According to the Hungarian government, the energy crisis is so serious that it even has to resort to changing the overhead cuts. The cuts that it used to consider sacrosanct. Because of these new regulations, demand will move towards low-rent and cheaply sustainable apartments.
University students soon start looking for rents
The admission thresholds for higher education institutions will be announced soon, kicking off the high season on the rental market. Although this is yet to come, the latest analysis from ingatlan.com shows that demand has already strengthened in several counties in July, writes Telex. Demand per thousand rentals increased by 24 percent in Budapest and by 20 percent in Győr-Moson-Sopron county.
According to Blikk.hu, the rising cost of renting and the new overhead regulations are making cheap rentals even more of a focus for young people. In Budapest, the average monthly rent threshold for the cheapest 10 percent of rents was HUF 130,000 (EUR 324.3). In Győr, the cheapest apartments are available for HUF 113,000 (EUR 281.9), in Szeged for HUF 94,000 (EUR 234.5) and in Debrecen for HUF 107,000 (EUR 266.9).
Changes in rent prices
As Telex writes, according to László Balogh, chief economist at ingatlan.com, rents in the capital had fallen until January last year. This was mainly due to the coronavirus pandemic: demand picked up and supply expanded significantly, the expert explained. But now, the tables have turned, and rental prices are rising as we approach the peak season.
He added, “an economic environment made more uncertain by the war and a new energy pricing rule for above-average energy consumption will shift demand towards low-rent and cheaply sustainable rents.”
Survey conducted on rent supply
The survey of ingatlan.com also went to see how much is the cheapest ten percent of the total market supply of apartments for rent in the capital and other county capitals. In Budapest, looking at the total market supply, the average rent was HUF 195,000 (EUR 486.4) in July, while the cheapest apartments for rent were those with a monthly rent of less than HUF 130,000 (EUR 324.3).
The average rent in Győr was HUF 150,000 (EUR 374.3) this month, while the best rent was HUF 113,000 (EUR 281.9). In Szeged, the cheapest rent was HUF 94,000 (EUR 234.5). In other university cities, such as Debrecen, the cheapest rents were HUF 107,000 (EUR 266.9), Veszprém HUF 130,000 (EUR 324.3), Miskolc HUF 75,000 (EUR 187.1) and Pécs HUF 90,000 (EUR 224.5).
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Source: Telex, Blikk
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