Housing rent in one Russian city has fallen sharply in price

Prices for long-term rental apartments decreased in eight cities of Russia, while in Sochi they fell the hardest. Analysts from Avito Real Estate came to the conclusion that rented housing in one city in Russia has sharply fallen in price; the study is available to

According to experts, in October 2023, the cost of renting apartments in the country fell on average by seven percent, or two thousand rubles, per month, to 27 thousand rubles. At the same time, in various formats, the changes compared to September were not so noticeable: for example, studios and one-room apartments lost four percent in price, four-room or more properties lost three percent, and the average rate for two-room and three-room apartments did not change.

The price of rental housing has fallen the most among Russian cities over the past month in Sochi – by 16 percent, to an average of 38 thousand rubles per month. In second place on the list was Barnaul with a decrease of seven percent, to 25 thousand rubles. Third place was shared between Voronezh and Saint Petersburgwhere the average cost of rental apartments compared to September decreased by five percent in each, to 21 and 35 thousand rubles, respectively.

IN Moscow prices for rental housing, on the contrary, increased by three percent over the month, to 93 thousand rubles. Among the cities studied, such real estate increased in price the most in Krasnoyarsk – by 17 percent, up to 35 thousand rubles per month compared to September.

Experts linked the decline in rental prices, among other things, to a redistribution of supply in favor of more affordable housing in a compact format. In addition, the decline in prices was due to the fact that the market situation began to level off after the previous two months had seen increased demand due to the start of the school and business seasons.

Earlier, analysts of the World of Apartments portal came to the conclusion that in October 2023, housing rentals in major cities of Russia became more expensive at a record pace – by six percent per month.

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