Authored by the expert who managed and guided the team behind the Thailand Property Pack
Yes, the analysis of Chiang Mai's property market is included in our pack
Rental yields in Chiang Mai are drawing more attention from investors looking for solid returns in a city with strong expat and student demand.
We constantly update this blog post so you always have access to the freshest data and insights.
This article breaks down what you can realistically expect from gross and net yields, which neighborhoods perform best, and what costs will eat into your profits.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Chiang Mai.
Insights
- Chiang Mai condos deliver around 6.8% gross yield on average, which is roughly 1 percentage point higher than houses at 5.7%, making smaller units the yield leaders in early 2026.
- The spread between highest-yield and lowest-yield neighborhoods in Chiang Mai can reach 2 to 4 percentage points, so location choice alone can make or break your investment returns.
- Santitham and Chang Phueak consistently outperform Nimman on yields because purchase prices stay reasonable while rents remain strong thanks to student and expat demand.
- Property management in Chiang Mai typically costs 8% to 12% of monthly rent for full service, plus a one-time leasing fee equivalent to about one month of rent.
- A realistic vacancy buffer for Chiang Mai landlords is around 8% of annual rent, which translates to roughly 3 to 4 weeks of downtime per year.
- Net yields in Chiang Mai drop to around 4% after accounting for vacancy, management fees, maintenance, and condo common area fees that can run 40 to 70 baht per square meter monthly.
- The upcoming Chiang Mai mass transit project and Central Pattana's 1.2 billion baht airport-area upgrade could lift rents in Pa Daet and Hai Ya by 5% to 15% once completed.
- Studios and one-bedroom units in Chiang Mai typically fill faster and yield better per square meter because the city's renter pool skews toward students, young professionals, and digital nomads.
What are the rental yields in Chiang Mai as of 2026?
What's the average gross rental yield in Chiang Mai as of 2026?
As of early 2026, Chiang Mai residential properties deliver an average gross rental yield of around 6.2% when you blend condos, houses, townhouses, and villas together in typical market proportions.
Most standard rental properties in Chiang Mai fall within a gross yield range of 5% to 7.5%, though well-located condos near universities or major malls can push toward the higher end while prestige areas compress yields toward the lower end.
Chiang Mai's 6.2% average gross yield sits above what you would typically find in Bangkok's prime districts, where lifestyle premiums often push yields below 5%, making the northern capital attractive for income-focused investors.
The single biggest factor driving gross yields in Chiang Mai right now is the gap between relatively affordable purchase prices and sustained rental demand from students, expats, and digital nomads who keep occupancy strong in well-located units.
What's the average net rental yield in Chiang Mai as of 2026?
As of early 2026, Chiang Mai residential properties deliver an average net rental yield of around 4% after subtracting all the real-world costs that landlords face.
The gap between gross and net yields in Chiang Mai typically runs about 2 to 2.5 percentage points, which means investors should expect to lose roughly a third of their gross income to operating expenses.
The expense category that takes the biggest bite out of Chiang Mai landlords' returns is property management combined with vacancy, which together can account for 15% to 20% of gross rent if you outsource management and budget conservatively for tenant turnover.
Most standard investment properties in Chiang Mai land somewhere between 3% and 5% net yield, with the lower end reflecting older buildings or less desirable locations and the higher end going to well-managed condos in strong rental nodes.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Chiang Mai.
We made this infographic to show you how property prices in Thailand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What yield is considered "good" in Chiang Mai in 2026?
Local investors in Chiang Mai generally consider a gross rental yield of 6.5% or higher to be "good" because it meaningfully exceeds the market-wide averages and leaves room for a healthy net return after expenses.
The threshold that separates average performers from high performers in Chiang Mai sits right around 6.5% gross, with anything above 7% typically requiring smart buying in the right micro-area, a well-priced older building, or a smaller unit size that commands strong rent relative to purchase price.
How much do yields vary by neighborhood in Chiang Mai as of 2026?
As of early 2026, the spread in gross rental yields between the highest-yield and lowest-yield neighborhoods in Chiang Mai typically ranges from 2 to 4 percentage points, which is a significant gap that can determine whether an investment makes sense.
Neighborhoods that typically deliver the highest rental yields in Chiang Mai are those where rents stay solid thanks to student and expat demand but purchase prices have not been bid up by lifestyle premiums, such as Santitham, Chang Phueak, and Fa Ham near Central Festival.
