Cost of renting rises in most European capitals

13 August 2020 | General

The cost of renting has risen year-on-year in the majority of European capitals, with particular increases in Malta, Lithuania and Poland.

Research from international rental marketplace Spotahome found that rents surged in Valletta, Malta (pictured) by 11.1%, bringing them to £942 per month.

Other cities with strong increases are Vilnius, Lithuania (10%); Warsaw, Poland (9.2%); Copenhagen, Denmark (8.7%); Stockholm, Sweden (7.4%); and Athens; Greece (6.9%).

Budapest, Hungary, has seen the largest decline in rents, down -2.8%, along with Prague, Czech Republic, at -2.1%.

Nadia Butt, UK and Ireland country manager of Spotahome, said: “A reduction in the cost of renting across some of Europe’s largest destinations for international tenants will be very welcome news for those already residing within them, regardless of how minor.

“We’ve seen rental growth in the majority of these locations remain on an upward trajectory for quite some time now due to the high demand for properties in these sought after cities.

“However, with current travel and workplace restrictions reducing this demand from working professionals and students, in particular, we’re starting to see rental costs in some of the most inflated markets start to level out.

“Unfortunately, this rental respite is only likely to last for the short-term and once we start to see a return to a new normal, it should start to pick up again.

“For those planning a move, this current lull provides an excellent opportunity to secure a rental property at a lower cost than they may have otherwise, and this will help with the overall cost of relocating to a major city once the time comes.”

This post has originally been featured in Property Wire.