Considerable trend change on the Hungarian rental market

In November, the Hungarian rental market changed significantly, favouring those seeking an apartment for rent. That is because the increase of the rental prices declined significantly. Last month, the rate of rental price growth was only 1 percent compared to October. However, in annual comparison, the change is still more than plus 22 percent.

According to Pénzcentrum, the monthly growth was the lowest in Budapest, only 1 percent. Furthermore, in West Transdanubia, prices stagnated, while in South Hungary and South Transdanubia, they decreased by 1.1 and 3 percent, respectively. However, compared to last November, rental prices are still 11.4-23.4 percent higher depending on the region.

In mid-December, the average rental price in Budapest was HUF 200,000 (EUR 492) per month. In Szombathely, Győr, or Debrecen, that sum stood at HUF 150-160,000 (EUR 369-393), while in Miskolc or Békéscsaba, it was at HUF 100,000 (EUR 246).

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The national rental price average was 0.8 percent higher in November than in October. László Balogh, a leading expert on ingatlan.com, a Hungarian real estate website, added that there was a minimal change in the rental prices from August. Moreover, he said he expected the same trend to continue in the following months. Supply of the apartments declines, he said. The decrease compared to last November peak reached 20 percent.

In mid-December, there were 12,500 apartments for rent in Hungary, which is higher than November’s 12,000. The 2nd district is the most expensive regarding rental prices in Budapest. There, the average price reached HUF 300,000 per month (EUR 737). The 5th district stands in second place with HUF 297,000 (EUR 730) per month, then comes the 1st and 6th districts consecutively with HUF 250-250,000 per month (EUR 614). The cheapest Budapest districts are the 21st (Csepel) and the 23rd (Soroksár), where the average rent prices are below HUF 140,000 (EUR 344) per month.

Among the municipalities, Szombathely, Veszprém, Debrecen, Győr and Székesfehérvár are the most expensive, the average price reaching HUF 150-165,000 (EUR 369-406) per month. In Szeged and Pécs, two important Hungarian higher education hubs, that goes down to HUF 120,000 (EUR 295). The lowest average rental prices are in Salgótarján, Békécsaba and Szekszárd, only HUF 100,000 (EUR 246).

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Source: Pénzcentrum