Housing unavailability and student demand drive up rent prices across Czechia

Rent prices across Czechia in the third quarter of this year varied between a 4-percent decrease and a 17-percent increase compared to the second quarter, according to data from the real estate advertising company UlovDomov.cz.

The ongoing lack of available housing and the seasonal demand from students searching for accommodation in university cities contributed to the rise in rental prices, the real estate agency said. Compared to the previous year, prices for 3+kk apartments mostly decreased, while 1+kk and 3+1 apartments experienced the most frequent increases.

When looking at quarter-on-quarter changes, rents primarily went up for 2+kk apartments, as well as 3+1 apartments, which are particularly sought after by groups of students.

Rent prices for 2+kk apartments in Prague have increased by 3 percent, or an average of CZK 625, compared to the spring months, reaching a total cost of CZK 19,150 per month without deposits. On a yearly basis, the rental price for this type of apartment has risen by 2 percent, which is the equivalent of around CZK 390.

Meanwhile, in Brno, the rent for a 2+kk apartment has increased by 6 percent since spring, meaning approximately CZK 910 crowns more, which brings the total rent close to CZK 16,000. Year-on-year, rents of 2+kk apartments in Brno have risen by 5 percent.

As for Ostrava, a 2+kk apartment can be rented for about CZK 13,140, with prices increasing both quarterly and year-on-year. Compared to the previous quarter, the rental cost in Ostrava has risen by 17 percent, representing the largest price jump among all cities and layouts. Year on year, there has been a 1-percent increase in rental prices for 2+kk apartments in Ostrava.

In Pilsen, the rent for a 2+kk apartment stood at CZK 12,245, and in Olomouc, the rent for an apartment with the same layout was CZK 13,613.

According to the business director of UlovDomov.cz, Jiří Krejčí, student apartments in Prague cost 11 percent more to rent in the second quarter than during the same time last year, which marked the end of the school holidays. In Brno, prices are about 7 percent higher, in Ostrava by 8 percent, and in Olomouc by 5 percent. On a brighter note, the advances for renting apartments were lower, in part due to the stabilization of the energy market.