The rental market is active all year round, but it is especially "hot" at the end of summer, when students and those returning to Riga after the holiday period show the greatest interest in rented apartments, says Mr. Mārtiņš Miezītis, Real Estate Agent of the Rental Department of ARCO REAL ESTATE, considering that the supply during this period is quite low.
“Unreasonably high prices set by the apartment owners, inadequate supply, poor condition of the apartments, old-fashioned furnishings and poor location are just some of the factors that make renters look pessimistic about their possible temporary home. When demand exceeds supply, people are still not ready to make quick decisions,” the expert shares his observations.
The rent can be divided into several price ranges and each has different characteristics. For example, in the price range of up to 10 euro per square meter you can rent an apartment that is likely to have worn-out interior decoration, non-functional layout, large, impractical space, and old-fashioned furnishings. It is possible that the building itself may be in poor technical condition or the apartment has high utility bills.
Much greater supply is available in the price range from 10 to 15 euro per square meter. Within this price range, the apartment is most often with an area of 40-60 square meters, with newly renovated interior and optimum layout, home appliances and convenient location. Utility payments in these apartments are acceptable to tenants. The ARCO REAL ESTATE rental department expert estimates that the apartments at this price represent about 60% of the total supply. At the same time, they are also the most demanded apartments in the rental market, and the observed trends show that demand is significantly higher than supply.
The most expensive price category includes apartments for rent from 15 euro per square meter. Such apartments are most often found in new projects or exclusive buildings, which may include a gym or retail space, and range in size from 20 to 35 square meters. Often such apartments have a terrace and modern interior decoration. Such apartments are also characterized by additional advantages such as physical security in the building, underground parking and storage facilities. The apartments in this price range are conveniently located near public transport stops, supermarkets and educational establishments.