Tenants face prohibitively expensive rental prices in Budapest

In September, the average rent price in Budapest reached HUF 201 thousand/month (EUR 480). That means a 4.5 percent rise compared to August and probably a historic peak. Rentingo.com, a social media site used for property rentals, shared its experiences regarding the latest trends in the Hungarian rental market in a statement sent to the Hungarian News Agency. Below, you may read some additional details on the issue.

According to Rentingo’s statement, the difference between the demand and supply prices in Budapest’s rental market grew to 26 percent in September. Furthermore, rental prices grew by 4.5 percent in Budapest because the landlords calculate the rent considering the Hungarian double-digit inflation and the increasing interest rates of the state bonds. 

Meanwhile, tenants face increasing utility costs and food prices. Therefore, it is becoming more difficult for them to pay the growing rent. That is why the demand price is much lower than the supply price. The average tenant in Budapest would like to rent a flat for HUF

160 thousand (EUR 381) per month. That is “only” 1.7 percent more than in August.

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Rentingo.com noted that because of the growing difference between supply and demand prices, the struggle for tenants started again like during the coronavirus pandemic. As a result, more and more landlords would like to get in touch with potential subtenants.

Rentingo.com is a platform and social media site aiming to connect tenants, landlords and people searching for potential roommates. Their goal is to make the entire rental process transparent, from wording the ad to the signed contract.

Source: MTI, Rentingo.com