Stories to understand the Hungarian real estate market

In 2018, the monthly rental fee could be decreased by 68 EUR on a national average; while in Budapest even more, 130 EUR could be saved by those tenants who rent their apartments from a friend or relative, or have been living in the property for a long time.

According to the nationwide research carried out by the Central Statistical Office in November 2018,

every 10^th Hungarian tenant pays less than the actual market rental price.

Half of the tenants rent a flat from friends or relatives, while the remaining part has been living in the apartment for a longer time, and the owner did not raise the rental fee. In some cases, tenants can stay for a lower price by completing some tasks around the house or are employed by the lessor who provides accommodation in return.

As it had been previously reported by the Hungarian news portal G7, from 2015 to 2017 there was a significant increase in the prices of the Hungarian real estate market which resulted in the capital’s property price boom.

One of the most interesting points that was revealed by the Central Statistical Office’s survey was that – if a lease agreement was established earlier, there is a greater chance that the rental fee is less than the actual amount required in case of a similar apartment. This can be explained by the fact that the owners rarely increase rental fees. Accordingly, 7% of the rental contracts realised in 2017 increased the rent, while in 2016 this proportion was 20%.

The amount of money that can be saved by renting apartment from friends or relatives are: