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The Hungarian rental market ended September with mixed results. The KSH-ingatlan.com rental index, which describes the evolution of rental apartment rates across the country, shows that in September this year, apartment prices were 5 percent lower than the last year.
In the capital, annual price falls of 10 to 15 percent seem to be stabilizing, while in the rest of the country, rents tend to stagnate year after year.
However, the recently announced measures to prevent the spread of the coronavirus epidemic could again sub-block for the rest of the year.
This year, the coronavirus is rewriting rents
September brings a new period to the rental market each year, at the beginning of the month the summer rental season ends at the beginning of the school year, which has caused an increase in rents in previous years. This year is completely unusual due to the coronavirus epidemic, which has made the market uncertain and volatile, they wrote.
Higher education will move into the digital space again in November, so many students are able to move home, which may further increase the current record supply of rental housing. And the expanding supply due to vacant homes could certainly trigger a further drop in rents for the rest of the year.
The winners of the situation could be those students and university students who move to apartments due to the closure of the residences, since they can now choose from more than 14 thousand apartments in Budapest and more than 21 thousand nationwide.
The supply of capital in the capital has increased by 62 percent in the last year, and the national supply, which includes other university cities, has increased by 42 percent.
In the capital, flats for rent are currently offered for rent for an average of 140,000 HUF per month, 15 percent less than what the owners were asking for before the coronavirus outbreak.
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