The lowest rental yields in Chiang Mai tend to cluster in areas where buyers pay a prestige or lifestyle premium that pushes prices up faster than rents can follow, including Nimmanhaemin, the Old City inside the moat, and certain Riverside pockets near Wat Ket.
The main reason yields vary so dramatically across Chiang Mai neighborhoods is that renter demand is node-based around universities, malls, and the airport corridor, while buyer pricing often gets driven by lifestyle appeal and brand recognition that does not always translate into higher rents.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Chiang Mai.
How much do yields vary by property type in Chiang Mai as of 2026?
As of early 2026, gross rental yields in Chiang Mai range from around 5% to 7.2% depending on property type, with condos and apartments at the higher end and houses, townhouses, and villas at the lower end.
Condos and apartments currently deliver the highest average gross rental yield in Chiang Mai, with portal medians showing around 6.8% for condos, because smaller units rent surprisingly well relative to their purchase prices in this market.
Houses, townhouses, and villas deliver the lowest average gross rental yield in Chiang Mai at around 5.7%, partly because they come with higher maintenance costs and can sit vacant longer if not priced correctly for the suburban locations where they are typically found.
The key reason yields differ between property types in Chiang Mai is that condos benefit from concentrated renter demand in walkable urban nodes near CMU and Nimman, while houses spread across suburbs face thinner tenant pools and higher upkeep that compresses returns.
By the way, you might want to read the following:
What's the typical vacancy rate in Chiang Mai as of 2026?
As of early 2026, the average residential vacancy rate in Chiang Mai runs around 8% for long-term rentals, which translates to roughly 3 to 4 weeks of empty time per year for a typical well-located unit.
Vacancy rates across different Chiang Mai neighborhoods range from as low as 4% to 5% in high-demand nodes near CMU and Central Festival, up to 10% or more for hard-to-rent units in weaker locations or buildings with quality issues.
The main factor driving vacancy rates up or down in Chiang Mai is pricing relative to competing listings, because the rental market has high supply visibility on portals and tenants can easily compare options, so overpriced or poorly presented units get punished with longer downtime.
Chiang Mai's 8% average vacancy rate is fairly typical for Thai secondary cities with strong expat and student populations, sitting below what you might see in oversupplied Bangkok condo markets but above ultra-tight rental markets in major global cities.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Chiang Mai.
What's the rent-to-price ratio in Chiang Mai as of 2026?
As of early 2026, the average rent-to-price ratio in Chiang Mai is around 0.52% per month, meaning a property priced at 3 million baht would typically rent for roughly 15,500 to 16,000 baht monthly.
A rent-to-price ratio above 0.55% per month is generally considered favorable for buy-to-let investors in Chiang Mai because it corresponds to a gross yield above 6.5%, which is the threshold where returns start looking genuinely attractive after expenses.
Chiang Mai's 0.52% monthly rent-to-price ratio compares favorably to Bangkok's prime districts where ratios often dip below 0.4%, and it sits in line with other Thai cities that balance affordable purchase prices with decent rental demand.
We have made this infographic to give you a quick and clear snapshot of the property market in Thailand. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which neighborhoods and micro-areas in Chiang Mai give the best yields as of 2026?
Where are the highest-yield areas in Chiang Mai as of 2026?
As of early 2026, the top three highest-yield neighborhoods in Chiang Mai are Santitham, Chang Phueak, and Fa Ham near Central Festival, all of which benefit from strong renter demand without the inflated purchase prices found in trendier areas.
These high-yield areas in Chiang Mai typically deliver gross rental yields in the 7% to 8% range, with Santitham and Chang Phueak performing especially well for smaller condos that attract students and young professionals.
The main characteristic these high-yield Chiang Mai neighborhoods share is practical convenience without prestige pricing, meaning renters get easy access to universities, malls, or the airport while investors avoid paying the lifestyle premium that compresses returns in places like Nimman.
You'll find a much more detailed analysis of the areas with high profitability potential in our property pack covering the real estate market in Chiang Mai.
Where are the lowest-yield areas in Chiang Mai as of 2026?
As of early 2026, the top three lowest-yield neighborhoods in Chiang Mai are Nimmanhaemin, the Old City inside and around the moat, and select Riverside pockets near Wat Ket, where lifestyle appeal drives prices up without proportional rent increases.
