The unseen face of “wealth”. In Bucharest, the average rent for an apartment…

The rents requested by apartment owners in the main 10 major cities were in April, on average, 15% higher than in the similar period in 2023, while compared to March 2024 the level was decreasing by around 3%, an analysis shows by the Storia platform, launched by OLX.

Thus, the average price requested for renting studios and apartments with two and three rooms, in April 2024, was 498 euros.

Also, interactions between tenants and owners or agents decreased by 1% compared to April of the previous year (April 2024 vs. April 2023).

“In the context of the current dynamics of the real estate market, we observe a significant adjustment. With a slightly decreasing demand for rentals and a visibly increasing trend for purchases, we are witnessing a reconfiguration of market dynamics. This phenomenon is reflected in an increase in the property listing period 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 & OLX Imobiliare.

In Bucharest, the average rent for studio apartments was 348 euros in April, 13% higher than in April 2023, and for 2-room apartments the average was 543 euros, up 12%. At the same time, the average price for renting three-room apartments in the Capital increased by 11% from one year to the next, with an average value of 767 euros.

As in recent months, sector 1 of the Capital is still the most expensive, with apartments that rent at an average price of 757 euros, while sector 4 remains the cheapest sector in April 2024 as well, with prices average of 458 euros. 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, in April apartments for rent in sector 6 recorded the highest price increase compared to last year (+24%), 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, the average rents for a studio apartment were between 319 euros (in sector 5) and 400 euros (sector 1). Average rental prices for two-room apartments were between 450 euros (sector 4) and 670 euros (sector 1). Three-room apartments had average rental prices between 530 euros (sector 6) and 1000 euros (sector 1).

Among the big cities in the country, the biggest year-on-year increase was recorded in Arad, where studio apartments grew by 24%.

The biggest increase from one month to another (April 2024 vs. March 2024) was 8%, for three-room apartments in Constanta.

Instead, the biggest price drop from one month to the next was recorded in Sibiu, for three-room apartments (-7%).

Cluj-Napoca is the only city where average rental prices stagnated in April vs. March, for all categories of apartments. Compared to April 2023, the average rent prices increased by 6% in the case of studios, by 10% in the case of two-room apartments and by 17% in the case of three-room apartments. Thus, in April 2024, the average rental price of studios was 350 euros, while two-room apartments were rented, on average, for 550 euros, and three-room apartments were rented for an average price of 699 euros, the prices being similar to those of March.

In Iaşi, the average asking prices increased both for studios (+13%) and for two-room apartments (+8%), while the price for renting three-room apartments remained constant. Thus, in April 2024, the average rental price of studios was 320 euros, while two-room apartments were rented, on average, for 430 euros, and three-room apartments were rented for a average price of 500 euros.

In Brasov, the rent increased on average by 23% for studios, to 350 euros, and by 8% for three-room apartments, to 650 euros.

In Timisoara, the average rent was 265 euros for studios, 400 euros for two-room apartments and 480 euros for three-room apartments.

In Sibiu, the average asking prices in April 2024 for rent increased for all categories of apartments – by 20% for studios, by 9% for two-room apartments and by 11% in the case of three-room apartments. On average, the rent was €300 for studios, while two-bedroom apartments were rented for an average of €380 and three-bedroom apartments were rented for €500

In Oradea, the average rental price of studios was 218 euros, while two-room apartments were rented, on average, for 400 euros, and three-room apartments were rented for 470 euros, and in Arad, the average rental price of studios increased to 210 euros, while two-room apartments were rented for an average of 350 euros, and three-room apartments were rented for an average price of 490 euro.