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Median cost of renting housing in Kyiv down to $5 per sq m in July – study
KYIV. Aug 26 (Interfax-Ukraine) – The median cost of renting housing in Kyiv decreased in July to $5 per square meter, which is 5.7% lower than in June 2022, according to a study by the portal Address.ua.
It is noted that in general, compared with the pre-war period, the median renting cost in the Ukrainian capital fell by 54.6% in US dollars or 35% in hryvnia (in February 2022, the median cost was $11/square meter).
Traditionally, the most expensive area of Kyiv for rent is Pechersky district. The median rental price in the center of the capital is $496 per property or $8 per square meter. Shevchenkivsky district is in second place. Landlords in the area are asking $343 per apartment ($7/square meter). Holosiyivsky district is in third place – $326 per property ($6/ square meter). The minimum median price for renting apartments is observed in Desniansky district – $169 per apartment or $4 per square meter.
The most expensive area for renting liquid one-room apartments is also Pechersky district, where the median cost of renting a one-room apartment is $264. In Shevchenkivsky and Holosiyivsky districts, you can rent a one-room apartment in the range from $250 to $260. The cheapest area for rent is Desniansky district, $148.
"The decline in prices in the rental housing market in Kyiv has slowed down, which suggests approaching a local minimum of the market. Probably, in the coming months, the price situation in the rental market will stabilize," Roman Herasymchuk, director of City Development Solutions, said.
He noted that the proportion of three-room apartments in the supply structure is increasing (16%), which indicates both the lack of demand for apartment space and the presence of a certain market dynamics in the segment of one-room and two-room apartments.
Almost half of the requests, 49%, are for one-room apartments, 44% of potential tenants are looking for two-room apartments for rent, and 7% of tenants are looking for housing with three or more rooms. At the same time, 47% of the supply structure is occupied by one-room apartments, 37% and 16% by two- and three-room apartments, respectively.
"The tenants show the greatest interest in housing in Holosiyivsky and Shevchenkivsky districts – thanks to this, the rental rate in these areas has decreased by ‘only’ 40% versus a decrease of 51% in other areas," Herasymchuk said.
The report clarifies that in their study, the experts were based on an analysis of ads posted on the Address.ua real estate search portal, as well as user activity (88,300 visits in July 2021).
Address Group is a group of companies that have been providing online information services since 2010 for searching and promoting real estate in Ukraine, Kazakhstan and Moldova.
