Kazakhstan’s Rental Market Eases After Peak Demand in 2022
In early 2023, apartment rents in Kazakhstan showed a notable pullback, dipping to about 150 thousand tenge per month. This marked a reduction of roughly 2.6 times from the prior peak, translating to just over 22 thousand rubles at the then-current exchange rate. The insight comes from a senior figure in the Kazakhstani rental sector, who oversees the residential real estate rental department for Etazhi, a leading real estate company in Kazakhstan.
Industry observers note that the market is gradually aligning rental prices with what consumers consider reasonable. The surge seen in late 2022, following the announcement of partial mobilization in Russia, pushed rents up by an estimated 100–150 percent. During that period, many would-be renters struggled to find affordable homes within the 400–800 thousand tenge range (roughly 60–121 thousand rubles), a span now seen as comparatively expensive by many renters. As one market professional observed, a reasonable option at around 150,000 tenge is increasingly accessible now.
The factors driving the initial spike in rents were tied to shifts in demand from Russians seeking housing in Kazakhstan. According to the real estate representative, renewed interest from Russian citizens softened as the broader demand landscape evolved. While the spike was almost instantaneous after mobilization news, demand gradually tapered off through late 2022 and into 2023, leading to a softening of rental prices in many areas.
Renters of Kazakh real estate have tended to turn to agents in search of lower-cost housing options. This trend, the agent notes, reflects a broader shift in behavior as some temporary residents reassess their housing needs in light of changing conditions at home and abroad. In the meantime, a number of newcomers and returning residents have pursued shorter leases or more economical accommodations as a way to preserve budget flexibility during uncertain times.
The market context shows a second wave of internal migration within Kazakhstan. While the prior surge had concentrated demand on high-priced rentals, a segment of renters is now prioritizing comfort and affordability, often opting for smaller, well-located units that meet essential living standards without the heft of larger, more expensive properties. This shift is applauded by tenants seeking stability and predictability in monthly housing costs.
Officials and industry insiders note that a portion of the population remains subject to regulatory considerations. Some seekers must obtain temporary residence permissions to stay in Kazakhstan for extended periods, which can influence both rental demand and mobility. This regulatory backdrop helps explain fluctuations in rental inquiries and is a factor landlords and agents monitor closely as the year progresses.
Statistics cited by government sources indicate a notable influx of Russian nationals into Kazakhstan following mobilization announcements, with some eventually choosing to stay while others returned home. A 2022 government briefing reported that a substantial number of arrivals had entered the republic during that period, with a portion ultimately remaining. This demographic movement has had a lasting effect on the housing market, even as the balance of demand shifted in the ensuing months.