In the first half of 2023, the Chiang Mai rental market saw a 6% month-on-month increase and a 4% year-on-year increase, indicating enduring appeal for both local residents and expatriates.

Furthermore, the rental demand in the city increased by 8% year-on-year in 2023, surpassing the 6% growth rate observed in 2022, further underscoring the steady rise in demand for rental properties in Chiang Mai.

Specifically for different property types, rental prices for detached houses have increased by 7.5% year-on-year, demonstrating their consistent appeal to tenants, likely due to the additional space and privacy they offer. Apartment rental prices have risen by 9%, potentially due to the influx of urban professionals and digital nomads to Chiang Mai.

Simultaneously, townhouse rental prices have increased by 8.5% year-on-year, with stable demand highlighting tenants' appreciation for the urban convenience and spacious living balance provided by townhouses.

Looking ahead to 2024, following the strong growth performance in 2023, the Chiang Mai rental market is poised for another vibrant year. Rental prices for all property types (month-on-month and year-on-year) are expected to continue to rise, highlighting the robust demand.

Anticipated growth in rental demand is expected to persist as more individuals prioritize space and privacy, particularly after recent global events emphasizing the importance of personal space, signifying a shift in taste not merely as a temporary response but as renters seeking more lasting changes.

For different property types, detached houses and apartments remain the top choices as they provide space and privacy along with the convenience of urban living.

Apartments continue to be in high demand, as an increasing number of professionals and expatriates are attracted to Chiang Mai for its modern amenities and downtown convenience.

Townhouses are also expected to maintain steady appeal, offering urban convenience and spacious living areas.

It is important to note that the market's strong performance may attract more developers into the sector, leading to an increase in market supply. Therefore, renters need to carefully select properties to ensure reasonable rental prices that meet their needs.

Meanwhile, industry professionals also need to closely monitor market changes and make timely adjustments.