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
If you're thinking about buying an apartment in Chiang Mai and renting it out, you're probably wondering what kind of return you can actually expect.
This guide breaks down everything you need to know about rental yields in Chiang Mai, from gross and net returns to neighborhood comparisons and real costs that eat into your profits.
We update this article regularly to keep the numbers fresh and reliable for foreign investors like you.
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.
What rental yields can I realistically get from an apartment in Chiang Mai?
What's the average gross rental yield for apartments in Chiang Mai as of 2026?
As of early 2026, the average gross rental yield for apartments in Chiang Mai sits around 5.5% to 6.5%, with a central estimate of roughly 6% for a typical condo in a decent location.
Most apartment investments in Chiang Mai fall within a realistic range of 5% to 7% gross, where studios and one-bedrooms tend to cluster toward the higher end while larger units like three-bedrooms often land closer to 5% to 5.5%.
The main factor that causes yields to vary significantly in Chiang Mai is the price gap between expat-focused neighborhoods like Nimmanhaemin (where purchase prices are highest) and value zones like Santitham or Chang Phueak, where you can buy cheaper but still command solid rents from digital nomads and long-stay tenants.
Compared to Bangkok, where gross yields typically hover around 4% to 5.5% in prime areas, Chiang Mai offers noticeably better returns because property prices remain 40% to 50% lower while rents have held up thanks to consistent demand from expats, remote workers, and retirees who choose northern Thailand for its lifestyle appeal.
What's the average net rental yield for apartments in Chiang Mai as of 2026?
As of early 2026, the average net rental yield for apartments in Chiang Mai is around 3.5% to 4.5%, with a central estimate of approximately 4% for a sensibly bought one-bedroom condo.
Most apartment investors in Chiang Mai can realistically expect net yields between 3% and 5%, depending on how well they manage vacancy, negotiate building fees, and whether they use a property manager or handle things themselves.
The single biggest expense that reduces gross yield to net yield in Chiang Mai is the monthly building common fee (service charge), which Thai condos require owners to pay regardless of whether the unit is rented, and these fees can run 2,500 to 5,000 baht per month for a typical one-bedroom, eating up 15% to 30% of your rental income before you even count vacancy or repairs.
By the way, you will find much more detailed data in our property pack covering the real estate market in Chiang Mai.
What's the typical rent-to-price ratio for apartments in Chiang Mai in 2026?
As of early 2026, the typical rent-to-price ratio for apartments in Chiang Mai is around 0.46% to 0.54% per month, which translates to roughly 5.5% to 6.5% annually when you multiply by twelve.
Most apartment transactions in Chiang Mai fall within a realistic rent-to-price range of 0.4% to 0.6% monthly, where smaller units in popular areas tend to hit the higher end and larger or more expensive properties sit closer to 0.4%.
Apartments in neighborhoods like Santitham and Chang Phueak tend to have the highest rent-to-price ratios in Chiang Mai because purchase prices there remain significantly lower than in Nimmanhaemin, yet rents stay competitive since these areas still attract the same pool of expats and digital nomads who value proximity to cafes, coworking spaces, and the Old City.
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How much rent can I charge for an apartment in Chiang Mai?
What's the typical tenant budget range for apartments in Chiang Mai right now?
The typical monthly tenant budget for renting an apartment in Chiang Mai in early 2026 ranges from 10,000 to 25,000 baht ($320 to $800 USD or €275 to €690 EUR) for most renters, covering everything from basic studios to comfortable one-bedroom condos in decent locations.
Tenants targeting mid-range apartments in Chiang Mai typically budget 15,000 to 25,000 baht per month ($480 to $800 USD or €415 to €690 EUR), which gets them a well-maintained one-bedroom or entry-level two-bedroom in a building with a pool and gym, often near Nimman or the Old City.
For high-end or luxury apartments in Chiang Mai, tenants expect to pay 30,000 to 50,000 baht per month ($960 to $1,600 USD or €825 to €1,375 EUR), which typically means newer construction, premium locations on Nimmanhaemin Road, larger floor plans, and top-tier amenities like rooftop pools and 24-hour security.
We have a blog article where we update the latest data about rents in Chiang Mai here.
