This year was clearly a year of recovery in the Budapest rental market, according to Rentingo.com’s annual summary analysis. Despite further waves of the coronavirus epidemic, turnover in the rental housing market first stabilized and then rose spectacularly in the second half of the year, with rents peaking in December this year and tenants’ solvency strengthening.
There was a district in Buda where rents rose by nearly 30 percent in 12 months. The development of rental prices shows significant differences even within districts: in some parts, rents continued to decrease after 2020, such as in the VI. and VII. 7-8 percent in the districts outside Nagykörút.
The cheapest districts are still in the XVII., XXI. and XXIII. district, with an average rent of around HUF 2,000 / m2. As an example of growing sub-market activity and an optimistic market sentiment, Rentingo.com also brought a few year-end legends from its own sub-search platform.
Looking back over the past year, the Budapest rental market has not only shown signs of recovery, but has been able to become virtually independent of new waves of the coronavirus epidemic. This is evidenced by the fact that rents have increased by 20 percent in the Buda Castle District, which is the most expensive area of Budapest in terms of apartment rent, over the course of a year, and we can now count on an average rent of HUF 4,493 / m2.
The area between the Basilica and the Chain Bridge in District V can show a similar 22 percent increase in rents, where landlords have already requested an average rent of HUF 4,334 / m2 at the end of the year. The biggest winners of the year 2021 in the rental market were the parts of the Buda area: rents in the Tabán area, Kissvábhegy and Rózsadomb also increased by almost 30 percent in one year.
Despite the general increase in rents, to find a part of the capital where rental prices have fallen even this year after 2020. Such districts in the XVI. the Árpádian part of the district and the XVIII. the outer part of the district, where last year’s decline was followed by another 10 percent drop in rents this year. A similar fall in prices was observed in some inner parts of the capital: in the VI. and VII. districts outside the Grand Boulevard had to pay 7-8 percent less rent than last year. The cheapest is still the XVII., XXI. and XXIII. An apartment can be rented in the suburban parts of the district, at an average price of around HUF 2,000 / m2.
In connection with this, Rentingo.com also draws attention to the fact that Budapest is a very heterogeneous area in terms of the rental market, demand and supply are local, so it is no longer enough to think in districts, but to differentiate by more than 50 percent. they can also be within a district. Therefore, it is worthwhile to find out more on an interactive apartment search map, such as alberletkalkulator.hu, which has mapped rents in a more detailed territorial breakdown than ever before, and shows the average rental housing in a given area.
The growing rental market activity and improving market sentiment during the year are characterized by the fact that Rentingo.com’s own rental search platform was the most popular: the oldest landlord was 91 years old, looking for a reliable tenant for the top of their family online. , and the most expensive property was rented in Rózsadomb, which also included a winter garden, for a monthly rent of HUF 550,000.
Source: Ingatlanhírek by ingatlanhirek.hu.
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