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Property portal: Supply of Tallinn apartments falling, rents rising

Apartment buildings in Tallinn.
Apartment buildings in Tallinn. Source: Siim Lõvi/ERR

Apartment rental supply in Tallinn has fallen in recent weeks, following a period of sustained growth which arrived with the coronavirus pandemic, according to a major national properties portal. Partly as a result of this, rents in the capital are rising.

Tarvo Teslon, head of portal KV.ee said: "There are a number of factors behind the decline in rental supply. Some apartments are moving from long-term rentals back to short-term rentals, or to short-term accommodation."

Short-term lets in particular took a hit with the imposition of travel restrictions, since a large proportion of the customer base would be drawn from those visiting Estonia or working over the short-term.

Rental prices have also followed rising sale prices, Teslon said.

Supply* of smaller apartments, meaning single- and two-room apartments, have fallen in particular, at least with KV.ee.

Teslon also noted that many apartments are advertised via social media and find tenants that way, meaning they never even find their way on to KV.ee in the first place – so actual supply may be higher than at first glance.

BNS cited a figure of 1,712 rental apartments on offer on any one day in the month of may, at an average price of €11.40 per square meter – the highest level over the past year.

KV.ee's main competitor is City24.ee.

*Real estate portals and similar often refer to the number of apartments available to buy or to let as "offers", a direct translation from the Estonian but a potentially misleading term, since, in the U.K. for instance, it would usually refer to the demand side.

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Editor: Andrew Whyte

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