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Apartment rental "boom" culminates

  • "At the end of July, the demand for rental apartments has reached the highest point; in addition, a queue of up to ten persons for one rental apartment has been registered in certain cases," says Mr. Dzintars Bērziņš, Head of the Rental Department of ARCO REAL ESTATE, commenting the current situation in the rental market of the capital of Latvia.


When the end of the summer is approaching, the activity on the rental market is increasing every year, and this year is no exception. The greatest demand is from locals who are actively looking for good-quality two-room apartments in their preferred location. The observations of ARCO REAL ESTATE specialists also suggest that premium-class apartment prices in the rental market are currently equivalent to the rent of old apartments, which means that renters whose dwellings are outdated may have more difficulties in attracting clients.

 

"When a good-quality two-room apartment in the central part of Riga is being offered for rent at a price from 400 to 550 euro per month, a queue of six to ten people is created. This fact already indicates that the owners of outdated apartments will have to cut prices," says Mr. Dz. Bērziņš.

 

Also local and foreign students, who are gradually arriving in Riga since the beginning of August, are very interested in apartments in Riga. As the new school year approaches, students are the most active clients in this segment. At present, in the market share serviced by ARCO REAL ESTATE, the number of lacking apartments for rent could reach a hundred, but in the sector as a whole - even more, says Mr. Dz. Bērziņš.

 

In addition to the influx of students, also high-ranking officials are often visiting Latvia, and they are looking for three to four-room apartments for a price of 1500 euro per month. This segment also shows a relatively low supply. If the apartments of this type are available at an adequate price, they are rented out immediately.

 

“Many have been prepared that because of the high demand the apartment owners will increase the prices, but in reality the prices often do not match the quality of the apartments. Owners of apartments can not afford to keep such high prices for a long time because the customer is ready to wait for an adequate apartment at an acceptable price. There is also a tendency that in August many apartments are being vacated, so we will be glad to start cooperation with the owners of free apartments in order to find suitable tenants for their properties," explains Mr. Dz. Bērziņš.


31.07.2018.

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