Rental rates have stopped growing, but the correction is only symbolic. The advantage is the offer of restructuring apartments for rent. This may be facilitated by the outflow of migrants, easier access to loans and the fact that last year the situation in the rental market was so good that some wealthy compatriots decided to invest in apartments.
The first half of 2023 brought a welcome breath of normalcy to the rental market. Its most important manifestation is the offer of apartments for restructuring. About 10,000 housing units have been commissioned since the beginning of the year. Thanks to the supply restructuring, the pressure on rental rates has clearly eased. They stopped growing and even had a temporary cosmetic correction. However, this is little consolation if growth averaged 20-25 percent in 2022. – note Bartosz Turek, Oskar Sienkowski, HREIT
There are already 3/4 more rental offers
In June 2023, there were more than 73.7 thousand unique apartment rental offers throughout Poland. – according to Unirepo. It is up to 75 percent. more than April 2022, which was the worst in this regard. Recall that it was then that we were dealing with an unprecedented buying of apartments for rent. At that time, we could only find 42,000 ads on advertising portals. non-recurring offers of apartments for rent. In practice, however, there were situations when in some places, for example, two-room apartments were not offered.
There were at least three reasons. After the outbreak of the war (February 2022), we faced an influx of Ukrainians fleeing an armed attack on their country. At that time, out of a fit of heart, some Poles who had vacant premises for rent decided to rent them out to refugees coming to us. As a result, the supply of premises was limited.
But that is not all. Some Ukrainians who came to Poland could afford to rent an apartment, which increased demand. This one was still not low, because at the end of 2021 they began to turn off the taps with mortgage loans. As a result, an increasing number of compatriots were deprived of the opportunity to buy an apartment and were forced to use the offer of the rental market.
- Effect? As we mentioned earlier, in April 2022, the number of unique apartments for rent across the country dropped to 42,000. This is about 3 percent. all existing resources. Therefore, it is worth realizing that the result is at the level of 5%. and below is considered a radical buyout of the offer, the authors of the analysis conclude.
Source: Wprost
I am George Brown, author at Daily News Hack. I mostly cover economy news and I have been doing this for quite some time now. I have a lot of experience in this field and I’m always looking for new opportunities to learn more.
