Apartment rental prices have begun to fall in Russia

In the first week of October, the average rental price in Russia fell by 2.1% compared to September and amounted to about 40,000 rubles per month. In Samara the amount is 35 thousand rubles (-8.8%), St. Petersburg – 50 thousand rubles (-6.6%), Kazan – 46 thousand rubles (-6.6%), Rostov-on-Don – 35 thousand rubles (-6.2%).

Despite the general policy of reducing the cost of renting apartments, in some cities their price has increased, for example, in Yekaterinburg – up to 44 thousand rubles (+7.3%), Krasnodar – up to 32 thousand rubles (+6 .9%) . In Siberia (Omsk, Novosibirsk and Krasnoyarsk) prices stagnated at 25 thousand rubles, 40 thousand rubles and 27 thousand rubles, respectively.

Analysts explained the reduction in rates at the end of the period of greatest demand. Yandex Real Estate expects housing rental prices to decline until early 2025. Experts stressed that rental prices are increasing year after year, while the long-term rental apartment market remains a landlord market.

At the end of September, Moscow became the leader among cities with a population of more than one million in terms of the increase in rental prices for one-room apartments. In the capital, a month’s rent for a one-room apartment will cost 80 thousand rubles, which is 11.4% more than in August. The average cost of renting an apartment in Moscow in the first week of October fell by 3.1% to 111 thousand rubles.