Rent prices have gone up in Hungary yet again

In county seats, rent prices have increased by 11 per cent, while in Budapest the costs have grown by 10 per cent since last January.

Between 2007 and 2019 the average Hungarian rent prices increased by over 60 per cent, wrote Forbes based on Ingatlan.com’s analytics. Hungary is on the podium when it comes to getting more expensive in the European Union based on Eurostat’s analytics. In Lithuania, there was an increase of over 100 per cent, while the runner up is the Czech Republic with 80 per cent of growth, and that makes Hungary coming in third place.

The average monthly rent of an apartment in Budapest is 165,000 forints (€493) this January, which is 10 per cent more than last year’s. In county seat’s the price has gone up to 100,000 forints (€299), 11 per cent more compared to last January.

According to an economic expert, László Balogh, this is due to wages being raised, as this way landlords can and do ask for more money. Huge real estate prices also play a role, as those who move to larger cities usually rent first, which makes the already enormous market grow further.

• 7 tips to properly invest in real estate
• Hungarian real estate market – Forecast for 2020!

There are, however, districts in Budapest where prices have simply stopped increasing.

In the 6th district, the average monthly rent in January was 199,000 forints (€595), but it is only 2 per cent more than last year. In the 5th district, the prices have not changed; the monthly rent is at 230,000 forints (€688).

In Pécs, the monthly rent is 90,000 forints (€269), in Kecskemét and Szombathely it costs 100,000 (€299) forints to rent an apartment, as it did last year, and in Debrecen, it costs the same; however, that is a 2 per cent increase compared to the previous year’s prices.

Source: ingatlan.com