Across Russia’s major cities, the cost of renting a one-bedroom apartment rose by an average of 22 percent in 2023, reaching about 21 thousand rubles monthly. Two-bedroom rentals climbed by 19 percent, averaging around 27 thousand rubles. These shifts come from a compilation of listings in the World of Apartments real estate advertising database, reported by RIA Novosti.
The same source notes that the national average for a three-bedroom rental increased by 15 percent, settling near 34 thousand rubles per month. These figures illustrate a broader pattern of steady, broad-based rent growth throughout the year.
Among Russian cities, Kirov recorded the highest increases in 2023: one-bedroom rents rose by 53 percent, two-bedroom by 44 percent, and three-bedroom by 78 percent. Conversely, some regions offered comparatively lower prices, with the Leningrad region, Sochi, Sevastopol, Vladimir, and Izhevsk identified as more affordable housing markets within the country.
In Moscow, the rise in rents was uneven by size: one-bedroom units saw a 19 percent uptick, two-bedroom units 13 percent, and three-bedroom units 10 percent. The Moscow region meanwhile experienced growth of 12 percent for one-bedroom, 8.5 percent for two-bedroom, and 7 percent for three-bedroom rentals. Saint Petersburg followed a similar pattern, with one-bedroom rents up 15 percent, two-bedroom up 9 percent, and three-bedroom up 7 percent.
Industry leader Pavel Lutsenko noted that 2023 saw apartment rents rise at a moderate and even pace for most of the year, with sharper gains materializing in the last quarter. The tightening of mortgage financing, driven by higher central bank rates, pushed more people toward renting, exerting upward pressure on prices. Forecasts at year-end suggested continued price increases for 2024, reflecting ongoing demand and shifting affordability dynamics.
In December, the Central Bank implemented another key rate increase, lifting the policy rate by 100 basis points to 16 percent per year. Mortgage lending costs followed, with rates estimated in the 16 to 25 percent range, a condition that supports a rent-driven market for many households. These dynamics have been widely discussed in Russia’s housing market discussions and are often cited when evaluating exposure to mortgage affordability in the coming year.
As observers look ahead, the interplay between borrowing costs, demand for rental housing, and regional economic conditions will continue to shape how rents evolve across Russia in 2024 and beyond, with potential implications for international readers considering travel, relocation, or investment in the region.