The real estate market in Romania is facing a difficult time, just like in most European states. While real estate sales are declining, demand for rental housing is increasing.
In April, rents increased compared to the same period last year, but decreased compared to the previous month. Compared to April 2023, rents have increased by 15% on average.
Rent on the real estate market in Romania
Rents requested by apartment owners in cities rose last month in April. The increase in the real estate market was, on average, 15% compared to the same period in 2023. On the other hand, compared to March 2024, the level of rents decreased by 3%, showing his analysis.Storia platformlaunched by OLX.
The average asking price for studios and apartments for rent with two and three rooms, in April 2024, was 498 euros.
“In the context of the current dynamics of the real estate market, we are seeing a big change. With a slightly decreasing demand for renting and a growing trend to buy, we are seeing a reshaping of market dynamics. This phenomenon can be seen in the increase in the listing period of properties and in the diversification of the portfolio available on the property market.
For example, in April 2024, we noticed a significant increase – 15% more rental apartments available on the Storia platform, compared to the same period of the previous year”, said Răzvan Ceapa, Head of Operations of Storia & OLX Imobiliare, on announced by Ziarul Financiar.
Rent for housing in Bucharest
The real estate market in Bucharest is registering aaverage rent, for a studio of 348 euros. The price is 13% higher compared to April 2023. As for two-room apartments, the average was 543 euros, an increase of 12%. The rent for three-room apartments in the capital increased by 11%, with an average value of 767 euros.
The highest prices are demanded in Region 1. Properties rent here for around 757 euros. Category 4 remains the cheapest in April 2024, with a rent of 458 euros.
According to real estate market data, in April, rents in sector 6 recorded the highest price increase compared to last year (+24%). The second increase, as a percentage, was recorded in Region 2 (+23%). In Regions 3 and 5 the increase was 16%. The lowest price increases for each category were recorded in Category 1 (+6%) and Category 4 (+12%).
In April 2024, the average rents for a studio apartment were between 319 euros (in category 5) and 400 euros (category 1). Average rental prices for two rooms were between 450 euros (Section 4) and 670 euros (Section 1). The three-room apartments were rented with average prices between 530 euros (Section 6) and 1,000 euros (Section 1).
Real estate market in big cities
Among the cities, the largest MIX of rent, from year to year, was recorded in Arad, where there was an increase of 24% on studio apartments. The biggest increase from one month to another (April 2024 vs. March 2024) was 8%, for three-room apartments in Constanta. Instead, rent is constantly reduced, from one month to the next, on the real estate market in Sibiu. The reduction was 7% in three bedroom apartments.
Cluj-Napoca is the only city where average rental prices rose in April vs. March, in all departments. Compared to April 2023, average rent increased by 6% for studios. The increase was 10% for two-bedroom apartments and 17% for three-bedroom apartments. The studios were rented for 350 euros, and the apartments with prices starting from 550 euros.
In Iasi, the average rents on the real estate market have increased in terms of studios (+13%), as well as in terms of two-room apartments (+8%). For three bedroom flats, the values remained stable. In April 2024, the average price for a studio apartment was 320 euros. The two-room apartments were rented, on average, for 430 euros. Three-room apartments were rented for 500 euros.
In Brasov, the rent increased by an average of 23% for studios and 8% for three-room apartments. In Timisoara, the average rent was 265 euros for a studio, 400 euros for two-room apartments and 480 euros for three-room apartments.
Locations / Image source: EVZ Archive
The cities with the biggest rent increases
On the real estate market in Sibiu, the average asking prices in April 2024 for rent increased in all types ofapartments. The increase was 20% for studios and 9% for two-room apartments. For three-bedroom apartments, rents increased by 11%. On average, the rent was 300 euros for a studio, and two-room apartments were rented, on average, for 380 euros. Three-room apartments were rented for 500 euros.
In Oradea, the average rental price of studios was 218 euros, while two-room apartments were rented, on average, for 400 euros. Three bedroom apartments had a rent of 470 euros, on the property market.
In Arad, the average rental price of a studio increased to 210 euros, while two-room apartments were rented for an average of 350 euros, and three-room apartments were rented for an average price of 490 euros.
2024-05-08 18:37:06
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