Analytics, Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Thursday, 04.06.2020, 18:21

Activity on Riga rental market was quite high last year

BC, Riga , 08.03.2018.Print version
Activity on Riga’s rental housing market was fairly high last year, with higher demand recorded in the economy segment, with tenants mostly looking for renovated standard design apartments in the most popular neighborhoods, Latio real estate company said in its 2017 housing market review, writes LETA.

Rent prices remained stable in 2017, but the supply of good standard design apartments was relatively small, which pushed prices slightly up in this most popular segment. The typical monthly rent for apartments in standard design houses was in the range between EUR 200 and EUR 300. The monthly apartment rent in new residential projects ranged between EUR 350 and EUR 600 depending on the location and size of the apartment, according to the Latio report.

Latio representatives said that tenants’ demands for higher quality mean that they take more time to pick the right apartment and compare alternative offers. Landlords have to think how to make their apartments more attractive in terms of the price and quality.

Fully furbished 20 to 30 square meters large apartments that are let out for EUR 220 to EUR 350 a month are becoming increasingly popular, Latio said.

In the premium segment, rent prices and demand have remained stable, according to the report. In this segment, the highest demand has been recorded for three to four-room apartments that are let out for up to EUR 2,000 a month. Latio also notes a shortage of such apartments on the market.

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