Rental price in December 2023

08.02.2024

Rental price in December 2023

After an autumn decline, average prices for rental housing began to rise again in December 2023. In Warsaw, for the first time, landlords expected to receive, on average, more than 3 thousand zlotys per month for the smallest apartments.

In contrast to prices, the number of advertisements for new apartments has decreased. There were 23% fewer listings on offer than in November and the fewest for all of 2023. However, at the end of December 2023, landlords offered 52% more apartments than during the same period in 2022. The majority of proposals (59%) were premises with an area of up to 50 sq.m.

After an increase in average supply prices in 2022 by tens of percent, 2023 became a sign of stabilization, although occurring at a level of significant prices.

Average rental prices in selected cities in December 2023

City	Area (sq. m)	Average price (PLN/month)	Change m/m (%)	Change y/y (%)
Warszawa	0 – 40	3020	+0,8	+5,6
	40 – 59	3884	+0,1	+1,6
	60 – 89	5822	-0,7	+7,4
	90+	11 054	+0,7	+2,4
Gdynia	0 – 40	2125	+1,0	+3,7
	40 – 59	2734	+0,7	+2,7
	60 – 89	3856	-1,0	+10,0
	90+	5382	-0,6	+0,9
Kraków	0 – 40	2437	-0,2	+1,6
	40 – 59	3057	-0,5	+0,8
	60 – 89	4196	+0,2	+4,2
	90+	5655	-1,2	+8,0
Gdańsk	0 – 40	2456	0,0	+2,0
	40 – 59	2986	+0,1	+3,9
	60 – 89	4121	-1,4	-2,4
	90+	5461	+0,3	-1,9
Szczecin	0 – 40	2088	+1,1	-1,9
	40 – 59	2601	+1,7	+4,2
	60 – 89	3427	+1,8	+6,0
	90+	4318	+2,0	+8,8
Wrocław	0 – 40	2391	+0,8	-4,7
	40 – 59	2950	-0,4	-3,0
	60 – 89	3822	-1,2	-5,3
	90+	6139	+3,2	+3,4
Katowice	0 – 40	1809	+1,8	+0,9
	40 – 59	2330	+0,8	+2,1
	60 – 89	3308	+2,2	+13,0
	90+	3895	-1,0	+7,7
Poznań	0 – 40	2000	+0,7	+1,7
	40 – 59	2491	+0,9	+0,9
	60 – 89	3197	+0,4	+2,7
	90+	4031	+4,4	+9,5
Lublin	0 – 40	2045	-0,2	+4,8
	40 – 59	2496	+3,3	+4,5
	60 – 89	2941	+2,1	+3,6
	90+	3413	+0,6	+13,9
Łódź	0 – 40	1685	+2,6	-5,8
	40 – 59	2162	+1,4	-4,6
	60 – 89	2732	+0,1	-12,6
	90+	3697	+5,5	-11,7
Bydgoszcz	0 – 40	1614	-0,2	-3,0
	40 – 59	2032	+2,2	+4,9
	60 – 89	2613	+0,7	+0,7
	90+	3336	+3,7	-3,1

Source: Otodom Analytics

The average expectations of those renting small apartments were the most stable. For apartments with an area of less than 40 sq.m. the strongest increase in the average supply price (+5.6% y/y) compared to December 2022 was recorded in Warsaw. The capital turned out to be the most resistant to the adjustments observed in the studio rental market both in spring and autumn.

Thus, in December 2023, the average price of the smallest apartments in Warsaw for the first time exceeded PLN 3,000/sq.m.

However, among large Polish cities there were many where the average expectations of landlords fell during the year. The average price of the smallest apartments in Lodz decreased by almost 6% compared to December 2022 (despite an increase of 2.6% in December compared to November). The average asking price in Wroclaw fell by 4.7%, and the average expectations of landlords in Szczecin fell by almost 2%.

These three cities, along with Lublin, also saw the smallest increase in average asking price over the two-year period. The indicated increase was respectively 23.4% (Lodz), 23.8% (Wroclaw) and 18.5% (Szczecin).

In 2023, the average cost of larger apartments ranging from 40 to 59 square meters. m was just as stable. In none of the analyzed cities did the annual growth exceed 5%.

Large fluctuations occurred in advertisements for rental apartments ranging from 60 to 89 sq.m. However, it was among this type of premises that it was easiest to find a monthly rate reduction in December. The adjustment continued, among other things, in Warsaw, where the average supply price fell significantly below the level of 6,000 zlotys/sq.m. and in Gdansk.

Rental price in December 2023

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