The long-term rental price for a Moscow apartment fell by roughly 21% in 2022, making the capital the leading example among Russia’s major cities for declining rents. This finding comes from a study conducted by Avito Real Estate analysts, with corroboration from RBC. The trend signals a cooling of the Moscow rental market as new listings expanded and demand adjusted after the peak period that preceded the pandemic-era surge.
Even though the annual figure was negative, the month-to-month data showed a modest uptick. Compared with December 2022, the average Moscow rental price rose by about 2,100 rubles. Yet over the course of the year, the overall path remained downward, reflecting a market that re-priced itself in response to broader economic pressures and shifting buyer sentiment.
The study notes that in 2022 Moscow’s market surpassed many other large cities in price declines. When compared with more than a million global cities, rents in those populous markets generally increased by around 25 percent on average. In Moscow, the typical offer for an apartment across all price bands and districts — including the central areas — hovered around 55,000 rubles per month in January 2023, underscoring the impact of the annual decline while still representing a substantial rent level in central locales. (Source: Avito Real Estate analysts; corroboration: RBC)
St. Petersburg followed Moscow in terms of price reductions, recording a 12-month decline of about 10 percent, with average rents near 27,000 rubles. The Leningrad region ranked third in the trend, where annual rents slipped by roughly 4.8 percent to about 20,000 rubles per month. These shifts illustrate a broader regional softness in housing costs, driven by changes in demand and the economic environment that affected purchasing power and mobility.
Analysts at NF Group added a further dimension to the 2022 picture: demand for luxury rentals in Moscow dropped sharply, by about 40 percent. Properties in the elite tier — those commanding rental values around 150,000 rubles per month — saw the lowest number of transactions during the year, with activity dipping most noticeably from late summer to early autumn. The data suggest a recalibration across segments, with luxury options facing different pressures compared with mid-range and more affordable rentals.
Overall, the observed dynamics point to a Moscow rental market that responded to tightening financial conditions and shifting consumer behavior. For landlords and tenants alike, the year underscored the importance of flexible pricing, location strategy, and the broader macroeconomic context shaping housing affordability and mobility. The patterns in Moscow, St. Petersburg, and the surrounding regions reflect a single narrative: rent levels are adjusting to a new equilibrium after a period of rapid growth, with ongoing implications for developers, investors, and urban policymakers as Russia’s flows of people and capital continue to evolve.
On a more granular level, observers emphasize that affordability remains a central concern for residents and newcomers. The downward trend in Moscow’s average rent, paired with modest or rising values in other markets, indicates a tug-of-war between demand for urban centers and the need to maintain reasonable living costs. As the rental landscape adapts, renters may find more options at the lower end of the spectrum, while landlords may explore compromises in pricing or concessions to sustain occupancy and market momentum.
In summary, 2022 brought a pronounced re-pricing across Russia’s major metropolitan rental markets, with Moscow leading the way in reductions, while nearby regions experienced similar but less dramatic shifts. The luxury segment faced the steepest declines in activity, signaling a more cautious posture among high-end renters. The evolving market invites careful assessment of local conditions, timing, and strategic pricing for all parties involved. This analysis reflects ongoing trends seen in major urban centers as markets respond to macroeconomic shifts and changing mobility patterns across the region.