The price of rents in European capitals has increased year after year

Renting a property in major European cities is becoming more and more expensive.

The cost of rent has increased year after year in most of the European capitals, with concrete increases in Malta, Lithuania, and Poland.

An investigation of the international Spot-a-home rental market found that rents increased in Valletta, Malta by 11.1%, bringing them to £ 942 per month.

Other cities with strong increases are Vilnius, Lithuania (10%); Warsaw, Poland (9.2%); Copenhagen, Denmark (8.7%); Stockholm, Sweden (7.4%); and Athens; Greece (6.9%).

Budapest, Hungary experienced the largest drop in rents, -2.8%, along with Prague, Czech Republic, -2.1%.

“High demand has caused rental prices to rise.”

Nadia Butt, Country Manager for Spot-a-home UK and Ireland, said: “A reduction in rental cost in some of Europe’s biggest destinations for international renters will be very good news for those already residing in them, no matter how small.”

“We have seen rental growth in most of these locations remain on an upward trajectory for quite some time due to the high demand for properties in these sought-after cities.”

“However, with current travel and workplace restrictions reducing this demand from students and working professionals, in particular, we are beginning to see rental costs in some of the most inflated markets begin to stabilize.”

“Unfortunately, this rental respite is likely to only last for the short term and once we start to see a return to a new normal, it should start to pick up again. It is something that will happen sooner or later.”

“For those planning to move, this current hiatus provides an excellent opportunity to secure a rental property at a lower cost than they would otherwise have, and this will help with the overall cost of moving to a major city once the time comes.”

Prices are expected to continue their slow but progressive rise, at least in countries whose economies were not so severely affected by the COVID-19 crisis.

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