Are you interested in long term rentals Phuket? Then read on. This guide is designed to provide you with all the information you need when renting a property for an extended period of time.
What is a long term rental?
These are commonly leases of properties whereby a tenant commits to renting a property for a duration of 6 to 12 months. Longer lease terms may also be agreed upon but in general most residential leases do not exceed 3 years, however further contract renewals can be agreed upon.
Long term rental Phuket is a popular option for many people coming to the city, with most tenants signing up for a 12 month renewable lease. Renting a professionally managed property long-term in Phuket often makes sense financially, with the ongoing costs of maintenance and buildings insurance all covered by the landlord. Renting a property long term can be a great move for people who are not ready to buy a house in Phuket or aren’t in the financial position to do so. It can help you to decide if an area is right for you before buying a home.
Renting a property in Phuket
Phuket is one of the most popular destinations in the world, with its gorgeous beaches, warm climate, and vibrant nightlife making it one of Thailand’s most visited locations. Holiday rentals here are in high demand, with many people choosing them as an alternative to a hotel. More and more people are choosing long term rentals Phuket, often renting a house or villa for several months at a time.
There are many reasons why long-term renting has become popular on this Thai island. Many people dream of relocating here and enjoying the relaxed and carefree way of life. It’s considered paradise by both expats and tourists, with its splendid coastlines and clear waters earning it the name “Pearl of the Andaman”. Whether you’re planning to work or retire on Thailand’s largest island, it makes sense to look for Phuket long term rentals.
Benefits of long-term rentals for property owners
Long term rentals are popular not just with tenants but property owners too. Not only do they benefit from reduced ‘void’ periods, but can also reduce marketing expenses for finding tenants. Plus, Phuket long term rentals can provide a strengthened relationship between the tenant and landlord, with a mutual understanding created between the two parties. This can lead to further long term lease renewals. Plus, long term rentals Phuket can lower the risk of taking on bad tenants due to less turnover. A tenant who has chosen to rent long term is also more likely to keep the property in good condition.
Top locations for long term rentals in Phuket
Choosing the best location for a long term rental Phuket can be tough, with so many beautiful areas to choose from. Usually, long term renters opt for quieter locations such as Kamala, Laguna, Rawai, or Kathu. These parts of the island tend to be less busy with a more relaxed atmosphere, making them the perfect spots to rent a property long term. They’re also popular with families seeking a calmer way of life.
Types of property for rent in Phuket
Phuket has a wide range of properties for rent long-term, from condos and apartments to houses, villas, and townhouses. Some of the more affordable options can be found closer to Phuket Town such as Kathu, where a furnished studio condo can cost around 10,000 baht per month. A two-bed house in Rawai in the south will set you back 25,000-35,000 baht per month. At the higher end, you’ll find 3 or 4-bedroom villas in Laguna for anywhere between 50,000-120,000 baht monthly. Generally, the less expensive properties can be found further away from the coast.
Tenant and landlord responsibilities
When renting long-term in Phuket, the tenant and landlord will have specific responsibilities. As well as paying for utilities like electricity and water, tenants will need to take care of the minor maintenance of particular items, such as light bulbs or cleaning air conditioning systems. Landlords will need to replace main appliances should they break down as well as fittings due to wear and tear. They’re also responsible for paying estate common area fees.
Questions tenants should ask before signing a lease
Once you’ve found your perfect house or condo for rent in Phuket, you may be in a rush to sign on the dotted line and move into your new abode. However, before you do this, it’s important to ask some key questions about a property to ensure that it’s suitable for your needs. Most importantly, you need to establish who is responsible for what. For example, who is accountable for utility costs and maintenance. These costs need to be factored into your budget to ensure that you can comfortably pay them along with the monthly rent.
Other questions to ask before you sign the lease include what happens if you want to terminate your contract early or if damages occur. You may also need to enquire if pets are allowed in your preferred property. Keep in mind that pets are not normally allowed in condos; however, an experienced agent will be able to find you pet-friendly rentals in your desired area.
Signing the lease agreement on a rental property
You’ll need to sign a lease agreement on a long term rental Phuket. This is an important step and you should make sure you understand all the points before you put pen to paper. If something isn’t clear or you think something is missing, it’s vital that you bring this to the attention of the agent or property owner. You may need to request changes or additions to the agreement before signing it. The main clauses which should be covered include rent amount, rental dates and payment date, as well as other costs you’re accountable for, such as security deposit and termination fees.
Paying rent on a long-term rental in Phuket
Rent is always paid monthly and in advance, with most landlords requiring one to two months up front. Sometimes, tenants are asked to pay the first and last month in advance, giving landlords the peace of mind that tenants won’t break the lease early. Demand for property in Phuket is very high throughout December to March and owners can set high rates. Landlords want to avoid tenants paying lower monthly fees over these periods then breaking the lease in low season.
Occasionally, landlords may often reduce the monthly rate if tenants can pay a year in advance. Think carefully if you plan to do this and make sure you’re committed, as normally there will be no refund of any prepaid rent or security deposit if you change your mind.
Landlords will also require a Security Deposit to be paid at time of occupancy. Tenants will need to pay this in case of damage, breakages or unpaid bills. This refundable fee is often equivalent to one or two months of rent.
The benefits of renting through an agent
If you’re interested in a long term rental Phuket, it’s advisable to find one through an agent. Not only will an agent provide you with a quick and complete list of available rental options, but they’ll arrange all viewings and appointments on your behalf, saving you so much time and effort. You can also expect a quick response time, speeding up the process of finding your perfect condo or house to rent in Phuket. Owners often don’t have time to respond to potential tenants immediately, and this can slow things down considerably. What’s more, because agents understand both the landlord and the tenant, they can ensure an agreement which is mutually beneficial to both parties.
If you are interested in a long term property rental please contact Select 1 Property with your full requirements and we will get back to you with suitable options.