Rent prices have been climbing all across Hungary for the past 10 months
The national rental market closed another month with growing prices, producing a two-digit increase compared to January’s low point. However, prices have not reached the pre-epidemic peak. A recent analysis shows the prices of residential real estate rentals.
Cost of rent on the rise
The latest analysis of the Central Statistical Office examined rent prices in Hungary. The national average rent in November was 1.1 per cent higher than in the previous month, writes világgazdaság.hu. There was a 1.4 per cent monthly increase in prices in Budapest.
In 2021, there was an 11 per cent annual price increase nationwide.
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In Budapest, there was a 10.5 per cent increase in rent on the rental market. January saw the lowest point in terms of house prices. Since then, prices have been rising steadily. However, they still have not reached the pre-pandemic level.
“Rental prices were more than 42 per cent higher in November than in 2015. This is approaching, but not reaching, the peak in January 2020 when the indicator was close to 46 per cent,” said László Balogh, a leading economics expert on ingatlan.com. In northern Hungary, the price increase was the biggest on an annual basis, with the price of an apartment rising by as much as 12 per cent. Meanwhile, in the rest of the country, for example in Budapest, it rose by between 7 and 10.5 per cent, writes origo.hu.
Price change broken down by area
In addition to the November prices, the new analysis shows how much owners offered their apartment for in December.
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The average rent for an apartment in Budapest is HUF 150,000 (€407).
In this respect, there is no change compared to the previous months. District V is still the most expensive, while district 23 is the cheapest to rent an apartment. The average rent in the former is HUF 240,000 (€652), while in the latter, it is HUF 107.5 thousand (€290).
Outside the Hungarian capital, however, the leader of the list has changed. Previously, renting an apartment was the most expensive in Veszprém. However, now, Székesfehérvár is at the top of the list. In third place on the list is Debrecen. Békéscsaba and Salgótarján close the list of county seats.
Source: origo.hu, világgazdaság.hu