Tartu rent prices spike by 15 percent

Tartu. Source: Tarmo Haud.

Apartment rental prices have risen considerably across Estonia in recent months due to increased demand. In Tartu, it is estimated to be 15 percent.

It will soon be peak apartment hunting season in Tartu, a university town and Estonia's second-largest city, as new students move to the area and try to find places to live.

This year, due to the number of refugees Estonia has accepted, it will be harder than usual. The rental market is overheating and prices are now reaching the same level as in Tallinn, ETV's "Aktuaalne kaamera" reported on Sunday.

There is a shortage of apartments to lease and those with three rooms are in the highest demand, Tartu Arco broker Liis Kurik said.

"And there are queues already. Quite a few [people] are angry about why they can't get certain apartments. But the owner makes the choice. If they have three people [interest], they make their own choice," she said.

Prices have risen in Tartu by almost 15 percent over the last month and are likely to increase further over the summer, especially during July and August as students arrive.

Prices are also rising outside the cities. Towns in Tartu County, such as Elva and Nõo, are also shooting up.

"Kui võtta paari aasta tagused ajad, kus renoveeritud kortermaja kahetoaline korter oli suurusjärgus 250 eurot, siis täna võib julgelt öelda 350 eurot. Kui räägime uutest majadest, mida ka vaikselt kerkima hakkab, siis seal liiguvad ikkagi kahetoaliste üürikorterid juba üle 400," selgitas Elva ja Nõo piirkonna maakler Janar Saviir.

"If you compare with a few years ago, when a two-room apartment in a renovated apartment building was in the order of €250, then today you can safely say it will be €350. If we talk about new houses, the prices of which are also starting to quietly rise, then it will be over €400 for two-room rental apartments," said Janar Saviir, a broker in Elva and Nõo.

New residential areas have also started to appear on the edge of the City of Tartu in recent years. For example, new houses are being built in Nõo, a 15-minute drive from Tartu.


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Editor: Helen Wright

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