Since the start of this year, the Moscow rental market has tightened sharply, with the availability of rental apartments slumping to a new record low estimated at around two-thirds below typical levels. This downturn marks the most pronounced shortage seen in the last three decades, a trend documented by RBC-Real Estate based on data from Inkom-Real Estate, a leading player in the city’s property market.
Other industry voices confirm a rapid drop in supply, with figures suggesting vacancies in the rental sector fell by roughly half in certain segments. Est-a-Tet and Avito Real Estate note a pronounced pullback in available stock, underscoring a market where demand outpaces supply across multiple price bands.
Analysts highlight that the current imbalance is most acute for economy-class accommodations. Oksana Polyakova, deputy director of the apartment rental department at Inkom-Real Estate, observes that a consolidation of demand has occurred, with traditional mass-market prospects being absorbed earlier in the cycle and fewer units remaining to meet this level of interest.
Data from Avito Real Estate show that by the end of October 2023 the stock of long-term rental apartments in Moscow had declined by about 47.5 percent since January. Experts attribute this contraction largely to the combination of sustained high demand and the peak activity that typically drives the market in the summer and early autumn.
In late October, the Central Bank of the Russian Federation announced new mortgage constraints aimed at borrowers who already carry consumer debt, signaling potential reverberations for the housing finance landscape. Market observers are watching closely to assess how tighter lending conditions could influence mortgage uptake and overall housing affordability in the capital.
For many Russians, the evolving dynamics of rent and mortgage access are reshaping housing decisions, sometimes prompting shifts toward more flexible tenure formats or longer-term leasing arrangements as buyers and renters reassess affordability in a fluctuating macro backdrop.
Source: RBC-Real Estate.
Source: Inkom-Real Estate.
Source: Est-a-Tet.
Source: Avito Real Estate.
Source: Central Bank of the Russian Federation.
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