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Supply has reached a record high in the apartment market, and the decline in apartment prices due to the coronavirus can be felt not only in Budapest, according to ingatlan.com analysis.
Surprise in the market
The supply of apartments for rent has risen to a record level. Property owners and real estate agents
- In December of this year tenants were searched in 25,416 real estate listings for rent,
- According to five-year rental market data from real estate.com, the selection has never been so wide in the last month of the year.
“This is a surprise as the supply of apartments for rent has typically declined in December in recent years. Now, however, a record has been set, and even compared to the supply peak in August 2019, renters can choose from nearly 30 percent more apartments and houses for rent.
This can be clearly explained by the adverse effects of the epidemic:
- Tourism has basically stopped, so there is no demand for rental housing in the short term.
- Unemployment has risen due to the pandemic and many have been forced to give up their rent.
- And some students have moved home because of the digital agenda. “
Within the country, the capital has the largest number of apartments for rent. The supply also peaked in Budapest at the beginning of December: more than 18,8 thousand real estate rental listings were available, which is also a record. László Balogh added: “Parallel to the expansion of the offer, rents have also decreased. In Budapest, the average monthly rent in December was HUF 135,000, which corresponds to a minimum of several years. “
Not only in Budapest
The ingatlan.com expert also said that it is not only in Budapest where you can feel the drop in apartment prices, since in most university cities you have to pay less for rental apartments. In Veszprém and Szeged, the annual decrease is 4 to 5 percent, but in Székesfehérvár, Szombathely, Tatabánya, Kecskemét, Eger and Győr the average monthly rent for rented apartments is also 8 to 10 percent lower. In Pécs the price drop is minimal, of 1 percent, and in Miskolc and Debrecen rents cost the same as a year ago. However, in the municipal head of Hajdú-Bihar, there has been a decrease of 9 percent in the last month, which can be said to be significant.
(Cover image: János Bődey / Index)
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