Dear Apartment Owners, Real Estate Agent Partners!
Now we are facing a new section of the listed apartments for rent on our webpage, the one bedroom apartments. We are examining the monthly rental fees according to the asking prices.
We picked an especially exciting period, from the middle of July till the middle of August because this is the time of the year when the demand grows exponentially from one day to the other. The relative midsummer calm (it wasn't so calm this year) becomes the famous-infamous September rush hour as we start to witness the signs of the upcoming new uni semester.
This is a speculative phase for several lessors because they think - partly legitimately - that in this flat seeker crowd their properties can be rented out on a higher level. Therefor some flat owners risk a longer term with an empty apartment by thinking that it is worth to wait for the right moment in the peak time when they can actually find a new tenant on the dream price level. Nevertheless it is important to think it through carefully how long this "tenantless" period should maximum last. In a case of an apartment only rented for 10 months or one year it is hard to earn back the loss of two-three unprofitable months, neither with somewhat higher rental price.
Analyzing the one bedroom apartment supply of the weeks defined above, we don't seem to face such a hard overpricing trend. Especially not by looking at the minimum and median prices. Despite they are only listed prices they are completely realistic results and in sync with the actual transaction rates. On the other hand the maximum price values appear to be quite far from the realities.
How we narrowed down our list of results
We considered as an one bedroom apartment every listed flat that had one separate bedroom and a living room and where the living room wasn't adaptable for an other bedroom. Furthermore we excluded real estates with extra price reducing (such as ground floor-inner yard view) or price increasing features (such as newly built apartment building). After this methods 134 hits brought us to the following outcome:
The avarage price of the chosen apartments: 668 Euro / month
The median price of the chosen apartments: 556 Euro / month
The minimum price of the chosen apartments:: 434 Euro / month
The maximum price of the chosen apartments: 1500 Euro / month
To these end results we have averaged first the partilal results of three size categories (between 38 and 52 sqm, below 38 sqm, above 52 sqm). The diagram indicates the outcome this way. It's an extra curiosity that only among the bigger apartments (above 52 sqm) we find a one bedroom flat sample even for 2000 Euro / months.
Further surprise was to find the most one bedroom homes also in the pile of the greater than 52 sqm ones. This shouldn't be the best attribute from the owner's perspective because in that size it is easy to find accommodations with two separate bedrooms and on a bit higher territory even well arranged two bedroom + living room (or other community room) apartments.
Of course we can not take 100% responsibility that every advertiser of ours have used the "one separate bedroom" checkbox properly.
WARNING: We would like to warn kindly but strongly anybody who would like to rely on these results as a hint for finding the right price for a property yet to be announce, that please pay attention to the details of the apartment as well. Meeting the concurrent numbers is only half way. Let's focus on the concurrent elements either!
If you have an apartment for rent as well, here you can see how you can advertise it on ApartmentsofBudapest.com: