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Overview of Ukraine’s Housing Rental Market

The housing rental market in Ukraine continues to be one of the most sensitive and volatile areas impacted by the ongoing events in the country. Factors such as ongoing conflict, significant population migration, and seasonal variations contribute to rapid price changes that often outpace economic forecasts. As we look toward the coming year, tenants may wonder what to expect and when it might be most advantageous to search for a new apartment. Larisa Stavynoha, the president of the Union of Real Estate Professionals of Ukraine, recently elaborated on these dynamics to UNN.

The Challenge of Price Predictions

Predicting the trajectory of rental prices a year in advance has become increasingly complex due to the housing market’s continued state of adaptation. This market now reacts swiftly to every significant event that takes place within the nation. According to Stavynoha, we can observe a traditional seasonal “lull” at the year’s end, which complicates long-term predictions.

"Today, the rental market has slightly slowed down its growth. December and January exhibit a completely normal phenomenon of seasonal fluctuations. If you analyze this over several years, you will notice pauses when the market decelerates, only to regain momentum later."
– Larisa Stavynoha, Union of Real Estate Professionals of Ukraine

Seasonal Trends in Rentals

As the year kicks off, activity in daily housing rentals tends to pick up, while long-term rental agreements often see delays. Traditional patterns show that individuals typically wish to celebrate the New Year without making significant lifestyle changes at that time.

"In the December-January period, daily rentals usually see a surge in activity, but long-term rentals tend to be stagnant. Individuals want a festive environment without major upheavals in their lives during this time."
– Stavynoha emphasizes.

Popularity of One-Room Apartments

When examining long-term rentals, one-room apartments in newly constructed residential complexes remain the most sought-after and consequently the priciest options. These complexes, featuring extensive infrastructure and efficient transport, command high rental rates even now.

"A one-room apartment in a modern building can cost between 17,000 to 19,000 hryvnias, and in select complexes, prices can soar to 25,000 to 27,000 hryvnias. These are properties equipped with generators, elevators, water supplies, and all essential facilities, allowing residents to live comfortably without the need to leave the complex."
– Stavynoha notes.

Affordability in Older Properties

On the contrary, apartments located in buildings constructed before the year 2000 are notably more affordable. Prices can fluctuate depending on various factors, including location and the condition of the property, but on average, they are nearly half the cost of rentals in newer buildings.

"In older panel houses or Khrushchev-era buildings, rental costs range from 10,000 to 13,000 hryvnias. With added amenities like energy hubs and heating, costs may rise to about 14,000. Smaller studio apartments are available for 8,000 to 9,000, with individual rooms averaging around 5,000 hryvnias."
– Stavynoha adds.

Regional Pricing Disparities

Interestingly, the western regions of Ukraine are currently witnessing the highest rental prices. The ongoing war and the forced displacement of people have significantly influenced the demand in these areas.

"The elevation in prices within western regions is artificially inflated by martial law conditions. When demand increases, so do prices. Property owners are inclined to select the more lucrative offers when tenants are willing to pay premium amounts."
– Stavynoha explains.

Safety Concerns and Price Variations

Another noteworthy aspect of the rental market is the decreasing demand for high-floor apartments due to safety concerns stemming from the conflict. Buyers are increasingly prioritizing easy access to shelters, which influences the prices of apartments within the same building.

"Currently, apartments located on higher floors can be priced approximately one-third less than those on lower floors due to safety concerns. Tenants prefer easier access to shelters, compelling landlords to adjust their asking prices."
– Stavynoha states.

Ideal Times for Renting

If you’re considering a rental, it’s useful to note that the most favorable periods for securing lower prices traditionally fall in the winter and late spring to early summer months.

"Deciding to look for housing around December-January and again in May-June can yield cost-effective options. Market activity tends to increase from mid-July onward, leading to heightened prices."
– Stavynoha explains.

Rental Price Stability

Realtor Viktor Nesin highlights another important facet regarding rental agreements: Most landlords commit to not raising rents for at least six months, which is typically stipulated in the contract. Future increases become a matter of negotiation.

"Although it’s not a legal obligation, it’s a common agreement. Generally, contracts specify a six-month freeze on rental prices. After that, any changes must be mutually agreed upon. In many developed countries, a contract serves as a legal document."
– Nesin points out.

Future Price Expectations

On the outlook for rental prices in the coming year, Nesin does not anticipate substantial changes in either demand or pricing. In the absence of extreme migration fluctuations, he believes that the rental market will likely maintain its current, elevated levels, which are already considerable considering the context.

"I anticipate that both demand and rents will be stable, much like what we see presently in 2025. I do not foresee significant drops or rises, as they are already fairly high."
– Nesin concludes.

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