Rents in Romania stagnating or decreasing slightly but still high
Rents in major Romanian cities have remained stagnant or even slightly decreased last month, despite the sustained high interest. Nevertheless, rents are still higher than in the same period last year.
Rents were on average 16% higher in May compared to the same period in 2022. However, compared to April, prices in major cities remained constant or slightly decreased. There are isolated cases where rental levels have increased, but overall the trend is towards stability or a slight decline, according to an analysis by the real estate advertising platform Storia cited by Digi24.
Rents stagnated or decreased despite increased interest from would-be renters. According to Storia, people searching for rental properties viewed 14% more pages with real estate listings. At the same time, interactions between tenants and those who posted rental ads increased by 3%.
Rents for studio apartments increased in Bucharest’s District 1 and District 5 by five and ten percent, respectively, compared to the previous month. In the other districts, rents remained stagnant or declined slightly. The decline was minimal in Districts 3 and 6, where rents decreased by 1%.
The same trend was observed for three-bedroom apartments. Prices increased by at most 2% in two of Bucharest's districts, decreased by up to 4% in another two districts, and remained unchanged in the remaining two districts. For two-bedroom apartments, prices decreased by values ranging from 2 to 12% in three out of the six districts of the capital, while they remained at the previous month's level in the others.
While there were some variations in Bucharest, the average prices in Cluj-Napoca and Brașov remained constant compared to the previous month. In Iași, however, rents for three-bedroom apartments remained stagnant, while those for two-bedroom apartments slightly decreased, and those for studio apartments decreased by 5%.
Meanwhile, in Constanța, there was an observed increase in average prices of 8% for three-bedroom apartments and 6% for studio apartments, while the rents for two-bedroom apartments remained constant.
Rents for three-bedroom apartments also increased in Timișoara, with an increase of over 2%, but prices remained unchanged for two-bedroom apartments and studios.
(Photos source: Moruzx | Dreamstime.com)
