Renters are being asked for prices 15% higher than last year in Romania, analysis says
In September of this year, compared to the same month last year, there were 8% more interactions between tenants and those who publish rental ads on Storia.ro – the real estate platform launched by OLX. In September a.c. compared to August, even though the number of contacts decreased by 3%, ads were displayed for less time on the site (-24%), which shows that those who contacted owners or agents closed transactions faster, being more decide to rent.
The prices requested on Storia.ro for the rents in the 10 analyzed cities, respectively the cities with the most ads on the platform, registered an increase of 15% from one year to the next (September 2023 vs. September 2022), while month-over-month asking prices (September 2023 vs. August 2023) increased by an average of 2%.
“Following the analysis of the latest data from Storia.ro, we noticed that the average rent price in Constanța increased the most from one year to the next (September 2023 vs. September 2022), compared to other analyzed cities. The increase was recorded both at the price level of all categories of apartments: one-room (+20%), two-room (+29%) and three-room (20%), as well as at the level of demand. An increased demand can also be determined by the work-from-home phenomenon, which allows working outside the office, but also by people’s desire to be more connected with nature, as a result of the pandemic. Last but not least, we take into account the fact that the city of Constanța is among the main university centers in the country,” said Răzvan Ceapă, Head of Operations Storia.ro & OLX Imobiliare.
How rent prices have evolved in Bucharest, according to Storia.ro dataCompared to September 2022, in September of this year average rent prices increased the most (+20%) in the category of three-room apartments, where the average price reached 680 euros. Also, the average price of two-room apartments was 511 euros in September, 15% higher than the same month last year.
At the same time, the average price for renting studios in the Capital increased by 12% compared to September 2022, reaching an average value of 336 euros.
Those who want to live with rent in Sector 1 of the Capital (the most expensive sector) pay 65% more than those in Sector 4 of Bucharest (the cheapest sector in September).
According to the data, apartments in sector 1 saw the biggest price increase compared to last year (+21%), followed by apartments in sector 5 (+17%) and those in sectors 2 and 6 (+15%). The lowest price increases per sector were recorded in sector 4 (+6%) and sector 3 (+13%).
In September of this year, the average rents for a studio apartment were between 300 euros (in sector 5) and 400 euros (sector 1). Average rental prices for two-room apartments were between 430 euros (sector 4) and 620 euros (sector 1). Three-room apartments had average rental prices between 500 euros (sector 6) and 900 euros (sector 1).
At the country level, in September of this year, compared to the same month last year, there were exclusively increases in the average asking price for all categories of apartments.The biggest increase from one year to another, in the category of average rental prices, was registered in Constanța, where two-room apartments had an increase of 29%. In the exception category are the cities of Timișoara and Cluj-Napoca, the only ones where prices stagnated in September this year. compared to August last year, in all categories of apartments. The biggest increase from month to month (September this year vs. August this year) was recorded in Oradea, for studios (+11%) and in Constanța for two-room apartments (+11%).
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Good. They can keep their houses empty then and bear all the costs!