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In January, apartments for rent located in the city centre and the district of embassies were most demanded

  • January of this year was a very active month in the market of apartments for rent; in most cases good quality and modern apartments located in the city centre and the district of embassies were demanded.


In January, apartments for rent located in the city centre and the district of embassies were most demanded

January of this year was a very active month in the market of apartments for rent; in most cases good quality and modern apartments located in the city centre and the district of embassies were demanded. One of the reasons of this activity which should be mentioned is the personnel change in embassies that is characteristic for beginning of the year, change of top managers of international companies, new companies entering the Latvian market.

According to the statistics of ARCO REAL ESTATE regarding the rental transactions completed, the most demanded and rented apartment types in the beginning of January were the following three types:

  • 3-room apartments with 2 bedrooms, about 100m². Price range from 500 to 700 EUR;
  • 3-room or 4-room high quality modern apartments with 2 bedrooms, with area from 100 to 140m², price range from 700 to 1200 EUR;
  • 5-room or 6-room unfurnished apartments, about 200-250m², price range from 700 to 1000 EUR.

In the second half of January there was observed a growth of demand for middle-class apartments with a very sound layout and as many as possible bedrooms (3-5 bedrooms) with a budget of 700 to 1000 EUR, including utilities. This trend in turn is explained by the fact that Stradiņš University has begun the second semester and started a new admission of students from abroad. These demanded budgets come from the fact that an average of 3-5 students would like to rent an apartment together and on average each student`s budget for rent is around 300 EUR, including utilities.

There is still a very big shortage of high-class modern apartments with designer-crafted interiors, paring lot in the yard etc.

Poor quality, non-renovated apartments located both in the central part of the city and in housing estates gradually begin to disappear from the market.

More and more tenants want to rent an apartment as a legal entity to write off the rent as company expenditure.

The price growth compared with the level of January 2010 is about 10-15% on average; in February and March, the prices could remain at the current level, while, at the beginning of spring, the prices could increase somewhat due to reduction of utility costs.

In general, the situation in the rental market has been stable; the market is active, especially regarding high-quality, high-class apartments with gas heating.

Information prepared by Līva Jaunozola, Head of Rental Division of ARCO REAL ESTATE


17.02.2011.

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