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Tuesday, February 20, 2024

Post new ads. “The solstice may begin on the rental market”

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The report by Expander and Rentier.io shows that in March, in a group of a dozen or so cities surveyed, 19,000 new advertisements for renting an apartment were published. This is the highest number since April 2021. In addition, March was the second month in a row with a predominance of decreases over increases in rates. “A solstice may begin on the rental market” – the analysis assessed.

According to the analysis of Expander and Rentier.io, previous lease reports already showed that the dynamic increases in rents had ended and the rates had stabilised. “Data from March may suggest that a downward trend may be beginning. In as many as 10 cities we recorded rate reductions, and only in 4 increased rates” – it was pointed out.

Admittedly, it has been admitted that two months in a row of small reductions do not have to prove anything, but there is another signal – the flood of new rental ads. “In the 16 cities we surveyed, 19,272 new, unique (after removing duplicates) rental advertisements were published in March. This is the highest number since April 2021. In turn, 36,889 advertisements were active (irrespective of the date of addition), i.e. 13% more more than before war in Ukraine” – explained.

Bydgoszcz is getting more expensive, Toruń is getting cheaper. Record Warsaw

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When it comes to individual cities – analysts write – the behavior of the rental markets in Toruń and Bydgoszcz is an interesting fact. The rates in these close cities have always been very similar. In March, however, the gap increased to a record high. In Toruń, we had two months of declines, after which the average rate is PLN 39 per square meter. In turn, in Bydgoszcz, the average rental cost rose to a record level of PLN 45.

On the other hand, in the largest rental market in Poland, i.e. Warsaw, the average rent in December 2022 increased to PLN 75 per square meter (record level) and has remained at this level since then.

Lease costs per square meter

Lease costs per square meter. Q1 2023expander

Situation on the market of small apartments

According to experts, the situation looks much more stable in quarterly data, because the decreases in rates in February and March compensate for the increases in January. At the same time, this data gives an opportunity to look at what is happening in individual market segments.

“In the case of small premises (less than 35 square meters) we have a slight advantage of decreases. Compared to Q4 2022, rents fell in six cities and increased in five. For medium-sized premises (35-60 square meters) we have 8 cities with increases and decreases in rates. Only in the case of large premises (over 60 square meters) we still have an advantage of increases. In 11 cities, rental costs increased, and only in 3 they decreased, “the analysis reads.

Main photo source: Shutterstock

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