According to KSH-ingatlan.com’s rent index, rents rose by 0.7 percent in April nationwide and by 1.7 percent in the capital. Meanwhile, rents increased by 17 percent in Hungary and 19 percent in Budapest over the year, the real estate market portal said. So far, the most expensive district in the Hungarian capital has been District 5. However, this has changed, and another district has taken the lead. We will also show you the cheapest districts in Budapest.
People would rather rent than buy
László Balogh, chief economic expert at ingatlan.com, said that so far this year, compared to last year, interest in apartments for sale has fallen by 44 percent. At the same time, the number of apartments for rent has decreased by 22 percent. The number of searches for residential properties for sale fell by 18 percent, while the number of searches for rentals increased by 11 percent, napi.hu reports.
Significant rise in rents over the past year
Supply data for mid-May also point to a buoyant rental market. According to ingatlan.com, the average rent in Budapest was HUF 225,000 (EUR 600), compared to HUF 220,000 (EUR 587.64) a month earlier and HUF 180,000 (EUR 480.79) a year earlier.
The most expensive and the cheapest Budapest districts
In the districts of Budapest, apartments were advertised for rent for an average of HUF 245,000 (EUR 654.35) in District 13, HUF 230,000 (EUR 614.29) in District 11 and HUF 330,000 (EUR 881.37) in District 2. The latter district took over the title of the most expensive district from District V, where the average rent was HUF 324,000 (EUR 865.45) in mid-May. The cheapest districts of Budapest are District 17, 19 and 23. In these places, apartments were offered for rent for an average of HUF 138-147,000 (EUR 368.62-392.66).
Rental market in the county seats
Veszprém tops the list of the most expensive county seats with HUF 165,000 (EUR 440.74), followed by Szombathely with HUF 155,000 (EUR 414), then Debrecen, Székesfehérvár, Győr and Tatabánya with HUF 150,000 (EUR 400.67) each. Among the county seats, Szekszárd, Kaposvár, Miskolc, Békéscsaba and Salgótarján are the cheapest. The average rents in these cities range between HUF 90,000 (EUR 240.41) and HUF 110,000 (EUR 293.84) in mid-May, the statement said.