Russia's Rental Prices Mixed in January 2023: Most Cities Cheaper, Two-Room Up
Rental prices in Russia's major cities have seen a mixed trend in January 2023, according to a study by 'MIR KVARITIR'. While some cities witnessed increases, others experienced decreases, with the majority of cities seeing cheaper rents for apartments. In the two-room apartment segment, rents increased in 26 cities, decreased in 43, and remained unchanged in one. The most significant price hikes occurred in Tula, Voronezh, Kurgan, Nizhny Tagil, and the Moscow region. Meanwhile, one-room apartments became cheaper on average by 0.5% in January. The cheapest one-room apartments were found in Smolensk, Lipetsk, Astrakhan, Voronezh, and Ulan-Ude, while the most expensive were in Yakutsk, Chita, Volgograd, Nizhny Tagil, and Izhevsk. Three-room apartments showed positive dynamics in 32 cities and negative in 38. The city with the largest decrease in rent prices for three-room apartments in January was not specified. Seasonal factors and the 'overheating' of the rental market in December 2022 contributed to the overall decrease in rents. In Yakutsk, the cost of rent for two-room apartments increased by 0.9% to 51,500 rub. per month. In summary, January 2023 saw a varied trend in rental prices across Russia's major cities. While some cities experienced increases, particularly in two-room apartments, the majority of cities saw cheaper rents for apartments, with one-room apartments decreasing on average. Seasonal factors and market conditions played a significant role in these trends.