What's the average monthly rent for a 1-bed apartment in Chiang Mai as of 2026?
As of early 2026, the average monthly rent for a one-bedroom apartment in Chiang Mai is around 15,000 baht ($480 USD or €415 EUR), though this varies significantly depending on location and building quality.
Entry-level one-bedroom apartments in Chiang Mai rent for 8,000 to 12,000 baht per month ($255 to $385 USD or €220 to €330 EUR), which typically means older buildings in areas like Santitham or the outskirts of the Old City, often with basic furnishings and no pool.
Mid-range one-bedroom apartments rent for 13,000 to 20,000 baht per month ($415 to $640 USD or €360 to €550 EUR), getting you a well-furnished unit in a modern building with amenities like a swimming pool, gym, and good internet, usually in areas like Chang Phueak or the edges of Nimman.
Luxury one-bedroom apartments in Chiang Mai command 22,000 to 35,000 baht per month ($700 to $1,115 USD or €605 to €960 EUR), featuring prime Nimmanhaemin Road locations, newer construction, premium finishes, rooftop facilities, and often mountain views.
What's the average monthly rent for a 2-bed apartment in Chiang Mai as of 2026?
As of early 2026, the average monthly rent for a two-bedroom apartment in Chiang Mai is around 25,000 baht ($800 USD or €690 EUR), reflecting the premium that families and couples sharing costs are willing to pay for extra space.
Entry-level two-bedroom apartments in Chiang Mai rent for 15,000 to 20,000 baht per month ($480 to $640 USD or €415 to €550 EUR), which usually means older condos or buildings further from central areas like Nong Pa Khrang or the outer edges of the city.
Mid-range two-bedroom apartments rent for 22,000 to 32,000 baht per month ($700 to $1,020 USD or €605 to €880 EUR), offering modern units with 50 to 70 square meters of space, full kitchens, and access to pools and fitness centers in neighborhoods like Suthep or near Central Festival mall.
Luxury two-bedroom apartments in Chiang Mai command 35,000 to 55,000 baht per month ($1,115 to $1,750 USD or €960 to €1,510 EUR), featuring spacious layouts in premium projects on Nimmanhaemin Road, high-floor units with city or mountain views, and resort-style facilities.
What's the average monthly rent for a 3-bed apartment in Chiang Mai as of 2026?
As of early 2026, the average monthly rent for a three-bedroom apartment in Chiang Mai is around 33,000 baht ($1,050 USD or €910 EUR), though this is a thinner market with fewer listings and more price variation.
Entry-level three-bedroom apartments in Chiang Mai rent for 22,000 to 28,000 baht per month ($700 to $890 USD or €605 to €770 EUR), typically found in older buildings or suburban locations where families accept longer commutes in exchange for more affordable space.
Mid-range three-bedroom apartments rent for 30,000 to 45,000 baht per month ($955 to $1,435 USD or €825 to €1,235 EUR), offering 80 to 100 square meters in well-maintained buildings with family-friendly amenities and locations near international schools or major shopping centers.
Luxury three-bedroom apartments in Chiang Mai command 50,000 to 75,000 baht per month ($1,595 to $2,390 USD or €1,375 to €2,060 EUR), featuring penthouse-style units in premium Nimman projects, extensive floor plans, multiple bathrooms, and exclusive facilities that appeal to executives and affluent expat families.
How fast do well-priced apartments get rented in Chiang Mai?
A well-priced apartment in Chiang Mai typically rents within 2 to 4 weeks if it has good photos, reasonable pricing, and sits in a desirable area like Nimman or near Chiang Mai University.
Vacancy rates for Chiang Mai condos in core areas currently run around 6% to 8%, which translates to roughly 3 to 4 weeks of vacancy per year on average for a competitively priced unit.
The main factors that cause some apartments to rent faster than others in Chiang Mai include proximity to coworking spaces and cafes (critical for digital nomads), reliable high-speed internet, and whether the building's juristic person allows easy tenant turnover without excessive paperwork or foreign tenant restrictions.
And if you want to know what should be the right price, check our latest update on how much an apartment should cost 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.
Which apartment type gives the best yield in Chiang Mai?
