For those who have followed so far our asking prices statistics, we have already presented in our former newsletter reports about the actual status of the studio / "garzon" apartments, the one bedroom, the two bedroom-one bathroom and the two bedroom-two bathroom apartments. We revealed their:
- average price
- median price
- maximal price
- minimal price
Now, we thought that for the beginning of the spring, - when we had the start of the second academic semester behind us but yet before the new summer rush hour - it could be interesting to have an overall picture of the various flat categories. Let's face it, in what proportion studio / garzon and in what proportion one bedroom apartments were offered simultaneously on the market! In what proportion two bedroom flats were advertised with one bathroom and what proportion with two bathrooms? This time we'll extend the above line up also with the three bedroom-two bathroom apartments. Instead of the proportion of hits in every category we'll mainly concentrate on their average prices. This could be instructing whether you are an apartment seeker or a flat advertiser or an investor looking for the new or the first property to put on the rental market.
The investigated period was the interval from 1st of March till the 31st of March 2019. In order to interpret our statistics well, it is useful to know that expect the studio / garzon apartments we added to our pool only listed flats with a living room. The two or three bedroom apartments without an actual living room are not part of these results. We considered this in order to match the general requirements of our flat seekers. And as we always did before, we didn't take all of the result to see their dispersion. We narrowed the outcome to the ones without any extra prices increasing or prices reducing factor. No newly built ones or apartments with balconies were added. Neither ground floor, nor third floors without elevator! Only ordinary apartments!
It seems that the one bedroom apartments rule the supply: 40% of the hits with the above "average" features with the average price of 690 Euro. This outcome is interesting because according to our personal experience with actually rented apartments a one bedroom flat rented out for 690 Euro is rather among the higher (the best) prices in premium areas (mostly 5th district) with appealing design and furnishing. The situation is similar in the case of the two bedroom, one bathroom apartments. Those 23% of the hits ended up with an average result of 976 Euro rental fee which is only characteristic to especially good areas (for example Hajós street, Ráday street) with tidy condition and attractive interior. In return the 1393 average rental fee of the two bedroom-two bathroom apartments (12% of the supply) matches our real records more because there are lot of luxury flats in this category. This tendency goes on with the first involved three bedrooms, two bathroom homes.
The three bedroom rental residence is a definitely rarer type. Also their only 10% proportion justifies this in our narrowed circle. The quantity of the luxury design is quite high in this league and that pulls up the average value of the rental fee to 1636 Euro / months. We are aware of several corresponding examples actually rented out even on higher rate.
As a counterpoint, the "garzon" and studio category differs the most from the real experiences (15% of the supply).When one is rented out actually on quasi 500 Euro it is a role model example and is far from average. As from size perspective so from appearance perspective.
It's a food for though how big the gap is between the real rental fees and the asking prices but this is like that for a reason. The flat seekers take first the more economical deals so the rotational speed of the cheaper apartments is faster. Therefor you won't find too many of the "best buys" in the database at once because they are continuously taken and replaced but always with a few at once. On the other hand the apartments with the highest asking prices are frozen on the web page for the longest time and they are serving as a misleading example for the new advertisers. The flat owners base their decision about the listing prices mostly on the roughly similar samples of the currently advertised apartments. They prefer to try even to rent them even on a bit higher price than the apparent mid-average level and so they lift up the advert prices even more step by step for next ones in their shoes.
Please consider and remember: If your flat remains on the market without any significant interest, it is not sure that there is a problem with the demand, maybe the problem was the supply all the time. We showed you now the average asking prices and at the same time also that you can't really rely on them. It can be more expedient to build your asking price on the actually rented apartment prices or to examine carefully the apartments in the pool with the lower prices but similar features because they will your real competitors.