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Restrictive measures could bring cheaper rents in Budapest
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The average rental price of flats in the Hungarian capital is currently 140 thousand Forints per month, which is 15 % cheaper than before the coronavirus outbreak. Restrictive measures to prevent the spread of the virus could decrease rental prices even more in college towns as Hungarian higher education moves to the online space again.
September ended with mixed results for the Hungarian rental market – says Forbes.
Based on KSH and ingatlan.com data, this September, rental prices were 5 % cheaper than a year ago.
According to László Balogh, chief economic expert at ingatlan.com, the yearly decrease of prices by 10-15 % seems to be stabilised in the capital. In contrast, in other parts of the country, prices are relatively steady. The newest restrictive measures imposed to prevent the spread of the virus, however, could alter rental fees in the rest of the year.
Coronavirus dictates the prices now
While in previous years, as a result of the start of the academic year, September has always brought increases in rental prices, the coronavirus now made the rental market volatile.
All higher education is moving to the online space from November, so many of the students are moving home and consequently, the supply of rental flats – which has already reached records –, could grow further.