The early wave of the holiday season brought a notable 40 percent rise in short-term rental prices in tourist hubs. A report from a major Russian outlet notes this trend, drawing on data from the Restate service.
According to Restate, the average daily rate for rental apartments in Sochi surged by 40 percent from the previous year, reaching 68,000 rubles. Demand for rental housing peaks in the summer when many Russians take holidays along the southern coast.
Resort bookings for 2024 outpaced the previous year by about 40 percent, according to Yuri Kuznetsov, founder, owner, and CEO of the Russian service Sutochno.ru.
Tourists tend to rent apartments for around 39.7 thousand rubles daily, typically staying for eight days. The rise in mortgage rates in 2022 has helped keep demand strong, as buyers moved quickly to acquire properties to rent them out instead of waiting for cheaper financing.
As a result, rental prices climbed by an additional 10-15 percent in many markets. The heaviest price tags are found in central city districts with sea or river views. A 35-square-meter studio with modern furnishings in Rostov can fetch between 2.1 and 2.5 thousand rubles per day, with tenants preferring newer buildings where interiors tend to be more appealing than those in older structures.
Beyond summer demand, student migration contributes to the market. Beginning in June, students seek temporary housing in university towns, further lifting short-term rental activity.
There has long been talk of favorable housing rental programs for residents, and some discussions even hint at expansion toward northern regions. A former real estate agent notes concerns about what owners may hide when renting out properties, and how disclosure practices shape the market.