Following a surge in demand during the autumn period, Russia’s rental housing market began showing signs of stabilization. The pace of price growth slowed in the country’s largest regional markets, indicating a cooling trend in a market that had heated up earlier in the year, according to Kommersant.
Despite this stabilization, prices remain elevated as owners continue to reflect their expectations in asking rents. Analysts note that in November the average rent for a one-bedroom unit across 18 major cities reached 27.1 thousand rubles, up about 1% from the previous month. Meanwhile, the typical rent for two-bedroom apartments declined by 2% to 39.5 thousand rubles, illustrating divergent dynamics within the market.
The sharpest upticks for one-bedroom units were observed in Krasnoyarsk, Chelyabinsk, and Perm, each registering roughly a 4% rise. In Voronezh, price growth was more pronounced at around 8%. By contrast, St. Petersburg saw a modest decrease of about 1%. In Moscow, the average rent for a one-bedroom apartment stood around 55 thousand rubles, while two-bedroom rentals hovered near 99.2 thousand rubles.
Experts say that properties with rates aligned to real market conditions have begun to re-enter the market, signaling a potential rebalancing. At the same time, many landlords still feel pressure from expectations built during the peak, which continues to push prices higher for some listings.
Analysts expect demand to decline by roughly 10% by year-end, with some landlords likely offering additional discounts to attract tenants. Looking ahead, a potential rise in borrowing costs after the New Year could make renting relatively more attractive than taking on a mortgage for many households.
There is also mention of policy discussions in the market. One note indicates that there were considerations about how comfort costs are calculated in rental agreements and related rights for residents to use rental apartments on a daily basis. Earlier discussions in Russia proposed giving homeowner associations the authority to permit day-by-day rentals, reflecting ongoing debates about rental regulation and flexibility in the housing sector.