Here is how to save if you live in a rented flat in Hungary!

The Hungarian rental market has been booming since the announcement of admission thresholds for Hungarian universities at the end of July. But there are a few details to look out for when renting a home, as experts estimate that prices could rise by up to 14% in the upcoming period. In this article, we share some tips to help you save on your rental costs!

Current rental fees

In mid-August, the average rent on the supply market in Budapest is EUR 483 (~HUF 195,000). This represents an increase of EUR 124 (~HUF 50,000) compared to EUR 359 (~HUF 145,000) a year earlier. This year, the average rent in eight districts of the Hungarian capital (I, II, III, V, VI, XI, XII, XIII) reaches or even exceeds EUR 496 (~HUF 200,000). In the university cities of Hungary, including Debrecen, Győr, Szeged and Pécs, the average rent of an apartment ranges between EUR 335-372 (~HUF 135,000-150,000). At the same time, it is important to note that rents in European university cities are much more expensive than in Budapest – reported by Világgazdaság.

In the county capitals, the overall average rent rose to EUR 297 (~HUF 120,000) from EUR 260 (~HUF 105,000) last year. In terms of rental market rents, Miskolc, Szolnok, Kaposvár, Békéscsaba and Salgótarján have the most favourable rents, numerically between EUR 223-248 (~HUF 90,000-100,000).

14% price increase?

Tenants who were thinking about changing their apartment are still in time. Currently, there are approximately 12,000 apartments for rent across the country. Besides the wide range of supply, demand is also intensifying. According to Ingatlan.com, demand for rented accommodation has increased by 10% since the announcement of the admission thresholds for Hungarian universities. However, it is worth making a decision in time, as experts say that inflation could increase the rent of many apartments by as much as EUR 25-50 (~HUF 10,000-20,000). This means a rental increase of 14% in the upcoming months.