The summer of 2024 turned out to be a very interesting period for the rental housing market in the largest cities of Ukraine. Kyiv, Lviv and Odessa demonstrate completely different trends and dynamics. Trying to rent an apartment can vary significantly in these cities, as demand, prices and the speed of closings vary significantly. In this material, we will take a closer look at what the average delivery times for apartments in these cities were in the summer of 2024, and what was behind these indicators.
Kyiv: dynamic reduction in delivery deadlines
In the capital of Ukraine, housing rent has always been subject to significant fluctuations. In August 2024, Kyiv demonstrated a significant increase in demand and acceleration of apartment delivery times to 5 days. For comparison: in July 2024 this figure was 6 days, and in January of the same year it reached 11 days. A year ago, in August 2023, the deadline was 7 days.
There was also price stability with high demand:
- one-room apartments were offered for 15,000 UAH, but were actually rented out for 13,000 UAH;
- two-room apartments in advertisements cost 19,900 UAH, but tenants more often agreed to 17,000 UAH.
The reasons for the increase in demand are obvious – The end of summer is associated with the return of students and the beginning of the academic year, which traditionally causes a surge and adds a lot of people wanting to rent an apartment. The rental market in Kyiv continues to demonstrate high activity, while rental rates remain relatively stable, which indicates certain restrictions on the solvency of tenants.
Lviv: stability amid moderate demand
Lviv, one of the cultural and tourist centers of Ukraine, has its own characteristics of rental housing that distinguish it from the capital. Thus, the average delivery time for an apartment here is 15 days. The indicator has remained stable over the past six months, while in January 2024 the period reached 21 days.
Stable rental prices:
- one-room apartments were offered for 16,000 UAH, but in fact they were rented for 14,000 UAH;
- two-room apartments in advertisements cost 19,000 UAH, as in the capital, but were actually rented out for 18,000 UAH.
Reasons for the slow pace of delivery – lack of sharp growth in demand and limited willingness of tenants to pay more. The situation in Lviv is characterized by stability, both in terms of delivery time and in prices, which makes it attractive for long-term rent.
Odessa: rapid reduction in delivery time
Odessa, a sunny and restless city by the sea, has always been attractive to tenants in the summer, and in August 2024 this trend was especially noticeable. The average delivery time for an apartment was up to 9 days. This is twice as fast as in July, when the deadline was 16 days.
Reasonable rental prices:
- one-room apartments in advertisements were offered for 7,000 UAH, but were rented out for 6,500 UAH;
- the cost of renting two-room apartments officially reached 8,000 UAH, but in reality it remained within 7,250 UAH.
The reasons for the increase in demand were the tourist season, as well as an increase in internal migration due to affordable prices. Thus, Odessa demonstrates high demand dynamics and a reduction in housing delivery times, especially during the holiday season.
What the experts say
The rental market in the largest cities of Ukraine in the summer of 2024 turned out to be very diverse. Kyiv demonstrates high demand and a rapid reduction in delivery time, but moderate prices. Lviv remains stable with a moderate rental rate and equally stable prices. Odessa attracts with its rapid reduction in delivery time, which is explained by the increased interest in the city in the summer.
Such differences in rental market dynamics highlight the unique characteristics of each city and their attractiveness to different types of renters. Regardless of region, price stability with strong demand indicates that the market is on the cusp of potential changes that could come in the coming months.