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The Race For Rentals in Budapest


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Now that the University application results are announced, the race for apartments for rent in Budapest had begun. The majority of the owners also prepare for this period in the year in advance, which also leads to a rise in the number of advertisements for rentals. In July, from one week to the next, the number of apartments on offer in Budapest grew by 10 percent.

The Influence of Students on the Market

Students have a significant effect on the housing market, especially when they move far from their homes, and begin their university studies in another city either as buyers or as tenants. Most students in Hungary are completing their studies in Budapest, which led to a 20-30 percent rise in prices within a year in apartment prices in the districts near universities.

The notable rise in student numbers poses a huge challenge for universities who could not react to this process on time, which created an opportunity for the private sector to step in, and build accommodations specifically designed to the needs of students.

The rising numbers in rentals led to rising expenses for tenants renting during their university studies, and it wasn’t only the rental prices that went up significantly, so did the sale price of apartments, which led many buyers to prefer apartments well connected with public transportation, rather than buying apartments near their university. Due to the high sales and rental prices, Hungarian university students are scarce in the city centre of Budapest. However students with bigger monthly budget are not in a need to choose a run-down apartment since there are currently many nicely renovated and furnished apartment on the market.

Rental Fees in Budapest

The average rental price in the capital is 150 thousand Forints per month, however there are significant differences in prices within the city, based on their location and size. In the I. and II. districts an average rental offer is at 180-190 thousand Forints. The most expensive district continues to be the V. with a 220-230 thousand Forint average, which experienced a 90 percent rise in prices in the period between 2013 and 2016. In districts near Universities, such as the IX. and XI. the apartments go for 145 thousand Forints.

Sources: portfolio.hu

http://www.portfolio.hu/ingatlan/lakas/indul_az_orult_verseny_a_lakasokert.1.257357.html

http://www.portfolio.hu/ingatlan/lakas/mar_csak_egy_nap_van_hatra_es_berobbannak_a_berleti_dijak.1.257507.html