The Mortgage Is to Blame
The cost of renting housing in Russia will double by the end of the year, according to real estate market experts. The sharp rise in prices will occur due to the increased mortgage rates, which have increased to at least 24 percent.
On June 1, preferential mortgages were cancelled for most categories of citizens. At the same time, the cost of building materials increased. The Central Bank's key rate also increased to 18 percent. All these depressing economic events will inevitably affect the cost of renting housing, economists believe.
— If earlier Russians looked more towards mortgages than rental housing, now the situation will change, — economist Eduard Pustovalov comments on the situation on the housing market for MK. — The logic was simple. Why pay money for rented housing if you can pay the mortgage payment with the same amount? Now this balance has changed. The monthly mortgage payment will be several times higher than the rent for an apartment. Even if this amount increases.
Of course, they will not stop buying apartments. But those who have savings will wait for more comfortable market conditions for concluding a mortgage agreement. In the meantime, they will find a rented apartment, economists are sure.
Such deferred demand will also lead to an increase in demand for rental housing.
Prices for popular apartments have already started to creep up, realtor Aelita Gazaeva comments on the current situation on the real estate market for MK.
— After the cancellation of preferential mortgages, prices immediately rose by an average of 2-5 thousand. And even for this money, liquid apartments — one-room and two-room apartments in good condition — are selling like hot cakes. Apartments are rented out in 2-3 days. The market is empty. Therefore, I believe that prices will continue to rise. After all, at the end of August, demand for budget real estate will traditionally increase due to the arrival of students, — the realtor believes.
The realtor notes that due to increased demand and rising prices, some tenants have switched to rooms. Those who previously took one-room apartments have now occupied this niche.
As for tenants with a budget of 100,000+, there are no changes here. Prices remain consistently high.
— If an apartment is listed for 150 thousand, it will not be rented for 200,000. Demand for luxury housing has not increased. But I have not noticed a decrease either. On average, an apartment in the expensive segment is sold in 1-2 weeks, — the expert said.