Rent has increased beyond the standard – Kommersant FM
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Housing rent in Moscow has risen in price by a record 13% over the month. A one-room apartment can now be rented for an average of 45 thousand rubles. Two-room apartment – from 57 thousand rubles. — analysts from the World of Apartments company calculated. As Kommersant FM found out, the most noticeable increase in prices is observed in the business and premium segment market. New lots enter the market at 15-20% more expensive. What is the reason for the unusual price increase for November? And why are developers expanding rental-for-mortgage programs? Aelita Kurmukova sorted it out.
Analysts attribute the unusual demand for rentals at the end of autumn to expensive mortgages. Those who did not have time to take out a home loan before the rate hike or who postponed the purchase of a home came to the market. Moreover, this applies not only to economy class, but also to the business segment. Property owners also decided to take advantage of the situation by raising monthly rent by 13-20%, notes Vladimir Rodionov, head of the “Rent” department at Apple Real Estate:
“Purchase an apartment worth 35-50 million rubles with a mortgage. and higher is now simply not economically feasible. The flow of clients waiting for these new buildings has returned. But now these are tenants who rent both one-room business class apartments and large four-room apartments. The cost of such objects starts from 80-120 million rubles. If we are talking about full-fledged two-room apartments of 70 square meters or more, then their price starts from 150-170 million rubles.”
Market mortgage rates start at 17%. If you buy a business class apartment on credit, then you need to give the bank at least 200 thousand rubles. per month, adds Rodionov. And this does not include paying for insurance, repair costs, and furnishings. And those who rented housing, having upgraded their class, are not ready to move into the economy segment. And such clients stayed for one and a half to two years, Kommersant FM’s interlocutors assure.
Another option: without reducing the class of the property, rent an apartment from the developer with the option to buy it. Such programs are increasingly being considered by potential buyers, says Valery Kochetkov, director of the new buildings department at Inkom-Real Estate:
“The developer currently has unsold apartments. The client chooses a ready-made one in which he can immediately live by concluding a lease agreement. And the agreement stipulates that funds are saved to pay the down payment. With an apartment price of 11 million rubles. with an initial payment of 20% – this is 2.2 million rubles. With an average rate of 45 thousand rubles. rent monthly, he needs to save for four years for a down payment. If this money is enough to obtain a mortgage, then he can switch from a rental agreement to a mortgage agreement and buy this apartment into his own ownership.”
This scheme is convenient both for the client, he saves on rent and saves for the down payment, and for the developer, because he is guaranteed to receive money every month and uses it, increasingly tying the potential buyer.
Whether the tenant will buy such housing will depend on mortgage rates and the cost per square meter. Although there is already talk that from January 1 the down payment may be raised to 25%. But there are no prerequisites for a serious increase in housing loans themselves, so the rental market is only taking off temporarily, assures Alexander Khrustalev, CEO of NDV-Real Estate:
“The Central Bank increased the key rate. It is possible that by the end of 2023 the regulator will raise it again, but only slightly. I think there will be a decline in the first quarter of 2024. What has the Central Bank achieved? The lending market cooled down for two to three months. Then this pent-up demand will spill out in March-April next year.
If you keep the rate for more than six months, then the developers will “fall”. Who are the final beneficiaries? Banks. Therefore, in order to prevent this, the Central Bank will be forced to lower the refinancing rate. I think that by the summer of next year the bank rate will be around 8-7%.”
In the meantime, the pent-up demand in the new buildings market will be subsidized by the developers themselves, Alexander Khrustalev does not rule out. New Year’s promotions, pantry gifts and small discounts are possible. But you shouldn’t count on price reductions. According to Rosreestr, the average cost per square meter in a new building in Moscow from July to November increased by 23% and amounts to almost 380 thousand rubles. in one-room apartments.
Everything is clear with us – Telegram channel “Kommersant FM”.
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