Record high supply of apartments for rent

Residential

Photo by Peter Gudella / Shutterstock.com

The supply of apartments for rent broke a record nationwide this July, according to data from ingatlan.com, writes penzcentrum.hu.

Photo by Peter Gudella / Shutterstock.com

More than 20,000 advertisements for apartments for rent have been published throughout the country, an increase of 20% compared to the situation in February this year and July last year.

In Budapest, the total offers consisted of more than 14,000 advertisements in mid-July, which corresponds to a 30% increase compared to the pre-epidemic period and a year-earlier level.

Due to the increase in rents in recent years, tenants have been reluctant to move when they have found affordable housing and have rather extended their typically one-year contract.

With the current drop in prices, however, tens of thousands can actively seek out properties with lower rents. There will certainly be landlords who don’t want to lose good tenants and will be willing to cut rents, the business website notes.

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