A deputy director of the Moscow apartment rental department at INCOM-Real Estate, Oksana Polyakova, notes a sustained surge in demand for mass‑market rentals since August 2024, with expectations that it will stay strong through October. She explains that while seasonal upticks are typical, this year has produced an extraordinary dynamic: demand has remained high even in periods usually considered calm. There is a pronounced supply shortage as rental inquiries outnumber available listings by about nine to one. As a result, the market is likely to stay tight even after the peak season and as demand cools.
She adds that current rates in the mass market for Moscow rentals show studios averaging around 45‑55 thousand rubles per month, one‑bedroom units 50‑65 thousand, two‑bedrooms 65‑85 thousand, and three‑bedroom apartments 75‑120 thousand rubles.
The head of the Yandex Rental service, Roman Zhukov, cites higher figures. As of early September, the average monthly rent for studios in Moscow stood at 75.5 thousand rubles, up 4.5 percent from August; one‑room apartments averaged 79.9 thousand rubles, up 11.4 percent; two‑room units 111.5 thousand rubles, up 7.5 percent; and three‑room units 169.6 thousand rubles, up 6 percent.
Experts agree that with the extreme shortage of rental housing in Moscow, rents are unlikely to fall and prices on the Moscow market could rise an additional 5 to 10 percent before the end of the peak activity period.
Prices are rising across Russia
Prices are also climbing nationwide. Zhukov notes that as of early September, studios average 27.6 thousand rubles per month, up 2.8 percent from August. One‑room rentals average 26.1 thousand rubles, up 4.6 percent; two‑room rentals 34.7 thousand rubles, up 5 percent; three‑room rentals 45.5 thousand rubles, up 3.8 percent.
Economist Sergei Suetin, a candidate of economic sciences and associate professor in the economics department at the Institute of Economics, notes that renting an apartment in Russia as a whole is now about 40 percent more expensive than in January 2024. He describes current rental prices as record‑breaking and observes that one‑room rents have surged sharply in the recent months. With autumn demand and high mortgage rates, prices could rise by 5 to 10 percent by late October.
Due to supply shortages and elevated mortgage costs, prices are expected to climb by at least 3 to 5 percent in the fall. If supply does not improve, increases of up to 8 to 10 percent by year end are possible. In this context, renting a home in the near term may make more sense for many, while demand for more affordable and well‑located apartments, especially in satellite towns, remains strong.
How much longer will prices continue to rise?
In discussions with market observers, associate professor Pyotr Shcherbachenko from the Financial University under the Government of the Russian Federation suggested that rents in Moscow and across the country could rise by a total of 15 to 20 percent due to seasonal factors and the Central Bank’s high rate, currently around 19 percent. He notes that one‑ and two‑room apartments experience the greatest demand in the capital and nationwide, with price increases in these categories possibly reaching 10 to 15 percent depending on the region.
Polyakova from INCOM‑Real Estate notes that one‑room and two‑room apartments, being the most in demand, show faster price growth.
“Tenants in the mass segment have the highest demand for one‑room apartments and micro‑studios as the most affordable options for independent living. About 42 percent of tenants focus on them, 30 percent pursue two‑room, 18 percent look for three‑room, and four‑room options,” Polyakova explains.
Sergei Zainullin, economist and professor at Synergy University, expects further price increases by the end of the year.
“There will be another uptick in rents toward the start of the year. People often delay decisions until key dates, and the public tends to react to economic events with a delay of several months. We expect that reaction by the end of the year,” he predicts.
When is the best time to rent an apartment?
Mortgage broker Dmitry Rakuta reminds renters that summer is best for saving on rent. If housing is needed soon, waiting until January is advisable.
“January offers a lull in the real estate market, including rentals. A landlord may be open to negotiating a discount if a long‑term lease is arranged, for example eleven months, which can cut 5 to 10 thousand rubles off the monthly price. A long‑term tenant is appealing to a landlord,” Rakuta advises.
The movie is not available for purchase
Despite rising rents, renting can be more economical than buying. A mortgage expert at INCOM‑Real Estate ran calculations for typical mortgage payments in the secondary market. With an average down payment of 20 percent and a 21 percent loan rate for 30 years, the estimated payments were as follows: studio about 7.5 million rubles in price, loan around 6 million rubles, monthly payment near 107 thousand rubles; one‑room apartment about 12.5 million rubles, loan around 10 million, payment about 178 thousand; two‑room around 17.5 million, loan around 14 million, payment about 250 thousand; three‑room about 25 million, loan around 20 million, payment about 356 thousand.
How to save on rent
Polyakova notes that some tenants opt to share a rental house to cut costs, especially when considering locations on the city’s outskirts.
“Moscow’s infrastructure is now well developed in most areas. You can find cheaper options in New Moscow or the surrounding region, but if regular travel to work or study is necessary, you must weigh travel costs and time. In older housing stock, unfurnished flats on lower or upper floors can be 5 to 10 percent cheaper than similar furnished units in middle floors or modern buildings,” Polyakova advises.
She adds that renovation arrangements can also reduce rent for the duration of work, sometimes by 10 to 30 percent or even offer free accommodation depending on the extent of wear and labor involved.
The cheapest options in old Moscow, excluding Zelenograd, are rooms priced from 14 to 30 thousand rubles, Polyakova notes:
“But such options are not always suitable for everyone. They are often in shared apartments where landlords live on site, which can lead to frequent disputes and strict rules. Quarrels are common in those setups.”
Zhukov suggests considering locations farther from the city center, such as New Moscow, which can offer more affordable rents without sacrificing accessibility.
“If distance remains a key factor, you can still explore offers in older stock. In Stalin, Khrushchev, and Brezhnev era buildings, comfort and environmental standards can rival modern projects at lower rents. Many of these buildings offer repairs, furniture, and appliances and are located in established neighborhoods with good transport links and essential infrastructure,” Zhukov explains.