10th November 2021

Greatest interest in apartment rentals in Q3 is in the Old Town

Greatest interest in apartment rentals in Q3 is in the Old Town

Despite the unusual situation caused by the pandemic, the real estate agency Herrys has, over the first three quarters of this year, aranged more apartment rentals than ever before. Even though the real estate prices are still growing, the quarter-on-quarter rise in rental prices is minimal and is currently stagnating. The data comes from the Herrys’ concluded leases and their transactions.

While last year the average rent was climbing up to €700 exclusive of energy costs, in recent months the price has been stagnating at around €610 exclusive of energy costs. Herrys at the same time has reported a record 341 concluded leases, which is the most in any three quarters in the history of its operation. This testifies to the continuing interest in renting.

We could say that demand for rentals has been spread over this year and a lot were rented in both the second and third quarters. This is different from last year, when it was the third quarter that was very intense, as demand shifted to the summer months due to the first wave of the epidemic. This is also clear from the fact that in the third quarter of 2021 we recorded a 21.6% decrease in terms of the number of leases compared to last year. On the other hand, the number of transactions for the first 3 quarters of 2021 is 11% higher than the figure for the same period of 2020. In the fourth quarter, we expect a slightly higher number of completed transactions against last year, as an improvement is expected in the covid situation, with more people migrating than during the same period last year. Nonetheless, late autumn has always been a period of lower performance in terms of finding tenants, and we forecast that it will not be different this year,” says Martin Marsina from the real estate agency Herrys. While the number of leases increased by 13% after the first quarter of 2021, the increase was minimal between the second and third quarters.

In Bratislava, interest in rentals in the Old Town still dominates, where as much as 39% of the total volume of Herrys’ leases happened in the third quarter of 2021. Bratislava II has also long remained highly popular, where up to 25% of apartments were rented, especially in the Ružinov area, in Bratislava III the figure was 19.5%. Tenants most frequently are looking for two-room apartments, accounting for 53% of rented apartments; renting of three-room apartments stood at 26%, with one-room apartments at 17%. The average floor area of rented apartments is 59.5 m2. The data also show that the average age of the tenant is 32 years; among landlords the average age is 45.5 years.