out can help to avoid this kind of problems. But most important is to have an honest and good relationship with your tenant, so they report damage honestly rather than trying to hide it.
In order to find a tenant, you can of course use all kinds of media, internet sites, newspapers and other possibilities that you know, including our Classifieds section. Also, you can use real estate agents.
Most agents charge a commission of about 1 month in case of a 1-year contract, and up to 20% for short term contracts. Some buildings also help you to find tenants and charge up to 20% (!) for that.
If you are aiming for the short-term market, sites such as Airbnb, Roomorama, and Tripadvisor are an option.
Any further questions about renting? Contact us.
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 | Mono Posted on March 07, 2024 at 17:53:36 The entire real estate market for tourists or expats is always overpriced. |
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