What type of tenant rents a condominium in Bangkok?
Tenants rent property instead of opting to buy one for a multitude of reasons. The most common school of thought is that they do so as they cannot afford to buy, however this is not necessarily the case as the flexibility of renting is a major draw. Additionally, the prospect of responsibilities that come with owning a condominium in Thailand including maintenance and repair work deter some whilst others may not be certain about the location that they want to live in.
Young professionals tend to make up a considerable proportion on tenants. Choosing properties that are either close to where they work or where they enjoy spending their leisure time, subsequently connectivity and ease is of paramount concern. Being within close vicinity to the mass transit network is an absolute must particularly as this demographic are unlikely to be car owners. Plus, it enables them to consider moving jobs without having to relocate homes if they have the reliance of public transportation on their doorstep. These tenants may also embrace the opportunity to live on their own particularly if they are moving away from their family dwelling for the first time.
Other professional tenants include those who require a pied-a-terre. Their family home outside of Bangkok is too far to commute daily, so they have a base in town to spend the working week. Naturally convenience and location are their leading requirements when searching for a suitable property to rent in Bangkok.
In addition to the capital being the central hub for businesses drawing in even more people looking for somewhere to live, it is also home to Thailand’s leading universities. Students make up another tier of tenants who need the flexibility of renting to focus on their studies. Some may have come to Bangkok for their further education, so being nearby to the mass transit network allows them to easily get around the city but also leave the city to visit family.
The final type of tenants are expatriates. Usually assigned to Bangkok for a certain timeframe, renting ideally suits them allowing the option to cherry pick locations near to where they work or where their children go to school. Thailand’s favorable retirement visa also draws in people wanting to relish in the country’s low cost of living, exciting culture, delicious food and weather. Some retirees will buy their own property but renting first to give them the opportunity to try before they buy. Some will even love it so much that they buy a unit in the building that they rent in.