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Real estate rent in Russia has become cheaper

Real estate rent in Russia has become cheaper
Due to the coronavirus in Russia, the real estate rental market has changed. According to experts, housing rental prices could seriously decline by the end of the year.

While real estate prices are rising, banks are tightening requirements for borrowers, rental rates are falling. The rental market research was carried out by the experts of the World of Apartments service. According to the data, writes "", in the first quarter of 2020, only 39 of the 70 major cities of Russia rented one-room apartments, another 28 cities went up in price, and in 30 cities - three-room apartments.

In the first two months of 2020, owners increased the cost of rent, because at the same time real estate went up and potential buyers of apartments shifted to rent. However, by April, the cost of renting one-room apartments decreased by 1%, and two- and three-room apartments - by 2% and 3%. The average rental cost of one-room apartments in Russia amounted to 13,4 thousand rubles per month, two-room apartments - 17,8 thousand, three-room apartments - 23,9 thousand.

After that, the market was affected by the self-isolation regime and the declining ruble exchange rate: tenants began to lose income, return to their hometowns or ask for rental vacations. After these trends, service experts expect rental rates to decline even further. By the end of the first half of the year, the cost reduction will be 10-25% in most large cities.

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