In October 2024, the average cost of renting an apartment in Poland's main cities reached PLN 3,634, which means an increase of 1.5 percent compared to September – according to the Otodom report. At the same time, the number of searches in October was 8 percent lower than in the previous month.
According to the Otodom report, at the end of October this year, the trend of decreasing month by month number of properties offered for rent in the largest Polish cities returned. At the end of October, there were 23.8 thousand on Otodom. offers, which means a decrease of 4%. compared to the beginning of the month.
“This trend was disrupted only in September, when we observed a 12% increase in the offer. Excluding September, this situation has persisted since spring 2024.” – informed the authors of the report.
Apartment rental rates in October 2024
In October 2024, the average cost of renting a premises in major Polish cities reached PLN 3,634. This means an increase of 1.5%. compared to September and by 1.3 percent on an annual basis. In Warsaw, the average price reached approximately PLN 5,000. PLN, which makes it the most expensive city in Poland. In the Tricity and Kraków, rental prices were approximately PLN 3.2–3.3 thousand. PLN, and in Wrocław PLN 3.1 thousand. zloty. In Szczecin and Rzeszów you had to pay an average of PLN 2.8 thousand. PLN, and in Kielce – PLN 2,000. zloty.
As the authors of the report noted, the rental market is in a slowdown phase. The number of searches in October was 8%. lower than in the previous month. The trend of decreasing search volume has been going on for several months. Two-room apartments were most popular in October, with 51% of the interest. all inquiries. In second place were three-room apartments – 31 percent, and in third place were studio apartments with 12 percent.
Balancing the rental market
As Milena Chełchowska from Otodom pointed out, prices have been increasing slightly in recent months, and October was a continuation of this trend. – Such changes indicate a gradual balancing of the market, after several years of dynamic turmoil. Let us recall that in 2021, the rental market experienced a crisis. Due to the relaxed criteria for granting mortgage loans and the increase in apartment sales, interest in renting has decreased. The situation changed after the explosion war in Ukrainewhen there was a significant increase in demand for apartments for rent – recalled Chełchowska.
According to the expert, the end of the year will bring a reduction in the offer of apartments for rent, but this will be a seasonal change. A rebound in supply and demand will most likely occur at the beginning of 2025. – However, it may turn out that November and December will be a favorable time to change the rented apartment. Owners of premises, taking into account the lower interest in offers at this time, may be more open to negotiations, noted Chełchowska.
Main photo source: Shutterstock