Rental prices in Budapest reach a psychological barrier, contrary trend in other cities

Rent prices in Budapest reached a psychological barrier Budapest's rental market
Source: depositphotos.com

Rental prices have continued to rise in Budapest, with the average monthly fee now exceeding HUF 250,000 (EUR 630). This represents a psychological barrier for both the capital and Hungary as a whole. Meanwhile, the trend is the opposite in rural cities, where rental prices have decreased following last year’s significant surge.

High rental prices in Budapest*

According to 24.hu, the average monthly rental price for brick apartments in Budapest has grown to HUF 259,000 (EUR 650), marking a 9.9% increase compared to last year. György Kosztolánczy, the CEO of Otthon Centrum, noted that in rural areas, the average rental price has fallen to HUF 160,000 (EUR 400), which is 4.6% lower than in 2023. Last year saw an extraordinary 33% average price rise in rural Hungary.

Renting is most expensive in Budapest’s 6th district, where the average rental price is HUF 339,000 (EUR 860). The 2nd and 5th districts follow, with average rents of HUF 335,000 and 292,000 (EUR 850 and 740) respectively. The 3rd and 11th districts in Buda also feature prominently on the list.

Housing market Rental prices Budapest downtown
Photo: facebook.com/karacsonygergely

On the Pest side, prices are generally lower. The average rental price in the 7th and 8th districts is HUF 225,000 (EUR 570), while the outer districts of Budapest are the cheapest, with prices ranging from HUF 180,000 to 200,000 (EUR 450-500).

Larger apartments more affordable in outer districts

Prices have increased by 5-20% in most districts, with the 11th district in Buda being a notable exception, which is good news for university students.

Unpleasant news for subtenants is that the price rise has been most significant for small, one-room apartments, increasing by 20.9%.

The smaller the flat, the smaller the price differences between districts. For instance, the average rental price for a one-room apartment in the city centre is HUF 180,000, compared to HUF 165,000 (EUR 450 and 420) in the outer districts. This difference becomes more pronounced for two- and three-room apartments.

Downtown of Budapest rental prices
Photo: Daily News Hungary ©

Panel buildings offer cheaper options

The average rent for a three-room apartment in the city centre is HUF 330,000 (EUR 830), compared to just HUF 213,000 (EUR 540) in the outer regions of Pest.

In rural Hungary, some cities are more expensive than others. Debrecen, Győr, and Székesfehérvár, centres of the Hungarian automotive industry, are among the more expensive, with average rents around HUF 200,000 per month. In contrast, Szeged, Pécs, and Kecskemét are much more affordable.

Of course, renting an apartment in panel buildings is cheaper everywhere. In Budapest, average prices range from HUF 180,000 to 200,000 (EUR 450-500). In rural cities, they cost “only” HUF 125,000 to 137,000 per month.

Read also:

  • Renting an apartment in Budapest is almost a luxury: prices approach those in Madrid – Read more HERE
  • Housing market: Foreigners buy up the countryside, rents in Budapest cheapen

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