In March 2023, the average monthly rent for a one-room apartment in Moscow declined by 11.6 percent year over year, sliding from 49 thousand rubles to 43 thousand rubles. This shift was reported by Vedomosti, citing the press service of the CIAN.Analitika service.
Meanwhile, the cost to rent a two-room unit in the capital dropped by 15.6 percent, from 84 thousand to 71 thousand rubles per month. The average rent level across St. Petersburg also decreased by about 12.1 percent, with the Moscow Region seeing a similar trend around 13 percent. These movements reflect a broader softening in the rental market as supply grows. (Source: Vedomosti via CIAN.Analitika)
Rising availability pushed rates downward. By mid-March, more than 64 thousand apartments were listed for rent nationwide, marking a 13 percent increase from the previous year. Compared with February, the supply expanded by roughly 35 percent, and about 48 thousand flats were available for rent in the preceding month. (Source: Vedomosti via CIAN.Analitika)
Geographically, the largest gains in listing numbers occurred in Moscow, St. Petersburg, the Moscow region, and the Leningrad region, with year-over-year increases of approximately 2.2, 2.0, 1.6, and 1.6 floor units in the respective markets. These expansions signal a shift toward greater tenant choice and greater market balance after a period of tight supply. (Source: Vedomosti via CIAN.Analitika)
Real estate professionals cautioned renters to read lease terms carefully before committing. Analysts noted instances where the word “rent” appeared in a contract’s title while the document’s content described a sale or lease arrangement. This underscores the importance of verifying contract type and ensuring alignment between the stated purpose and the binding terms. (Source: Yurlov & Partners, commentary summarized by market analysts)