There is no doubt that Thailand is beginning to scrutinize and monitor illegal business practices, and it is time to address illegal rental businesses, including various online marketplace platforms that promote and facilitate these operations.

          Mr. Michael Hawk, the executive of Flat Monthly, stated, "It is not surprising that the government is focusing on accommodation booking platforms like Airbnb; it is just a matter of when, not if. We know that the daily rental business will eventually face significant obstacles, which is why we launched Flat Monthly, a PropTech startup offering monthly rentals, earlier this year. Our business was established to solve this issue by providing monthly rental accommodations in a digital online format within the legal framework of the country."

          With the current increase in tourist numbers, business professionals seeking accommodation during projects, individuals needing recovery spaces after medical services, and even foreigners looking for retirement homes, these are significant driving forces behind the rising demand for monthly rental housing. Unfortunately, the current real estate market has yet to offer suitable and legal options until Flat Monthly entered the market.

          In Bangkok, there are over 60,000 vacant condominiums, leaving condo owners in a dilemma. They cannot find long-term tenants due to oversupply, yet they cannot rent on a daily basis as it is illegal. The solution offered by Flat Monthly is technology that promotes fully furnished apartments with services, allowing online booking similar to Airbnb or Booking.com, but with a minimum rental period of one month. Tenants will receive various services, such as cleaning and WiFi.

          Mr. Hawk further stated, "We are taking the time to educate condo owners and investors that they need to seek new options to leverage platform technology and digital marketing, but it must be legal. The current rental real estate market is quite fragmented and unprofessionally managed, causing both owners and tenants to experience headaches with each rental transaction. Therefore, it is not surprising that online platforms, even though they are known to be illegal, are currently thriving." Flat Monthly has been developed to address these weaknesses for all parties, legally and fully utilizing technology and digital channels. The company offers "Serviced Living," a rental service with a virtual assistant “Howie” and other services that tenants may need, such as cleaning and repairs.

          Many foreign investors purchase real estate expecting rental income but often receive minimal returns. Frequently, they must sell in hopes of recouping a 5-7% return. However, what investors often overlook is the potential returns they could achieve if they could rent those units as intended. In many cases, condominiums remain vacant for years due to oversupply in the market or inadequate sales and marketing strategies, resulting in a 0% return. The current oversupply of condominiums or ineffective real estate agents, along with a lack of effective marketing channels, has left many investors, both domestic and foreign, in despair. "Our hope is that Flat Monthly can enhance investment benefits for owners and provide consistent returns of 6-8%, which is legal and beneficial for investors," Mr. Hawk concluded.

Thank you for the information from www.flatmonthly.com