Kyiv rental prices have fallen by 40-50%

22 April, 05:33 PM
Tenants are returning to Kyiv apartments (Photo:MaxMaslov / Depositphotos)

Tenants are returning to Kyiv apartments (Photo:MaxMaslov / Depositphotos)

The rental market in Kyiv is gradually reviving. Residents of eastern Ukraine are flocking to the capital, considered the home front, says the director of Brock-Realty Real Estate Agency Dmytro Korchev. In Kyiv, according to the mayor's office, about 17,000 internally displaced persons have been registered. 

Some tenants are moving out of apartments whose owners refused to provide discounts during the war. All together, this is resulting in rental prices 40-50% cheaper than just two or three months ago.

Activity is growing

Since the Russian invasion of Ukraine, Kyiv’s rental market has frozen. Realtors interviewed by NV Business say that for the first three or four weeks, no one approached them for finding housing for rent. Many tenants left, and landlords across the city approached the war in their own ways. Some have canceled rents for March and April, others have provided discounts, and still others have asked to pay rent at full price.

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“Some landlords are still ready to accept refugees from the eastern regions in their apartments for free,” Korchev says.

“You only need to pay for utilities.”

But in any case, no one is ready to pay pre-war rates.

Internally displaced persons expect to rent cheaper apartments. For example, for UAH 4,000 per month, they are ready to rent two-three-room apartments in the Pecherskyi or Shevchenkivskyi districts of the capital. One of the best options is the Novopecherski Lypky residential complex, where the cost of a 1-room apartment in the pre-war period exceeded $100,000.

But there are no such rental prices in Kyiv now, vice president of the Professional Property Management Association Anatolii Topal says. According to him, housing is now on average 40-50% cheaper than before the war. For example, an apartment in a residential area, which two months ago went for UAH 10,000 ($340) per month, can now be taken for UAH 6,000 ($204) per month. “But this fee is set not for a year, but only for two months,” Topal clarifies.

The availability of housing is one of the reasons why internally displaced persons from the east are coming to Kyiv, realtors interviewed by NV Business say. It is now almost impossible to rent a house or apartment in the western regions of the country, and prices are much higher than in the capital. For example, for a 1-room apartment in Lviv, landlords can ask for up to $1,000 per month. And there are those who want to rent housing for such rates.

What will happen to prices

Up to 20,000-30,000 residents are returning to Kyiv daily, according to data provided by the Kyiv City State Administration. But this has so far not affected the cost of rent. Topal says landlords expect to return prices to pre-war levels after the end of the war.

But everything will also depend on the economic situation - what kind of support Ukraine will receive from Western countries, whether Ukrainian business will be able to pay pre-war salaries, and whether tenants will return to Kyiv. Some of them have fled to the EU countries, received work permits, and may need to have a strong think about returning.

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