DIFFICULT TO FIND AN APARTMENT FOR RENT IN BELGRADE, A 350 EURO APARTMENT NOW COSTS 500 EUROS

18. May 2022
Photo: Pixabay

If you are looking to rent an apartment in Belgrade these weeks, you are probably confused by the prices of rents that landlords imposed, and probably even more by the fact that currently is very difficult to find a suitable apartment for rent in the capital, since the wanted onces have mostly already been rented.

The prices of apartments for rent on the Belgrade real estate market have jumped significantly in recent months, confirmed the company West Properties, which has many years of experience in providing brokerage services for real estate sales and rents and carefully observes and analyzes any change in the market.

As Aleksandar Ilić, leasing consultant at WP explains, the prices of apartments for rent jumped from 10 to 30 percent, depending on the location. Even bigger problem is the fact that there are simply not enough apartments on the market to rent. Currently, the biggest demand is for one-bedroom and two-bedroom apartments in the wider center, at a price of 500 to 1,000 euros per month, but such apartments are now almost impossible to find.

ALEKSANDAR ILIĆ, LEASING CONSULTANT AT WP

"Apartments at the price of 500 to 1,000 euros per month are currently the most deficient ones. As one appears on the market, the same second gets rented. There are not many options in the center of Belgrade anymore, everything that hasn’t been rented in the last year, and was looking for its tenants, has now been rented. Practically, everything is being rented now ", says Ilić.

Arrivial of Russians and Ukrainians in Serbia has certainly influenced both increased demand and the jump in rental prices. As Ilić points out, at the moment it is really difficult to specify the amount of the rent, because even the landlords no longer know what price to ask for and everyone is trying to get the most out of this wave of demand. Although it can be said that rental prices have jumped approximately from 10 to 30 percent, there are no specific rules. For example, an apartment in Vračar or Savski Venac that was rented for 350 euros now costs 500 euros a month, and those that cost 500 are now being rented out for 700 or 800 euros, and those whose rent was 1,000 euros are now rented out for 1,300 euros.

PRICES FOR RENT JUMPED 10 TO 30 PERCENT / PHOTO: PEXELS.COM

Rental prices are jumping in all locations, for apartments of all structures and categories, and it is often the case that due to the current situation, landlords raise rents to their long-term tenants as well. We shouldn’t be surprised if in the future, due to high rental prices, comes a moment where long-term tenants start moving from the city center to the suburbs, and apartments in the center get rented out more to foreigners. A similar situation, Ilicć notes, is already happening, for example, in cities on the Croatian coast.

Given all these circumstances, especially the fact that the rental apartment market is currently being so unstable, now it is advisable to look for an apartment or rent it out with a real estate agent who will assess in the best way whether the rent for a particular apartment is realistic or not, adds Ilić.

An increasing number of foreigners, especially Russians, who come to Serbia and who are looking not only for apartments, but also for office space for their companies, have influenced the increased demand in this real estate sector as well. Aleksandar Ilić estimates that only five percent of offices for rent in Belgrade may be vacant at the moment, but there has been no more drastic jump in rental prices.

"In some places, there has been a jump in the price of office space, but not a significant one. On average, the price is around 15 euros per square meter, it does not go below. A smaller jump is possibly noticeable in newer buildings and business centers, where the prices range between 16 and 19 euros per square meter, "says Ilić.

Finally, when asked whether such a high demand and lack of capacity on the market could raise the price of both office and residential space, Ilić affirmatively answered: "I believe that prices can go even higher, we will see how the situation develops. The prices may be too high, but it is obvious that everything is being rented out, no matter what the price is. "

 

By: Ana Kralj

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