The cost of renting an apartment - Polish real estate market - November 2009

The costs of renting a flat are constantly falling. They are falling much faster than the costs of buying apartments. The highest - 13% price reductions (compared to November 2008) took place in Warsaw and Wroclaw. In Katowice you can rent a flat 8% cheaper than in November 2008. In Gdańsk and Poznań the prices are lower by 7% and in Cracow by 6%. This is the effect of rise of the number of apartments to rent on the market. There are 80% more apartments to rent in Poland than last year in general and in Warsaw or Poznań there are about 150% more apartments to rent than in November 2008.

The fall of prices of 1 room flats to rent was the slightest: from 3% in Gdansk To 11% in Warsaw. The fall was more significant in case of larger apartments: 3 room apartments in Warsaw and Katowice or 2 room apartments in Wroclaw - 15%, that is 200 - 300 PLN less a month.

The changes in prices are the reflection of the demand for particular apartments. The statistics taken from Szybko.pl show that it takes 18 days to rent a 1 room flat, 22 days in case 3 room apartments and 26 for a 5 room apartment.

The prices of renting fell the most significantly in Gdańsk(10%), in Cracow and Wroclaw - 4%(from September to November 2009). It is very typical for the end of the year period. The lack of the usual rise in prices in September and October and the rising supply indicate the high probability of further fall in renting costs.