Which is better for yield between studios, 1-bed, 2-bed and 3-bed apartments in Chiang Mai as of 2026?
As of early 2026, studios and one-bedroom apartments typically offer the best rental yield in Chiang Mai, with studios averaging around 6.5% gross and one-bedrooms around 6.3% gross.
The typical gross rental yield range for each apartment type in Chiang Mai breaks down roughly as follows: studios at 6% to 7%, one-bedrooms at 5.5% to 6.5%, two-bedrooms at 5.5% to 6%, and three-bedrooms at 5% to 5.5%.
The main reason smaller units outperform in Chiang Mai is that the city's tenant base is dominated by solo digital nomads, single retirees, and young expat couples who prioritize location and amenities over space, so demand concentrates on compact units while larger apartments struggle to command proportionally higher rents.
Which features are best if you want a good yield for your apartment in Chiang Mai?
The features that most positively impact rental yield in Chiang Mai are location within walking distance of Nimmanhaemin cafes or Chiang Mai University, reliable fiber internet already installed, a functional separate kitchen area (not just a hot plate), and building rules that allow smooth long-term rentals without bureaucratic friction from the juristic person.
In Chiang Mai, mid-floor units (floors 4 to 8 in typical low-rise condos) tend to rent easiest because they balance views and natural light against the heat that top floors accumulate, plus they avoid the street noise that ground-floor units experience near busy roads like Huay Kaew.
Apartments with balconies do rent faster and command modest premiums (5% to 10% higher) in Chiang Mai because the climate encourages outdoor living, and many tenants specifically want morning coffee space or somewhere to dry laundry in the traditional Thai way.
Building features like swimming pools and gyms help attract tenants but don't always justify higher service charges in Chiang Mai, so yield-focused buyers should calculate whether a building's premium common fees (sometimes 80 to 120 baht per square meter monthly) actually translate into enough extra rent to cover the cost.
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Which neighborhoods give the best rental demand for apartments in Chiang Mai?
Which neighborhoods have the highest rental demand for apartments in Chiang Mai as of 2026?
As of early 2026, the neighborhoods with the highest rental demand for apartments in Chiang Mai are Nimmanhaemin (the undisputed number one for expats and digital nomads), Suthep near Chiang Mai University, the Old City around Tha Phae Gate, and Chang Khlan near the Night Bazaar.
The main demand driver that makes these Chiang Mai neighborhoods attractive is the concentration of walkable lifestyle amenities: Nimman has Thailand's densest cluster of specialty cafes and coworking spaces, Suthep benefits from university spillover and affordable eateries, and the Old City draws culture-focused expats who want temple views and traditional markets at their doorstep.
In these high-demand Chiang Mai neighborhoods, vacancy rates typically run 3% to 6%, which means a well-priced unit can find a tenant within 1 to 3 weeks, compared to 6 to 8 weeks in less popular areas.
One emerging neighborhood gaining rental demand momentum in Chiang Mai is Santitham, which sits just north of Nimman and offers similar walkability to cafes and restaurants at 20% to 30% lower rents, attracting budget-conscious digital nomads and younger expats priced out of Nimman proper.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Chiang Mai.
Which neighborhoods have the highest yields for apartments in Chiang Mai as of 2026?
As of early 2026, the neighborhoods with the highest rental yields for apartments in Chiang Mai are Santitham, Chang Phueak, and parts of Wat Ket along the riverside, where purchase prices remain moderate but rents stay competitive.
The typical gross rental yield range in these top-yielding Chiang Mai neighborhoods is 6.5% to 7.5%, compared to 5% to 6% in pricier areas like central Nimmanhaemin where property values have appreciated faster than rents.
The main reason these neighborhoods offer higher yields than Nimmanhaemin is the price gap: a one-bedroom in Santitham might cost 2.2 million baht while a similar unit in Nimman costs 3.2 million, yet both command rents around 12,000 to 15,000 baht because they serve the same tenant pool of digital nomads who care more about neighborhood vibe than exact address.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Thailand. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Should I do long-term rental or short-term rental in Chiang Mai?
Is short-term rental legal for apartments in Chiang Mai as of 2026?
