According to DomClick, the average housing rental rates in Russia have dropped by almost 15%. This spring people will be able to rent an apartment at a national average of RUB 23,000. A year earlier, the average rental rate was higher, at RUB 27,000.

Rental demand grew in April. Inquiries about 'renting an apartment' and 'renting housing' grew by a factor of almost 1.9 (4.8 million users) and a factor of 4.4 (894,000 users), respectively. The number of users visiting the resource who wanted to rent a room also increased by a factor of over 1.6 (732,000 people).

The population's business activity is recovering, and an interesting situation is developing on the housing rental market. Supply is growing. In April 2021, 15% more rental ads were placed than in April 2020. We have noted a substantial increase in demand. However, supply exceeds demand. Against this backdrop, many landlords were forced to drop their rental rates, which is what we are seeing now.

Nikolay Vasyov

Vice President, Director of the DomClick Division, Sberbank

According to Vasyov, advantageous mortgage market rates also led to the decrease in rental rates. Many people who previously rented housing chose to buy their own.

Moreover, rental demand for private homes, which usually rises from April to July, also grew, with a 36% increase compared to last April.

Sber ID authentication enables clients to publish rental property ads on DomClick for free. It also ensures quality control and user security. All advertisements placed are automatically moderated. A portion of ads are verified by moderators personally.

Users can also report suspicious advertisements by clicking the Make a Complaint button. Such advertisements are checked using a mystery tenant moderation approach. If the ad is indeed suspicious, it is removed.

'A large number of advertisements on DomClick are placed by realtors. We provide realtors with the opportunity to upload ads for free and effectively promote them at a lower price than our competitors,' adds Vasyov.

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Sberbank of Russia published this content on 01 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2021 13:42:06 UTC.