Renting in London is seven times more expensive

The Otthon Centrum has compiled a rental map of the continent: it is seven times more expensive to rent in Zurich, London or Paris than in Budapest, but Vienna is roughly three times more expensive. Of course, in the big cities of Western Europe, the average salary is several times higher than in Hungary. Our capital on the map by price in the Balkans…

According to a survey conducted before the outbreak in the autumn of 2019, the average monthly rent for an average apartment in Amsterdam, Oslo or Copenhagen was about half a million forints, while in Zurich, London or Paris the average two-room apartment was at least 700,000 euros or Swiss francs. In Vienna, less than half of this could be rented.

According to recent data from Deloitte, lacquer dynamics did not decrease as a result of the viral outbreak. Moreover, in Vienna, Munich, Hamburg, there was a 5-15 percent increase in 2020 compared to the previous year, meaning the epidemic did not shake the rental housing sector.

This was not the case in the capitals of Central Europe either, as rents published by numbeo.com showed a similar increase.

“According to spring data collected by Otthon Centrum, it is still the most expensive apartment in Central Europe to rent in Vienna,” Gábor Soóki-Tóth summed up the data in the statement.

The head of analysis at Otthon Centrum said that it is In the Austrian capital, a one-bedroom apartment in the city center could be rented for an average of 330 thousand forints. The region is the second most expensive capital Prague, where 263 thousand forintsCzech crown for such a property, while in the third most expensive capital in the region, In Warsaw for an apartment with a similar parameter on average 240 thousand forintszlotys had to be paid monthly.

In the regional capitals, however rents continued to rise compared to spring: according to November data, average downtown rents in Warsaw increased by 12 percent compared to March, with Ljubljana being the second most dynamically rising regional capital, with a 7 percent increase over the same period.

Source: Numbeo.com; Reddit.com

The most expensive market in Vienna, on the other hand, has stabilized, with average downtown rents up from a year ago in March, and numbeo.com showing a 3 percent drop in November.

In the inner districts of Vienna, two-room apartments can be rented for HUF 320,000, and the average rent in the outer districts is a quarter cheaper. In Warsaw and Prague, the second most expensive, almost the same amount, the monthly rent of a one-bedroom apartment in the city center costs almost the same amount, 270 thousand forints, while in both the outer districts the rents are 23-25 ​​percent cheaper. Bratislava and Ljubljana are also tied for third place on the podium, where euros equivalent to 235-237 thousand forints have to be paid.

In Bratislava, the outer districts are available at a slightly lower price, with a third less than the downtown fee, while in Ljubljana, non-centrally located apartments are only 22 percent cheaper. In the region, Zagreb is the cheapest downtown apartment to be rented here for the amount of 180 thousand forints a month, while in the outer parts of the city the apartment is 28 percent cheaper.

Gábor Soóki-Tóth also drew attention to the fact that in addition to comparing rents, it is also worth comparing average incomes and house prices.

In the region, Vienna also stands out in terms of average monthly income (HUF 800,000) and average price per square meter (HUF 2.8 million), but here the ratio of income to rent is the most favorable: the average monthly rent is 40 percent of the average monthly income.

The worst in this respect is Warsaw, where three-quarters of the average income is consumed by the average rent, while in other regional capitals this proportion is typically 50 to 55 percent. Compared to the monthly rents, the specific prices per square meter stand out from the field, where the price of a square meter of housing is 8.8 months, followed by Prague, where the same indicator is 8.2. Interestingly, Warsaw has the best indicator (5.7), while the price of a square meter of an average apartment corresponds to a 6-month rent in the other studied capitals.

Based on the three-quarter-year data of the Otthon Centrum in Budapest for an average of HUF 108,000 it was possible to rent a one-room brick apartment. There was no difference between the different parts of the city, but in Buda and Downtown, this fee is 15 percent lower than in 2019 before Covid.

However, there is a noticeable difference between the districts in the rent of two-room brick flats. Rounded up with a monthly rent of HUF 169,000, the city center proved to be the most expensive, while the average monthly rent for a two-room apartment was HUF 153,000 in Buda and HUF 130,000 in the outer districts of Pest. Those fees are 15 percent lower than in 2019.

The rent for three-room brick flats in Buda was slightly above HUF 200,000 (205,000), in the city center slightly below HUF 195,000, while in the outer districts of Pest they paid an average of HUF 165,000. This represents a decrease of 25 percent in the city center, 18 percent in Buda, and only 2 percent in the outer districts of Pest compared to 2019.


Source: Ingatlanhírek by ingatlanhirek.hu.

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