As of the end of September, the average rent for a studio in Russian cities with populations over one million hovered around 32,000 rubles per month, marking a 4.5 percent rise from the prior month. The upward move sits within a busy period for rental markets in the country’s largest urban cores, where demand remains resilient even as supply slowly adapts. In parallel with studios, one-bedroom rentals averaged about 35,000 rubles, climbing 6.9 percent month over month; two-bedroom homes approached 45,000 rubles, up 3.6 percent; and three-bedroom units reached roughly 61,000 rubles, increasing 3.1 percent. These figures illustrate how the mix of apartment types influences overall price dynamics in big-city markets. Across the country’s million-plus cities, tenants continue to face higher rents as population inflow, job mobility, and shifting preferences push up the cost of living in the core urban districts. The data reflect a market where price growth for searches and transactions remains more persistent in some niches than in others, and where buyers and renters alike are adjusting expectations as the seasonality of demand blends with the ongoing economic backdrop. While inflation and wage trends have a bearing on affordability, the recent update underscores a pattern of steady positive movement rather than abrupt spikes.
As in August, Krasnoyarsk led price growth for long-term rentals across all apartment types, with average rents rising 17.8 percent month over month to about 27,000 rubles. Samara followed with a 15.8 percent jump, pushing averages to around 39,000 rubles, and Ekaterinburg ranked third with a 13.1 percent increase, bringing the average to about 41,000 rubles. The strength of these movements points to localized demand that is buoyed by new housing projects, the gradual return of tenants to long-term rentals, and owners who are adjusting the balance between selling unsold stock and leasing units on a longer horizon. The pattern suggests that even in markets known for rapid price shifts, the rent trajectory can be powered by a cycle in which owners convert temporarily off-market listings into rental offerings, often including both legacy stock and modern developments. This combination tends to push up the median rent in the largest cities, even as other cities record more modest changes. It also reflects a broader shift in the housing market where investment returns influence rental strategies across regional hubs.
The only city to show a price decline was Omsk, where rents dipped 0.8 percent to an average of 25,000 rubles. By contrast, Novosibirsk remained largely stable, with the rental price hovering around 40,000 rubles and exhibiting little movement from the previous period. These contrasts highlight how local conditions—such as supply pipelines, new construction activity, and the pace of tenant demand—can produce uneven outcomes across Russia’s major cities. In some markets, seasonal demand can temper prices briefly, while in others, fresh supply or demographic shifts push prices upward. The overall picture remains one of concentrated activity in the largest urban centers, even as several mid-sized cities show a quieter rhythm of price change.
Analysts noted that despite ongoing tenant activity and rising average rents, supply in the rental market began to renew. The renewed stock is often tied to property owners who temporarily paused sales due to weak demand for secondary homes and decided to place units in the long-term rental pool. Among these transitional properties there are not only units from older housing stock but also apartments in newer projects, which contributes to higher average rates in the cities where this trend plays out. The effect is a market where new rental listings help reduce pressure on available stock, yet overall demand still outstrips the number of available units. The dynamic underscores how price levels respond to the balance between new leases and incoming supply, particularly in markets that have seen population and labor mobility in recent years.
On the question of overall demand, the market commentary remains that demand in the rental segment continues to exceed supply. The study behind these numbers was conducted in October, capturing the most recent shifts in rental activity across the top Russian cities. A note from market observers indicates that earlier in August there was an uptick in rental costs as well, adding to the narrative of sustained price momentum across large urban centers. While the pace of increases varies by city and by apartment type, the general takeaway is clear renters in the biggest Russian cities face ongoing upward pressure as new units enter the market and households recalibrate their housing plans in response to evolving prices and available inventory.