While expats working in Bangkok have long been the group with the highest demand for rental condominiums in Bangkok’s central business district, JLL has seen a shift recently with demand from Thai renters having grown noticeably.
That’s due to Bangkok’s notorious traffic as well as a rising income among locals who can now afford to rent units at some of the city’s luxurious developments in prime locations.
“Many Thais rent condominiums in Bangkok, with most of them being employees of corporates with offices located in the CBD,” Bunthoon Damrongrak, head of residential sales and leasing at JLL, told the Bangkok Post. “The majority of Thai tenants rent units in non-CBD areas along extended mass transit routes where rentals are much more affordable compared to the CBD. It was not until recent years that more Thais have now renting condominiums in the CBD.”
JLL estimates that demand from Thai renters is now 10 per cent of the total demand for rental condominiums in Bangkok’s CBD. Before the recent surge in interest, demand had been less than five per cent for previous years. The firm added that Thai demand for condos in the CBD is focused upon fully furnished studio units with rental rates averaging between THB 20,000 to THB 25,000 per month.
“In the past, renting a small condominium or apartment unit for more than THB 20,000 per month was a luxury for Thais,” Bunthoon notes. “But these days, more office workers are willing to pay more to stay closer to their office. This reflects the insufficiency of mass transit infrastructure that allows residents in satellite communities to conveniently commute to work in the city centre. It also shows growing affluence of Thai workers in Bangkok.”
There is also a small amount of Thais renting large units with rentals ranging between THB 200,000 and 300,000 per month, according to JLL. The needs of these renters vary with some looking for a temporary residence and others wanting a place for their family.
