Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Sunday, 12.07.2020, 12:57

Rental apartment boom has peaked in Riga

BC, Riga, 31.07.2018.Print version
Demand for rental apartments in Riga hit the highest point at the end of July, with up to ten potential tenants waiting in line for an apartment, Dzintars Berzins, head of the rent department at Arco Real Estate, told LETA.

Like every year, activity on the rental market has been increasing towards the second half of the summer. The highest demand has been from local residents looking for high-quality double-room apartments in neighborhoods of their choice. Arco Real Estate experts have also observed that apartments rents in the premium segment are currently on the same level as rents of old apartments, which means that letting out old apartments might become more difficult in this situation.

“As soon as a high-quality double-room apartment in downtown Riga appears on the market for EUR 400 to 500 a month, six to ten people line up to get the lease. The fact suggests that owners of obsolete apartments may have to lower their prices,” said Berzins.

Local and foreign students who arrive in Riga already from early August are also expected to look for apartments in the capital city. This fall, the market segment of Arco Real Estate might be shot of approximately 100 apartments, Berzins said.

Meanwhile, high-ranked officials who also visit Riga quite often, look for three to four-room apartments for roughly EUR 1,500 a month. Supply in this segment is also relatively low and all apartments available for adequate prices are let out quickly, said Berzins.

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