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Rent prices skyrocket in Hungary: how long will the rise last?
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Rents continued to rise in May in Hungary, according to the latest data from the KSH-ingatlan.com rent index. Nationally, the rise was 1.8 percent. Meanwhile, in Budapest, rent prices increased by 0.6 percent in just one month. On an annual basis, average rent prices went up by 15.6 and 16.5 percent respectively, according to the latest data.
Prices are still rising
In 2023, rent rises have gained momentum. However, the rate of increase is below the rate of inflation. Taking inflation into account, May rents are 11 percent below the national real rent index’s record high in August 2019, Portfolio reports.
The rental market has also seen an increase in supply, which can be seen as a prelude to the summer season, Portfolio explains. In mid-June, tenants in Budapest and nationwide had 14-18 percent more apartments for rent to choose from. The national rental supply consists of more than 11,800 apartments and houses for rent. According to an expert from ingatlan.com, if the supply growth persists, it could put a brake on rent increases.