These low-yield areas in Chiang Mai typically deliver gross rental yields in the 4% to 5% range, which can drop even lower for premium units in iconic buildings where buyers pay for brand and location rather than income potential.
The main reason yields are compressed in these Chiang Mai neighborhoods is that buyers compete for limited supply in desirable lifestyle locations, pushing purchase prices to levels that sustainable long-term rents simply cannot support.
Buying a property in a low-yield area is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Chiang Mai.
Which areas have the lowest vacancy in Chiang Mai as of 2026?
As of early 2026, the top three neighborhoods with the lowest residential vacancy rates in Chiang Mai are Suthep near the CMU campus edge, Chang Phueak, and Fa Ham around Central Festival, all of which benefit from multiple overlapping renter pools.
These low-vacancy areas in Chiang Mai typically see vacancy rates in the 4% to 6% range, meaning landlords can expect just 2 to 3 weeks of downtime per year when units turn over.
The main demand driver keeping vacancy low in these Chiang Mai neighborhoods is their ability to attract students, young professionals, and expats simultaneously, so when one tenant leaves, another from a different pool quickly fills the gap.
The trade-off investors typically face when targeting these low-vacancy areas is that purchase prices tend to be higher and yields slightly compressed compared to less central locations, so you pay for stability with a smaller percentage return.
Which areas have the most renter demand in Chiang Mai right now?
The top three neighborhoods currently experiencing the strongest renter demand in Chiang Mai are Nimman and Suthep near CMU, the Old City and Tha Phae area, and Fa Ham around Central Festival, each attracting different but substantial tenant pools.
The renter profiles driving most of the demand in these Chiang Mai areas include university students around CMU, digital nomads and expats seeking lifestyle locations near Nimman and the Old City, and local professionals who want mall access and modern amenities near Central Festival.
Rental listings in these high-demand Chiang Mai neighborhoods typically get filled within 2 to 4 weeks for well-priced units, and desirable studios near CMU can sometimes find tenants in under a week during peak enrollment periods.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Chiang Mai.
Which upcoming projects could boost rents and rental yields in Chiang Mai as of 2026?
As of early 2026, the top three upcoming projects expected to boost rents in Chiang Mai are the airport capacity expansion led by AOT, Central Pattana's 1.2 billion baht mixed-use upgrade near Central Chiangmai Airport, and the MRTA mass transit planning along major road corridors.
The neighborhoods most likely to benefit from these projects are Pa Daet and Hai Ya near the airport corridor, the Wua Lai vicinity close to the CPN development, and areas along the Chang Phueak and Chotana Road axis where future transit stations could land.
Investors might realistically expect rent increases of 5% to 15% in these affected Chiang Mai neighborhoods once projects are completed, with the largest gains going to properties within walking distance of new retail, office, or transit infrastructure.
You'll find our latest property market analysis about Chiang Mai here.
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What property type should I buy for renting in Chiang Mai as of 2026?
Between studios and larger units in Chiang Mai, which performs best in 2026?
As of early 2026, studios and one-bedroom units outperform larger units in Chiang Mai on both rental yield and occupancy because the city's renter pool skews heavily toward students, young professionals, and solo digital nomads.
Studios in Chiang Mai typically deliver gross rental yields of 7% to 8% (around 15,000 to 18,000 baht monthly rent, or roughly 430 to 515 USD / 400 to 480 EUR), while two-bedroom units often yield closer to 5.5% to 6.5% despite higher absolute rents.
The main factor explaining why studios outperform in Chiang Mai is that rent per square meter drops as unit size increases, but purchase prices do not fall proportionally, so smaller units maintain a tighter rent-to-price ratio.
One scenario where larger units might actually be the better investment in Chiang Mai is when targeting expat families or long-term corporate tenants who sign multi-year leases, since these renters value stability and are less price-sensitive, reducing turnover costs.
What property types are in most demand in Chiang Mai as of 2026?
As of early 2026, modern condos and apartments near demand nodes like CMU, Nimman, and major malls are the most in-demand property type for renters in Chiang Mai.
The top three property types ranked by current tenant demand in Chiang Mai are modern condos in convenient locations, two to three bedroom houses in accessible suburbs for families, and townhouses that balance space with affordability.
The primary demographic trend driving this demand pattern in Chiang Mai is the growth of remote workers and digital nomads who want walkable access to cafes and coworking spaces, combined with steady university enrollment and a maturing expat community.
