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Rents in Hungary rise 60% in 12 Years

According to Eurostat, average rents in Hungary have increased by more than 60% between 2007 and the third quarter of 2019, writes novekedes.hu. Rents have risen higher only in the Czech Republic and Lithuania, with the former rising by almost 80% and the latter by more than 100% over the last 12 years.

Apartments in a renovated Budapest building. Photo by Peter Gudella/Shutterstock.com

Ingatlan.com, on the basis of advertisements posted by more than 10,000 individuals last year and January this year, looked at where the Hungarian sublease market is now.

The average rent for apartments in Budapest was HUF 165,000 in January this year, which represents a 10% increase year-on-year. In county areas, the monthly fee increased by 11% to HUF 100,000. László Balogh, a senior financial expert at ingatlan.com, said that rents are still rising at average rent levels.

The rise in prices since January last year is also due to the significant rise in wage levels in Hungary, which may continue this year, albeit to a lesser extent than in recent years. Because of this, owners are able to ask for more money for renting apartments year after year said the specialist.

He added that the fact that the majority of people moving to Budapest and other big cities rent in the first few years rather than buy a home, due to high real estate prices also plays a role in the rise in average rent. This, in turn, means a steady supply of demand for rented homes, novekedes.hu explains.