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Rent increases accelerate in Hungary
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Rents in Hungary have increased extremely rapidly in recent times. We have already read about the rate at which real estate prices have risen, and now it is time for rents to start rising rapidly.
Rapid increase in rent prices
Rents rose at an accelerating pace in May: 2.6 percent nationally and 2.5 percent in Budapest compared to the previous month, Portfolio.hu reports. In the capital, prices on offer were on average 21 percent higher than in the same period last year, with the highest increase (24 percent) in the inner districts of Pest. In May, rentals were 9.7 percent higher than the pre-pandemic peak in January 2020 nationwide and 5.8 percent higher in Budapest, according to the latest KSH-ingatlan.com rent index.
After a downturn in the year of the Covid-19 outbreak, rents have risen steadily since February 2021. Rents in May were 60 percent above the 2015 base period level nationally and 51 percent above in the capital – and 9.7 and 5.8 percent above the pre-pandemic peak in January 2020.
Rents in Buda Hills and Pest inner districts are higher
Compared to the previous month, prices rose in all districts of the capital: most significantly – by around 3 percent – in the Buda Hills and the inner districts of Pest, while in the outer disctricts of Pest and other districts of Buda, the increase was slightly less pronounced: 1-2 percent, reports Portfolio.hu.