One property type that is currently underperforming in demand in Chiang Mai is oversized luxury villas in remote locations, which face thin tenant pools and long vacancy periods because most renters prioritize convenience over space.
What unit size has the best yield per m² in Chiang Mai as of 2026?
As of early 2026, units in the 25 to 40 square meter range deliver the best gross rental yield per square meter in Chiang Mai, with studios and compact one-bedrooms consistently outperforming larger layouts.
The typical gross rental yield per square meter for this optimal unit size in Chiang Mai runs around 500 to 700 baht monthly (roughly 14 to 20 USD / 13 to 19 EUR per square meter per month), compared to 350 to 500 baht for larger units.
The main reason both smaller and larger units tend to have lower yield per square meter in Chiang Mai is that micro-studios under 25 square meters can be hard to rent at premium rates, while units over 50 square meters see rent increases that lag behind the jump in purchase price.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Chiang Mai.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Thailand versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What costs cut my net yield in Chiang Mai as of 2026?
What are typical property taxes and recurring local fees in Chiang Mai as of 2026?
As of early 2026, the annual property tax for a typical rental condo in Chiang Mai is often quite small relative to rent, potentially just a few hundred to a few thousand baht per year (roughly 10 to 100 USD / 9 to 90 EUR) depending on assessed value under Thailand's Land and Buildings Tax framework.
The main recurring local fee landlords must budget for in Chiang Mai is condo common area maintenance, which typically runs 40 to 70 baht per square meter monthly (roughly 1.15 to 2.00 USD / 1.05 to 1.85 EUR per square meter), adding up to 12,000 to 33,600 baht annually (340 to 960 USD / 315 to 890 EUR) for a 25 to 40 square meter unit.
These taxes and fees typically represent around 5% to 10% of gross rental income in Chiang Mai, with common fees being the larger line item for condo owners while house owners face lower recurring fees but higher maintenance responsibilities.
By the way, we cover all the hidden fees and taxes in our property pack covering the real estate market in Chiang Mai.
What insurance, maintenance, and annual repair costs should landlords budget in Chiang Mai right now?
Annual landlord insurance for a typical rental condo in Chiang Mai runs around 2,000 to 5,000 baht per year (roughly 55 to 140 USD / 50 to 130 EUR), covering basic fire and liability protection with premiums scaling based on coverage and property value.
The recommended annual maintenance and repair budget for Chiang Mai landlords is around 0.8% to 1.5% of property value for condos and 1% to 2% for houses, which translates to roughly 24,000 to 60,000 baht yearly (680 to 1,700 USD / 630 to 1,580 EUR) on a 3 million baht property.
The repair expense that most commonly catches Chiang Mai landlords off guard is air conditioning replacement or major servicing, since units run heavily year-round in the tropical climate and can fail unexpectedly, costing 15,000 to 30,000 baht (425 to 855 USD / 395 to 790 EUR) per unit.
The total combined annual cost landlords should realistically budget for insurance, maintenance, and repairs in Chiang Mai is around 30,000 to 70,000 baht (850 to 2,000 USD / 790 to 1,850 EUR) for a typical condo, with houses running 20% to 40% higher due to exterior and garden upkeep.
Which utilities do landlords typically pay, and what do they cost in Chiang Mai right now?
In most Chiang Mai long-term rentals, tenants pay for electricity and water directly, while landlords more commonly cover condo common area fees and sometimes internet if the unit is marketed as fully furnished and move-in ready.
If landlords do include utilities to attract tenants, the estimated monthly cost in Chiang Mai runs around 1,500 to 4,000 baht (roughly 43 to 115 USD / 40 to 105 EUR) for a typical one-bedroom unit, with electricity being the larger variable cost depending on air conditioning usage.
What does full-service property management cost, including leasing, in Chiang Mai as of 2026?
As of early 2026, full-service property management in Chiang Mai typically costs 8% to 12% of monthly rent (roughly 1,200 to 2,400 baht per month, or 34 to 68 USD / 32 to 63 EUR, on a 15,000 baht rental), covering tenant communication, maintenance coordination, and rent collection.
On top of ongoing management, leasing or tenant-placement fees in Chiang Mai are commonly equivalent to one month of rent as a one-time charge (roughly 15,000 to 20,000 baht, or 425 to 570 USD / 395 to 530 EUR), though some managers negotiate partial fees for renewals.
What's a realistic vacancy buffer in Chiang Mai as of 2026?
