In the period between July 2023 and July 2024, rental prices in ”million-plus” cities (cities with over 1 million population) have seen sharp increases, even as much as 40%. The Russian newspaper Izvestia reported about a market study done by Zhilfond that în this 12 months period, rental prices for a one-room apartment in Moscow grew bu 26% while in Sankt Petersburg the hike was by 37%. Novosibirsk saw a smaller increase of 16%.
A record increase in prices in the long-term rental market was recorded in the second half of 2023 – the cost rose by 30-35% from June to November.
Alexei Popov, head of Cian.Analytics
Over the year, rental prices in Moscow and St. Petersburg increased by 40%, in Chelyabinsk by 39% while Nizhny Novgorod and Samara added 34% to the rent. In Novosibirsk, Yekaterinburg, Kazan, Volgograd, Omsk and Voronezh, the cost of rental housing has risen by 25-33%. Rostov-on-Don, Krasnoyarsk, Krasnodar, Ufa and Perm have risen in price less, from 18% to 22%.
Regarding the interest shown by people to find long-term rental real estate in Vladivostok a 53% rise of demand was observed while in Tyumen – 19%, Kazan – 15%, Sevastopol and Stavropol – 14%. In St. Petersburg demand increased by 6% while in Moscow it decreased by 2%, Avito Real Estate added.
Statistic from 2021 show that only 11% of people live in rents while 87% buy their own property.
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