As of early 2026, short-term rentals under 30 days are technically not legal for most apartments in Chiang Mai unless the property is properly licensed under Thailand's Hotel Act, which requires hotel-style registration that most condo owners cannot obtain.
The main legal restrictions for operating a short-term rental apartment in Chiang Mai stem from the Hotel Act B.E. 2547 (2004), which treats paid accommodation of less than 30 days as a hotel operation, requiring permits, safety inspections, and compliance with hospitality regulations that typical condos don't meet.
Beyond the national law, most Chiang Mai condo buildings have juristic person rules that explicitly prohibit Airbnb-style rentals, and while enforcement varies, buildings can fine owners, restrict amenity access, or even pursue legal action against repeat violators.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Chiang Mai.
What's the gross yield difference short-term vs long-term in Chiang Mai in 2026?
As of early 2026, the gross yield difference between short-term and long-term rentals in Chiang Mai can be substantial on paper: long-term yields run around 6% gross while short-term can look like 10% to 15% gross before costs, though the legal and practical risks make this comparison misleading.
For long-term rentals in Chiang Mai, typical gross yields range from 5.5% to 7%, while short-term rentals using AirDNA data show potential gross revenue yields of 10% to 14% assuming 50% occupancy and average daily rates around $65 to $70.
The main additional costs that reduce the net yield advantage of short-term rentals in Chiang Mai include platform fees (15% to 20% on Airbnb), professional cleaning between guests (300 to 500 baht per turnover), higher utilities, faster furniture replacement, guest communication time, and the risk of fines or building penalties if caught operating illegally.
To outperform a long-term rental in Chiang Mai, a short-term rental needs to achieve roughly 45% to 50% occupancy at typical nightly rates just to break even after costs, and closer to 60% to 65% occupancy to meaningfully beat the hassle-free returns of a 12-month lease.
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What costs will eat into my net yield for an apartment in Chiang Mai?
What are building service charges as a % of rent in Chiang Mai as of 2026?
As of early 2026, typical building service charges (common area fees) for apartments in Chiang Mai run around 15% to 25% of monthly rent, which translates to roughly 2,500 to 5,000 baht ($80 to $160 USD or €70 to €140 EUR) per month for a standard one-bedroom.
The realistic range of building service charges in Chiang Mai covers 12% to 35% of rent depending on the building: older walk-ups might charge only 1,500 baht monthly ($48 USD or €41 EUR) while newer full-facility condos with rooftop pools can hit 6,000 baht ($190 USD or €165 EUR) or more.
In Chiang Mai, the services that typically justify higher-than-average common fees include 24-hour security with CCTV monitoring (important for expat tenants), well-maintained infinity pools with mountain views (a major selling point), and reliable building-managed internet infrastructure that landlords can advertise as "fast WiFi included."
What annual maintenance budget should I assume for an apartment in Chiang Mai right now?
A typical annual maintenance budget for an apartment in Chiang Mai is around 15,000 to 30,000 baht ($480 to $955 USD or €415 to €825 EUR), which represents roughly 0.5% to 1% of a mid-range property's value.
The realistic range of annual maintenance costs in Chiang Mai runs from 10,000 baht ($320 USD or €275 EUR) for newer condos in good condition to 45,000 baht ($1,435 USD or €1,235 EUR) for older buildings where air conditioning units, water heaters, and plumbing need more frequent attention.
The most common maintenance expenses apartment owners face annually in Chiang Mai are air conditioner servicing and repairs (essential in the tropical climate, easily 3,000 to 8,000 baht per unit), water heater replacement every few years, repainting walls between tenants, and replacing cheap furniture that Thai rental units typically come with.
What property taxes should I expect for an apartment in Chiang Mai as of 2026?
As of early 2026, the typical annual property tax for an apartment in Chiang Mai is quite low, usually ranging from 400 to 2,000 baht ($13 to $65 USD or €11 to €55 EUR) for a mid-range condo, making it one of the smaller line items in your ownership costs.
The realistic range of property taxes in Chiang Mai runs from near zero for lower-value units to perhaps 5,000 baht ($160 USD or €140 EUR) annually for higher-end properties, depending on the government's appraised value which is typically below market price.
