An analysis by Storia, the real estate platform developed by OLX, shows us what happened to rents this April. Thus interactions between tenants and those who post rental ads on Storia recorded a 10% decrease compared to the previous month (March 2024). However, interactions between renters and landlords or real estate agents saw a decrease of just 1% compared to April of the previous year (April 2024 vs. April 2023).
What happened to the rents in April
Asking prices on Storia for rentals in the 10 cities analyzed, which are the ones with the most ads on the platform, saw a 15% increase year-on-year (April 2024 vs. April 2023), while asking prices month over month (April 2024 vs. March 2024) were down 3%. Thus, the average asking price for renting studios and apartments with two and three rooms, in April 2024, was 498 euros.
“In the context of the current dynamics of the real estate market, we see a significant adjustment. With a slightly decreasing demand for rentals and a noticeably increasing trend for purchases, we are witnessing a reconfiguration of market dynamics. This phenomenon is reflected in an increase in the listing period of properties and in a diversification of the portfolio available on the real estate market.
For example, in April 2024, we noticed a significant increase – 15% more apartments for rent available on the Storia platform, compared to the same period of the previous year”, said Răzvan Ceapă, Head of Operations Storia.
Compared to April 2023, in April 2024, the average rental prices recorded the highest increase (+13%) in the studio category, where the average rental price was 348 euros. Also, the average price for renting two-room apartments was 543 euros in April 2024, 12% higher than in April 2023. At the same time, the average price for renting three-room apartments in the Capital increased by 11 % from one year to another, with an average value of 767 euros.
Sector 1 in the Capital remains the most expensive sector in Bucharest, with apartments for rent at an average price of 757 euros, while sector 4 continues to be the cheapest sector, with average prices of 458 euros in April 2024. Thus, those who want to live with rent in sector 1 of the Capital pay 65% more than those in sector 4 of Bucharest. According to Storia data, the highest price increase was recorded by the apartments in Sector 6 in April. They registered an increase of 24% compared to the previous year, followed by apartments in sector 2 (+23%) and those in sectors 3 and 5 (+16%). The lowest price increases per sector were recorded in sector 1 (+6%) and sector 4 (+12%).
In April 2024, average rents for a studio apartment ranged between €319 (in sector 5) and €400 (sector 1). Average rental prices for two-room apartments were between 450 euros (in sector 4) and 670 euros (in sector 1). For three-room apartments, the average rental prices ranged between 530 euros (in sector 6) and 1000 euros (in sector 1).
At the national level, in April 2024, compared to the same period of the previous year, there were stagnations and increases in the average asking prices for all categories of apartments for rent. The most significant year-on-year increase in average rental prices was recorded in Arad, where studios saw a 24% increase. Also, the biggest increase from one month to another (April 2024 vs. March 2024) was 8%, observed for three-room apartments in Constanța. In contrast, the biggest price drop from one month to the next was recorded in Sibiu, for three-room apartments (-7%). Cluj-Napoca stands out as the only city where average rental prices stagnated in April compared to March, for all categories of apartments.
How prices have evolved in the country’s major cities
Cluj-Napoca. In April 2024, rental prices for studios and two- and three-room apartments remained unchanged compared to the previous month. Compared to the same period in 2023, rent prices have seen a significant increase: 6% for studios, 10% for two-room apartments and 17% for three-room apartments. Thus, in April 2024, average rents stood at 350 euros for studios, 550 euros for two-room apartments and 699 euros for three-room apartments, maintaining the same level as in the previous month.
Iasi. In April 2024, the average prices for renting apartments in Iasi registered a variation. Compared to April 2023, prices saw the following changes: a 13% increase for studios, an 8% increase for two-room apartments, and prices for three-room apartments remained constant. Thus, in April 2024, the average rental prices were 320 euros for studios, 430 euros for two-room apartments and 500 euros for three-room apartments.
Constant. In April 2024, compared to March 2024, studio rental prices increased by 9% and three-bedroom apartments increased by 8%. The prices of two-room apartments remained unchanged. Compared to April 2023, average rental prices have seen a significant increase: 23% for studios, 8% for three-room apartments, while prices for two-room apartments have stagnated. Thus, in April 2024, the average rental prices were 350 euros for studios, 500 euros for two-room apartments and 650 euros for three-room apartments.
Brasov. In April 2024, compared to March 2024, average rental prices remained flat for studios and three-bedroom apartments, and decreased by 2% for two-bedroom apartments. Compared to April 2023, rental prices saw an average increase of 17% for studios and 9% for two-bedroom apartments, while three-bedroom apartments stagnated. Thus, in April 2024, the average rental prices were 350 euros for studios, 490 euros for two-room apartments and 600 euros for three-room apartments.
Timisoara. In April 2024, prices for two- and three-bedroom apartments were stagnant compared to the previous month, while studio prices rose by 6%.
Compared to April 2023, average rents have increased: 15% for studios, 8% for two-bedroom apartments and 17% for three-bedroom apartments. Thus, in April 2024, the average rental prices were 265 euros for studios, 400 euros for two-room apartments and 480 euros for three-room apartments.
The analysis that shows us what happened to rents in April 2024 was carried out by the Storia platform as part of the “Smart Home Road” initiative. This initiative aims to contribute to the transparency of information needed by both buyers and tenants, landlords, agents and developers. The goal is to provide relevant data so that everyone involved can make informed and informed real estate decisions.