As of early 2026, landlords in Chiang Mai should set aside around 8% of annual rental income as a vacancy buffer, which provides a reasonable cushion for the typical tenant turnover cycle in this market.
This 8% buffer translates to roughly 3 to 4 vacant weeks per year for most Chiang Mai landlords, though conservative investors targeting long-term financial planning often budget closer to two months (about 16%) to account for unexpected gaps or slower seasons.
Buying real estate in Chiang Mai can be risky
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Chiang Mai, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Thailand Property (Condos) | It's a major national property portal that publishes transparent market insight medians from live listings. | We used its median condo price, rent, and stated gross yield as our anchor for condo yields. We cross-checked these numbers against house and mixed property pages on the same platform. |
| Thailand Property (Houses) | Same trusted portal with dedicated market insight data specifically for houses in Chiang Mai. | We used its median house price, rent, and gross yield to establish landed property benchmarks. We then blended these with condo data to estimate all-property-type averages. |
| Thailand Property (Mixed) | This aggregates multiple residential types and reports summary pricing across Chiang Mai's rental market. | We used it to sanity-check our blended yield estimate and validate typical asking rents by property type. It helped keep our analysis grounded in the full market picture. |
| DDproperty | DDproperty is one of Thailand's largest property portals with high listing volume and timestamp visibility. | We used it as a second portal cross-check on current monthly rents in early 2026. It also helped validate which property types dominate Chiang Mai's residential rental supply. |
| Airports of Thailand (AOT) | It's an official communication from AOT, which operates Chiang Mai International Airport. | We used it to ground our analysis of infrastructure projects that could boost rents. It confirmed government-linked investment momentum in the airport corridor area. |
| MRTA | MRTA is the official project owner for major urban rail development in Thailand. | We used it to identify the planned transit corridor so we could name specific micro-areas that may see improved accessibility. We treat this as a medium-term catalyst for rent growth. |
| Bangkok Post | It's Thailand's leading English-language newspaper reporting on a specific listed company investment. | We used this article to support our analysis of upcoming projects near Central Chiangmai Airport. It helped validate the rental demand potential in the airport corridor neighborhoods. |
| Thailand Government Portal | It's an official government channel summarizing the national infrastructure development program. | We used it to keep our infrastructure discussion anchored in official planning rather than speculation. We then localized the impact to Chiang Mai via specific airport and transit items. |
| Fiscal Policy Office (FPO) | This is the official Thai legal framework document for annual property taxation. | We used it to explain what recurring property tax exists and why it's typically small for residential units. This informed our net yield expense calculations. |
| PwC Thailand | PwC is a top-tier global firm providing a structured summary of Thai tax rules. | We used it to frame how rental income is typically taxed for individuals. We translated this into a practical net-yield haircut range for landlord budgeting. |
| Revenue Department Thailand | It's the official Thai tax authority providing direct guidance on personal income tax. | We used it as the anchor confirming that rental income falls under personal income tax. This helped keep our tax discussion accurate without turning the article into a tax manual. |
| Provincial Electricity Authority (PEA) | PEA is the official electricity utility for most Thai provinces including Chiang Mai. | We used it to ground our utilities discussion in official tariff structures. It helped us estimate realistic monthly electricity costs for landlord budgeting. |
| PEA Ft Page | This is PEA's official fuel adjustment publication showing period-by-period rate changes. | We used it to show that electricity costs shift over time and should not be assumed constant. This informed our realistic utility budget ranges for landlords. |
| Provincial Waterworks Authority (PWA) | PWA is the official water utility for most Thai provinces with published tariff tables. | We used it to anchor water cost estimates with official pricing. We converted typical household usage into a practical landlord budget range. |
| AIG Thailand | AIG is a major global insurer with established Thailand operations. | We used it as evidence that home and condo insurance is widely available with modular coverage options. It helped us estimate realistic annual premium ranges for yield budgeting. |
| Bangkok Insurance | Bangkok Insurance is a large Thai insurer that explains how premiums relate to property value. | We used it to justify why insurance costs scale with rebuild value and coverage scope. It confirmed insurance is a small but non-zero net yield cost. |
| FazWaz | FazWaz is a large Southeast Asian property platform with transparent explainers on Thai market practices. | We used it as a practical benchmark for condo common area fees when estimating net yields. We treated it as supporting data and checked it against typical Thai condo market practice. |
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