Re/Max: Demand for home rentals dropped in Cluj-Napoca

The most sought-after rentals in this period, which attract long-term tenants and better returns, are the apartments with a surface of up to 42 square meters and those with 4 rooms, as well as houses. After the capital, one of the most effervescent cities in terms of its rental market remains Cluj-Napoca, where the segment’s growth started in 2014, when the demand was very high, shows Re/Max Romania’s data.

The need for new blocks of flats has started to be met more and more through a variety of new apartments. On the other hand, 2018 was a year in which demand for rentals fell, perhaps because of the fact that many customers targeted acquisitions, but also because there’s been no massive influx of new IT & Software employees this year. 

An analysis carried out on the real estate market in Cluj-Napoca reveals that this year, the best traded properties were:

• 1-room apartments and studios – the stock on this niche is low, and such an apartment can generate rent between 280-350 euro;
• 2 and 3-room apartments, especially in new residential buildings – these are the ones that offer the most options; the stock on this segment is extremely generous and the rental average is EUR 480/month, respectively EUR 580/month; on this segment there is a 10 percent decrease in the value of the rent;
• the category of apartments located in old, completely renovated and upgraded, detached buildings competes and aligns with prices of apartments in new buildings; on this segment the 3 and 4 room apartments registered a 10 percent increase compared to 2017;
• individual, duplex-type houses, meet the requirements of a segment that until 2017 had very few options; for those with 3 or 4 bedrooms and garden – families are oriented towards this type of rental – the trading value is between EUR 1,000 – 1,400/month, and for individual houses, between EUR 1,600 – 2,200/month.