Bangkok apartment: raise rent or prioritise a reliable tenant?

F

FriendlyCedar

Homeowner
Getting this wrong could erase the extra rent through vacancy, refurbishment and reletting costs. The Bangkok apartment currently brings in about THB 200,400, while comparable advertisements appear closer to THB 234,200, but the existing tenant pays reliably and looks after the home.

I am leaning towards a smaller renewal increase rather than moving straight to the advertised level. If the comparables are genuinely similar and the maintenance record is clear, a staged adjustment may be fair; if not, keeping the present tenant may be worth more than the headline difference. I also need to confirm the lease, local notice requirements and whether renewal affects deposit handling before proposing a figure.
 
A reliable tenant has a real financial value, so I would not jump straight to THB 234,200. Work out how much extra the full increase produces over the next lease period, then compare that with even a short vacancy plus cleaning, repairs and reletting costs. A smaller increase, explained early and supported by genuinely comparable apartments, may leave both sides better off.
 
The lease and notice timetable may limit what can be proposed at this renewal. I would check those first, including the current deposit terms, before discussing a new figure with the tenant.

The advertised THB 234,200 is useful only if those apartments are in the same building or a closely comparable one, with similar furnishing and condition. Asking prices also do not reveal the final agreed rent. Once the comparables and maintenance history are checked, a renewal amount below that headline level would be a workable compromise with the reliable tenancy value mentioned above.
 
I agree on checking true comparables, but I wouldn’t avoid a review merely because this tenant is good. Keeping rent materially below the market can make a later adjustment harder.

A practical approach is to list recent maintenance, estimate vacancy and refurbishment costs, confirm the lease and local notice requirements, then offer the tenant a clear renewal figure below the advertised THB 234,200. Give enough time for discussion, put any agreement in writing, and keep the existing deposit handling separate unless the lease and local rules support a change.
 
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