Storia.ro Analysis: Renters Facing Prices 15% Higher Than Last Year

In September of this year, compared to the same month last year, there were 8% more interactions between renters and those posting rental listings on Storia.ro – the real estate platform launched by OLX. In September, despite a 3% decrease in the number of contacts compared to August, listings were displayed for a shorter period (-24%). This indicates that those who contacted property owners or agents concluded transactions more quickly, showing a stronger determination to rent.

The prices requested on Storia.ro for rentals in the 10 analyzed cities, which are the cities with the most listings on the platform, saw a year-over-year increase of 15% (September 2023 vs. September 2022), while prices from month to month (September 2023 vs. August 2023) increased by an average of 2%.

“After analyzing the latest data from Storia.ro, we observed that the average rental price in Constanța increased the most year-over-year (September 2023 vs. September 2022) compared to other cities analyzed. The increase was recorded in the prices of all categories of apartments: one-bedroom (+20%), two-bedroom (+29%), and three-bedroom (20%), as well as in demand. Increased demand can be attributed to the work-from-home phenomenon, which allows work outside the office, as well as people’s desire to be more connected to nature due to the pandemic. Last but not least, we also take into account the fact that Constanța is one of the main university centers in the country,” said Răzvan Ceapă, Head of Operations at Storia.ro & OLX Real Estate.

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Compared to September 2022, in September this year, average rental prices increased the most (+20%) for three-bedroom apartments, with the average price reaching 680 euros. Similarly, the average price for two-bedroom apartments in September was 511 euros, a 15% increase compared to the same month last year. Furthermore, the average rental price for studios in the capital increased by 12% compared to September 2022, reaching an average value of 336 euros.

Those wishing to rent in sector 1 of the capital (the most expensive sector) pay 65% more than those in sector 4 of Bucharest (the cheapest sector in September). According to the data, apartments in sector 1 saw the highest price increase compared to the previous year (+21%), followed by apartments in sector 5 (+17%), and those in sectors 2 and 6 (+15%). The smallest price increases per sector were recorded in sector 4 (+6%) and sector 3 (+13%).

In September, the average rent for a studio ranged from 300 euros (in sector 5) to 400 euros (sector 1). Average rental prices for two-bedroom apartments ranged from 430 euros (sector 4) to 620 euros (sector 1). Three-bedroom apartments had average rental prices ranging from 500 euros (sector 6) to 900 euros (sector 1).

Rental Price Trends in Other Major Cities in Romania, According to Storia.ro Data

Throughout the country, in September of this year, compared to the same month last year, there were exclusively increases in the average requested price for all categories of apartments.

The largest year-over-year increase in average rental prices occurred in Constanța, where two-bedroom apartments saw a 29% increase. The exceptions include the cities of Timișoara and Cluj-Napoca, where prices remained stagnant in September compared to August for all categories of apartments. The highest month-over-month increase (September vs. August) was recorded in Oradea for studios (+11%) and in Constanța for two-bedroom apartments (+11%).

CLUJ-NAPOCA

In September, the average rental prices for apartments and studios remained constant compared to August.

Compared to the same month last year, average rental prices increased by 17% for studios and three-bedroom apartments and by 10% for two-bedroom apartments.

IAȘI

Compared to August, average rental prices in September remained constant for three-bedroom apartments, while the price for studios increased by 6%, and the price for two-bedroom apartments increased by 10%. Compared to September 2022, average rental prices increased by 20% for studios, 10% for two-bedroom apartments, and 4% for three-bedroom apartments.

Therefore, in September, the average rental price for studios reached 300 euros, while two-bedroom apartments were rented, on average, for 440 euros, and three-bedroom apartments had an average rental price of 500 euros.

BRAȘOV

In September, average rental prices remained constant for studios and fluctuated slightly for two-bedroom (+7%) or three-bedroom apartments (-1%) compared to August.

Compared to the same month last year, rental prices increased on average by 20% for two-bedroom apartments, reaching 480 euros in September 2023, up from 400 euros in September 2022. At the same time, the rental price for studios increased by 11% compared to last year, from 270 euros to 300 euros. Three-bedroom apartments had an average rental price of 595 euros in September (+8%) compared to 550 euros, the average rental price in September of the previous year.

CONSTANȚA

In September, there were increases in studios (+8%) and two-bedroom apartments (+11%), while the rental price for three-bedroom apartments decreased by 8% compared to the previous month (August 2023).

Compared to the previous year, the average rental prices increased significantly for all apartment segments in Constanța, with the highest growth recorded in two-bedroom apartments (+29%), followed by studios and three-bedroom apartments (+20%).

TIMIȘOARA

In September, average rental prices for apartments and studios remained constant compared to August.

Compared to the same period last year, average rents are higher for two-bedroom apartments (+14%), three-bedroom apartments (+13%), and studios (+9%).

SIBIU

In Sibiu, average rental prices in September decreased compared to August for three-bedroom apartments (-5%), while studio prices increased by 10%, and two-bedroom apartment prices increased by 6%.

Compared to September of the previous year, average rental prices increased for all apartment categories – by 23% for two-bedroom apartments, 22% for studios, and 10% for three-bedroom apartments.

ORADEA

Compared to August, average rental prices remained constant in September for two and three-bedroom apartments, but increased for studios (+11%).

Compared to September of the previous year, average rental prices increased by 17% for two-bedroom apartments, 14% for three-bedroom apartments, and 11% for studios.

CRAIOVA

In September, average prices remained relatively similar to those in August, but compared to September 2022, there were increases in average rental prices for two-bedroom apartments (+17%), studios (+12%), and three-bedroom apartments (+8%).

ARAD

In Arad, average rental prices remained relatively similar to those in August, but compared to September 2022, there were increases in average rental prices for two-bedroom apartments (+10%), studios (+19%), and three-bedroom apartments (+11%).

This analysis was conducted by Storia.ro, the real estate platform launched by OLX, as part of the “Smart Path Home” initiative, through which the brand aims to contribute to the transparency of information needed by all buyers, renters, owners, agents, and developers in order to support them in making informed real estate decisions.