In November, rents were virtually unchanged from the previous month both nationally (+0.2%) and in the capital (+0.1%). With consumer prices stagnating compared to October, supply rents were unchanged in real terms. Real rents were 22% higher than the 2015 base level nationally and 16% higher in Budapest.

Prices remained stagnant in November

Since July, the increase in supply rents has been slowing down essentially steadily. Compared to the previous month, supply rents remained stagnant in November 2023, with only a marginal increase nationally (+0.2%) and in Budapest (+0.1%). November rents were 12% higher than in the same period of the previous year both nationally and in Budapest, and 95% and 86% higher than the base period of 2015.

Nominal rents have been rising more or less steadily since 2021, but since the second half of 2022 this increase has lagged behind that of consumer prices, so the real rent index has started to fall. In February 2023, the real index started to rise again, but since August it has tended to fluctuate slightly. In November, rents stagnated in both real and nominal terms due to stagnating consumer prices compared to the previous month.

In the capital, only in the other (non-hilly) districts of Buda did rents rise appreciably (by 0.5%). Over the course of a year, rents increased most (by 13%) in the transitional districts of Pest, while in the other district groups of the capital, rents generally increased by 10-12%.

No significant change in supply characteristics

Until November 2023, 56% of the advertisements considered were for housing in the capital, 29% in a town with county status and 14% in a town without county status. The average floor area of the dwellings advertised for rent was 55 m² in Budapest and 57 m² in the cities with county rights. In the smaller municipalities - the non-county towns and villages - the dwellings for rent tended to be larger, with an average floor area of 68 m². The properties with the largest floor area (80 m² on average) continued to be advertised in Pest county.

Nationally, the vast majority (91%) of the advertisements observed were for flats in multi-dwelling buildings, with the remaining 9% for detached houses. In Budapest, however, only 4.0% of dwellings for rent were detached houses. By November 2023, 43% of ads in the capital and 44% nationally were from individuals.

Methodology
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