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Real estate expert: the number of rental apartments is decreasing, but prices remain stable

Эксперт по недвижимости: количество арендных квартир сокращается, но цены остаются стабильными

According to Igor Khabal, a member of the management of the real estate agency Uus Maa, despite that, that number of offered to rent apartments is decreasing, in the new year any significant increase in price can not be feared. According to Igor Habal, small investors, in the last years invested in the purchase of apartments for supply to rent, realized that 1-2 apartments don’t bring financial freedom, and they become a sort of work. “The business of renting is not passive income, but the monthly management of real estate. By most account, the most beneficial part of investing in a rental apartment is the increase in the value of the real estate with the current of time. In a situation where sales prices have bottomed and have started to increase, and rent payment cannot increase at
the same pace, profitability will remain low and in this year, and interest investors in acquiring assets will be withering,” Habal said. “Estonian real estate rental market is becoming more professional, like the markets of the Western countries. Small investors will not disappear, but their share will decrease. At the same time, the influence of real estate funds who build homes for rent will increase, own hundreds of apartments and use the services of professional management teams. This increases the cost of the service rental, but enriches the market. “For example, in the result of activities of the
real estate funds real estate, the market is more than 3- and 4- room apartments, which previously were in deficit”, Khabal added . “In the long term, the share of tenants in Estonia will increase. While now almost 80%Estonians are owners of real estate, then in future in this indicator we will become close to Western Europe, where the ratio of owners and tenants is more or less balanced. The thinking of people is also changing, and instead of defining the house as property, people perceive it
as a monthly service. “From the point of view of monthly payment, renting in the next years will be cheaper than ownership by a percentage of twenty,” said Habal. “Now the number of offers in the rental market has slightly decreased – owners prefer to keep the current tenants, on the
other side, the number of tourists and foreigners has not recovered to pre-coronavirus levels, why the activity of the market remains comparatively low, “So, we can’t say that the offerings are sufficient,” said Member of the Board
UusMaa.”Despitethereductioninthenumberofoffers,nosignificantincreaseinrentalpriceisexpectedthisyear.According toforecasts,thegrowthofpriceforrentinthecurrentyearwillbesimilartogeneralinflation,”Habal added.

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