ARCO REAL ESTATE

• This autumn the best apartments in Riga have been rented out unexpectedly quickly, and currently we, basing on the collected data of requests of our customers, are looking for 170- 200 apartments which are rented out and located in the central part of Riga or the Old Town, informs Ms Līva Jaunozola, Head of the Rental Division of ARCO REAL ESTATE.

This autumn the best apartments in Riga have been rented out unexpectedly quickly, and currently we, basing on the collected data of requests of our customers, are looking for 170- 200 apartments which are rented out and located in the central part of Riga or the Old Town, informs Ms Līva Jaunozola, Head of the Rental Division of ARCO REAL ESTATE.

The most popular apartments are furnished 2-3 bedroom apartments; the planned budget of the tenants, including utility payments, is around 550-750 LVL; in the second place there are small studio-type apartments with an average area of 40 m²; prospective tenants are willing to pay around 230-260 LVL per month.

Of course, the apartments must be in good condition and furnished. If you are interested in renting out your apartment - we would appreciate your call! But if you have a non-renovated or unfurnished apartment – we would be happy to advice you how to carry out repairs and furnish the apartment in the most rapid and most profitable way, because we respect our customers and want to help them find a place to live, and we want help also you, honourable apartment owners, in finding solid long-term tenants!

Ms Līva Jaunozola, commenting on the high rental market activity just in September, informs that it is influenced by arrival of subsidized foreign students to Riga. The students are looking for a residence for a certain period of time, mostly for 1-3 years. The number of arriving students is growing year by year. This year alone, the RSU (Riga Stradins University) has admitted about 200 foreign students, and each of them need a home. „It is worth noting that some of these students' tuition fees are subsidized by their home countries, and, therefore, their rental budget is higher", says Ms L.Jaunozola

The market situation is also affected by changes in personnel of embassies and diplomatic missions as well as international companies.

The last named customer groups are mostly interested in renting luxurious apartments in high quality renovated buildings or new projects. Often, these apartments are also needed unfurnished. The most demanded areas include the so-called "Quiet Centre" and Ķīpsala.

Compared to autumn of 2010, apartment rents have risen on average by 15-20%. I expect that in the winter season the rent amounts will decline slightly due to public utilities charges, but if the gas and other public utility rates will not change in the country, rental prices will again have a tendency to rise next year, as the new housing market is still stagnating, while the pre-war buildings in the centre of Riga are not being renovated and refurbished. This stagnation will cause a rise of apartment rents in the centre of Riga. „I would recommend to inhabitants of the houses to organize themselves creating associations, and to invest in renovation of the houses, thus raising the value of their properties", says Ms L.Jaunozola.

Additional information:
Rent of residential apartments
+371 7607 9216
ww.arcoreal.lv

12.09.2011.