The cost of renting in Moscow is growing: over the year, the rent of the capital’s housing has risen by about a third, and this is not the limit
The average rental price of a one—bedroom apartment in Moscow has increased from 45 thousand rubles to 64 thousand rubles per month, two-bedroom apartments – up to 111 thousand rubles per month. At the same time, the yield from a deposit in the bank is now three times higher than from buying an apartment for renting it out — 19% per annum against 6%. We discussed with experts how the real estate rental market in the capital has changed and what awaits it in the future:
Realtor, rental market expert Alexander Kharybin:
“Now the number of objects on the rental market has decreased significantly, in November 2022 the number of objects exceeded 45 thousand in Moscow. Now, you will be surprised, there are only 10.5 thousand objects per Moscow, that is, four times fewer objects than there were two years ago. Therefore, then apartments were very poorly rented and very cheap, that is, conditionally, what was rented for 50 thousand then is now rented for 80-90 thousand rubles a month, and they fly away in a few days — this is true. There are several reasons for this. The first is a very expensive mortgage and the abolition of preferential state support. Many people are now unable to buy apartments, because no one can take out a mortgage at 20%, all people go to rent. And Moscow is one, there is not enough for everyone. If you buy an apartment at 20%, you will have to pay for an ordinary one-bedroom apartment, 15 million in a new house, 200 thousand per month, while rent costs 80-90 thousand rubles per month. Well, plus deposits bring people quite large interest rates, the money supply in the country is growing. And the only thing that can calm us down a little is that now in August—September, students will take off everything they need, people will also somehow get settled, and demand will decrease a little, by 15-20 percent. Plus, many people, investors will not be able to sell their apartments at the price they want, and will rent. That is, the number of rental properties should grow slowly, but it will be closer to October. Somewhere in October-November, supply and demand may be balanced, prices will roll back a little bit.”
Irina Dobrokhotova, founder of the Best-Novostroy company:
“In our opinion, rent has risen by at least 20%, for some lots and more, from 30% to 50%. A lot of projects have been completed in Moscow in good locations. And apartments that cannot be rented for 100 thousand rubles a month have now entered the market, these apartments are rented for 200-300 thousand rubles a month, this is also included in the rental calculation. There is also an increase in house prices in the Moscow region, and in general suburban housing has revived, and as part of sales this year we see that the price per square meter has increased, the price of country house properties has increased, and the rental rate has increased. And people are already moving to the fact that they invest something in real estate, and they have placed something on deposits in banks, have interest, and they can safely withdraw on these high-class percentages.”
Konstantin Barsukov, General Director of the Real Estate agency:
“There is another process — this is the process of sellers leaving the sale market for the rental market. People go out for sale, look at what they can’t sell, say: we don’t want to sell for a song and we’ll rent it out. And now the market is filling up more slowly than demand is growing, but there is also a certain amount of filling. The price increase will stop. I think they will grow up until December, and then they will stop. I think it’s up to 20% growth. I don’t like average figures, but, conditionally, the average cost of a one-room apartment, for example, in Moscow was 57 thousand rubles per month, it became around 70 thousand rubles per month.”
The surge in rental prices in Moscow will last until autumn, experts are sure: with the beginning of the labor year, the market will return to stagnation. However, until then, prices may increase by another 5-10%.
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Until the volume of rental supply is restored, and mortgage rates do not decrease, there will still be more people willing to rent a house than there will be vacant apartments.
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