Horrific prices in the Hungarian rental market: here is what to expect

Lots of people struggle with not being able to rent a proper place in the country, especially in the capital. In Budapest, average monthly rents exceed HUF 200,000 (EUR 519.60). On top of this, there are utility bills and a deposit. The latter now corresponds to 2-3 months’ rent. Real estate experts point to the same problem: paying two months’ deposit plus one month’s rent can cost HUF half a million (EUR 1300) before even moving in.

Extremely high rental prices

As we reported, with the announcement of the university admission threshold scores on 26 July, the rental season started in Hungary. The season is to kick off with especially high monthly rents, according to real estate experts, napi.hu writes. Based on its own data, Duna House (DH), a real estate agency, reported to the Hungarian News Agency, MTI, that the average monthly rent in the capital city in July this year exceeded HUF 225,000 (EUR 584.55).

Smaller apartments, or flatlets, can be rented for HUF 150-170,000 (EUR 389.70-441.66). Two-bedroom apartments are for rent for HUF 250-350,000 (EUR 649.50-909.31) and three-bedroom apartments for HUF 350-500,000 (EUR 909.31-1300) per month on average in the most popular areas of Budapest.

2-3-month deposit

Generally, landlords ask for a two-month deposit when moving in. However, if the tenant wants to move in with a pet, a 3-month deposit is expected, napi.hu warns. Among rural university towns, prices in Debrecen are around HUF 200,000 (EUR 519.60). Average rents in Szeged and Sopron are HUF 150,000 (EUR 389.70), in Pécs HUF 130,000 (EUR 337.74), while in Miskolc, prices are around HUF 110,000 (EUR 228.78).

To avoid misunderstandings, a written tenancy agreement is recommended for both tenants and landlords. It is best to have it notarised. This way, it is an authentic instrument and both parties can more easily enforce the terms, napi.hu recommends.

Budapest rental market

According to data from ingatlan.com, the average monthly rent in Budapest was HUF 240,000 (EUR 623.62) at the end of July. The districts with the largest selection (3, 8, 11 and 13) had average rents of 220-250,000 (EUR 571.56-649.50). Among the most expensive districts were districts 1, 2 and 5. In these places, rents range from HUF 300,000 (EUR 779.41) to HUF 368,000 (EUR 956.07).