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26 Jan. 2024

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From Lviv to Kherson: where is the most expensive place to rent an apartment in Ukraine?

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From Lviv to Kherson: where is the most expensive place to rent an apartment in Ukraine?

There are various trends in rental prices across Ukraine. Find out in more detail which regions of the country have the most expensive rental prices, and where renting a home is quite inexpensive, and what determines the cost

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During the year, the cost of rented housing in Ukraine increased by 16% on average. The largest price increases were reported by apartment owners in the western regions. Although Kyiv was not among the growth leaders, it remained one of the top 3. This is reported by the Ministry of Finance based on data from the State Statistics Service.

Read here how much of the salary Ukrainians spend on renting a house.


In which regions of Ukraine is it the most expensive and cheapest to rent an apartment?


The real estate market continues to adapt to the war conditions, particularly in the rental segment, where demand is dynamic, there is enough supply, and prices are growing steadily. 


According to the State Statistics Service, in the first ten months of last year, rental prices increased in all regions except Kirovograd region.


Even in the face of massive shelling, the real estate market temporarily freezes for only a few days and quickly resumes normal operations. The lowest rental prices are recorded in the frontline regions. 


In the context of increased mobilization, the negative impact on the real estate market is only temporary: discussions on lease and sale transactions resume quickly after a temporary freeze in activity due to checkpoints and raids in cities.


The most expensive cities for rental housing in Ukraine


Uzhhorod


Uzhhorod is noted for its strategic location, which allows it to remain the safest region in Ukraine, far from the war zones and close to the western border. 


According to Roman Perehynets, the head of the Ukrainian Realtors Association in Zakarpattia region, the demand for rental property in the region has stabilized, but prices remain high. Rents for one-bedroom apartments range from UAH 8 thousand per month, two-bedroom apartments from UAH 10-12 thousand, and three-bedroom apartments from UAH 13-15 thousand. Prices for new buildings are much higher, starting at $400 for a one-bedroom apartment. In general, prices per square meter in Uzhhorod have increased by about 20%, according to experts.


Lviv


Lviv is not experiencing a rush demand for housing, and the balance between supply and demand has already been established, according to realtor Inna Gankovych. The focus is now on the cheaper segment of the market. Prices for renting two-bedroom apartments do not differ much from one-bedroom apartments, perhaps by UAH 1-1.5 thousand more. Prices can range from UAH 13-20 thousand for 3- and 4-room apartments. Apartments in the price segment of $60-70 thousand are the most popular.


Kyiv


Although Kyiv has lost its status as the city with the highest rental prices, it continues to experience some price increases, especially due to the constant influx of immigrants. 


Over the past year, rental rates for some items have increased by up to 20%. According to the bird platform, apartment rental prices in Kyiv increased by 6%. One-bedroom apartments now cost an average of UAH 18 thousand per month, or 10.5% more than in December. Owners estimate three-room apartments at UAH 30 thousand, which is 4.5% more than a month earlier. One-room apartments went up by 1.5%, stopping at UAH 13 thousand.


To buy an apartment in a residential area of Kyiv in the old housing stock, a budget of $45 thousand for a one-bedroom apartment, $55 thousand for a two-bedroom apartment, and up to $70 thousand for a three-bedroom apartment is recommended. Apartments near the metro can cost about $10 thousand more.




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The cheapest cities to rent and buy an apartment in Ukraine


Mykolaiv


The Mykolaiv real estate market has experienced a dynamic year with an impressive increase in rental prices, which has almost doubled the previous level. 


One-bedroom apartments that used to cost UAH 1.5 thousand are now rented for UAH 4.5 thousand, while two- and three-bedroom apartments can cost from UAH 6 thousand and UAH 8 thousand, respectively. Most often, IDPs from Kherson and the region are looking for housing, where they ask about renting for police officers and military families. 


Prices for buying a home range from $14 to $40 thousand for one-bedroom apartments and from $28 to $60 thousand for two- or three-bedroom apartments.


Sumy


Sumy has always had some of the lowest real estate prices in Ukraine, and although rental prices have increased over the past year, they remain in the range of UAH 8-20 thousand for one-bedroom apartments and UAH 10 thousand for two-bedroom apartments. 


Prices for buying a home range from $20 thousand to $85 thousand for two-bedroom apartments and cost an average of $43 thousand for three-bedroom apartments.


Kherson


The Kherson real estate market is extremely unstable, particularly in terms of rent. Rental prices range from UAH 1-1.5 thousand for outdated apartments to UAH 5-6 thousand for comfortable apartments with high-quality modern content. In terms of sales, prices have fallen by about 20%, but transactions are very rare, and owners mostly sell at discounts.


Price forecasts on the real estate market in the face of uncertainty


Real estate market experts note that prices are closely linked to the situation at the front and the level of security in specific regions. Nevertheless, assuming that the current conditions remain stable, experts see positive dynamics.


Sergiy Kurganov believes that there will probably be no dramatic changes in the rental market in the next month, but another seasonal increase may come in the spring. According to Yevheniia, a realtor from Mykolaiv, demand strongly influences rental rates, and market activity can affect the price, especially if the housing is rented quickly.


In terms of the cost per square meter, experts note the significant impact of government soft loan programs. If such programs function effectively and are in demand among the population, this can have a positive impact on market activity and lead to an increase in real estate prices.

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Earlier we wrote that one of the most important needs of foreigners planning their stay in Ukraine is housing. Find out where to find the right accommodation for daily or long-term rent and how to avoid getting scammed when renting a house.


Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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