Property taxes for apartments in Chiang Mai are calculated under the Land and Buildings Tax Act B.E. 2562 (2019), which bases the tax on an official appraised value set by the Treasury Department, then applies rates that vary by use category (residential rates are the lowest) with various thresholds and exemptions.
Owner-occupied primary residences in Thailand can qualify for exemptions on the first 50 million baht of appraised value, though foreign investors renting out their units don't get this benefit, so they pay the standard residential rates which remain quite modest compared to Western property taxes.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Chiang Mai.
How much does landlord insurance cost for an apartment in Chiang Mai in 2026?
As of early 2026, typical annual landlord insurance for an apartment in Chiang Mai costs around 1,000 to 8,000 baht ($32 to $255 USD or €28 to €220 EUR), covering fire, liability, and basic contents protection.
The realistic range of annual landlord insurance costs in Chiang Mai runs from 800 baht ($25 USD or €22 EUR) for basic fire-only coverage on a small studio to 12,000 baht ($380 USD or €330 EUR) for comprehensive policies with higher coverage limits, earthquake riders, and tenant liability protection on larger units.
What's the typical property management fee for apartments in Chiang Mai as of 2026?
As of early 2026, the typical property management fee for apartments in Chiang Mai runs around 8% to 12% of monthly rent, which translates to roughly 1,200 to 3,000 baht ($38 to $95 USD or €33 to €82 EUR) per month for a one-bedroom renting at market rates.
The realistic range of property management fees in Chiang Mai spans from 6% for basic rent collection and light oversight to 15% or more for full-service management including regular inspections, maintenance coordination, and tenant communication in English.
Standard property management fees in Chiang Mai typically include rent collection, basic tenant communication, coordinating repairs with building maintenance, and handling lease renewals, while tenant finding (often charged as a separate one-time fee equal to one month's rent) and deep cleaning between tenants usually cost extra.
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 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 |
|---|---|---|
| Bank of Thailand - Residential Property Price Index | Thailand's central bank publishes official price index data from mortgage loans. | We used it to anchor the direction of home price trends. We cross-checked portal prices against this official baseline. |
| FazWaz - Chiang Mai Condo Market | One of Thailand's largest property portals with clear median price data. | We used it to set 2026 typical condo purchase prices and price-per-sqm baselines. We also cross-checked building fees from real listings. |
| PropertyScout - Chiang Mai Rentals | A large brokerage platform publishing averages from thousands of live listings. | We used it to estimate current long-term monthly rents by unit type. We applied these rents directly in yield calculations. |
| DDproperty - Chiang Mai Inventory | A major Thai portal providing independent verification of market rents. | We used it as a second rent cross-check against PropertyScout. We confirmed market inventory depth makes our averages meaningful. |
| CBRE Thailand - Buyer Guide | A top-tier global real estate consultancy with widely referenced local guides. | We used it to frame realistic building common fees owners pay. We applied these fee ranges when converting gross yield to net yield. |
| Thailand Land and Buildings Tax Act B.E. 2562 | The core legal text behind Thailand's annual property tax regime. | We used it to ground property tax discussion in actual law. We explained why annual taxes are smaller than fees and vacancy costs. |
| Thailand Hotel Act B.E. 2547 | The primary statute regulating hotel-like short stays in Thailand. | We used it to answer whether short-term rentals are legal. We explained the key 30-day threshold and practical implications. |
| AirDNA - Chiang Mai STR Data | A widely used short-term rental analytics provider with occupancy and ADR data. | We used it to estimate short-term rental revenue potential. We quantified the gross yield gap between short and long-term strategies. |
| Tilleke & Gibbins - Tax Overview | A leading regional law firm known for careful legal interpretation. | We used it to cross-check land and building tax interpretation. We triangulated their analysis with the statute text. |
| Allianz Ayudhya Thailand | A major insurer in Thailand offering standard property insurance products. | We used it to confirm mainstream condo insurance is available locally. We expressed insurance costs as reasonable ranges rather than exact quotes. |
| Global Property Guide - Thailand Yields | An international property data provider tracking yields across countries. | We used it to benchmark Chiang Mai yields against national averages. We validated our calculations against their Thailand-wide figures. |
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