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This is the average price to rent an apartment in Budapest in spring 2023
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The Hungarian and Budapest rental market is picking up. Although average prices are still high, prices of apartments are not as daunting as previously.
Although it is still possible to rent an apartment in Budapest at a lower price than in previous years, the price level is still higher than last year’s average, piacesprofit.hu reports the latest summary by real estate marketplace Otthon Centrum.
Buyers’ market moves rental prices
The Hungarian housing market is stagnating, as prices and inflation reached their limit. However, the big turnaround favouring buyers haven’t come so far. At the same time, more and more experts are expecting a change of fortune for buyers once this current stagnation period ends. But until then there should not be any major changes in the rental market either.
“The real estate market trend, which began to slow down significantly from Q4 2022, continues to have an impact on the rental market,” said Otthon Centrum’s head of analysis, Gábor Soóki-Tóth.
Summarising the latest developments in the rental market, the expert said that in the first quarter of this year, the average monthly rent of used brick apartments in the capital was HUF 216,000 (EUR 570). This is higher than the average of last year, but compared to the last quarter of last year, the rent is already 6 percent lower.