As prices in Kyiv surge, how much does it cost to rent an apartment in the capital?
Kyiv is witnessing its highest apartment rental prices since the full-scale Russian invasion, with prices on the market already getting back to pre-war levels.
Just last year, renting a cheap apartment in Kyiv could cost as little as UAH 5,000 ($135) per month, but today, the same accommodation is going for UAH 8,000 ($215) per month. The surge is attributed to high demand — the number of inquiries in August increased by one-and-a-half to two times compared to July, according to Deputy Director Vladyslav Kulishenko of Alliance-Brok Real Estate Agency.
Ukrainians are returning to the capital before the new business season and academic year, with approximately 350,000 internally displaced people currently residing in Kyiv.
Easier prospects for finding tenants
Finding renters has become quicker and more straightforward, explains Yuriy Pita, the president of the Association of Real Estate Professionals (Realtors). Just a month ago, quality apartments at market prices typically took around two weeks to lease. Presently, it takes five to seven days.
“If a property is offered at a discount, such as a new-build apartment for UAH 8,000, it gets rented out in a day,” notes Pita. However, such low-priced offers are increasingly rare. Landlords are no longer inclined to engage in price dumping.
Similar to the situation before the war, apartments in new construction developments are currently in high demand, even those on the upper floors.
Dmytro Korchev, Director of the Broker-Realty Agency, recalls how last winter people moved from new housing to five-story buildings. This shift was driven by the fact that in new constructions, water, heating, elevator and cooking facilities are lost immediately during power outages due to their being powered solely by electricity. In low-rise Khruschev-era buildings, gas is available for water boilers and cooking, and it’s more practical to walk to the fifth floor than the twentieth.
However, renters are now prepared for potential electricity disruptions. “We have a client, an IT specialist, who lives on the 20th floor and works from home,” Korchev remarked. “He has everything set up for constant work, so the high floor doesn’t deter him.”
According to real estate experts, the primary renters are people who lived and worked in the capital before the war. They are now returning to the city.
According to Vitali Klitschko, the Mayor of Kyiv, the city’s population ranges from 3.5 to 3.6 million, with every tenth resident being an internally displaced person.
In an interview with the public broadcaster Suspilne, Klitschko mentioned that prior to the war, Kyiv had around 3.8 million inhabitants. Western anti-rocket and anti-drone systems provide reassurance to individuals as they help intercept missiles and drones.
“Shelling does not significantly affect the real estate market,” said Kulishenko.
However, students whose parents rented apartments during pre-war times, especially in August, are currently absent from the rental market. It’s unwise to count on them, as education is more likely to be conducted online, adds Korchev.
Housing rental costs surge by 20%
The cost of renting housing has already increased by 20%, said Kulishenko. Apartments that were once available for UAH 5,000 per month now find no matches at the same price. A year ago, it was possible to secure accommodation within walking distance of a metro station for this amount. Presently, renting such an apartment ranges from UAH 7,000-8,000 hryvnias per month ($190-215).
While occasional offers at the UAH 5,000 mark do appear, says Pita, these are typically residences located on the outskirts of the city, on the ground floor, and often with unconventional interior designs. Apartments in good condition near metro stations are now priced at UAH 9,000-11,000 per month ($240-300).
Rentals from UAH 8,000 to 10,000 dominant
The primary market segment in the capital city revolves around rental properties priced between UAH 8,000 and 10,000 per month ($215-270). Within this price range, one can secure one or two-bedroom apartments conveniently located near metro stations. These apartments typically feature decent renovations, although they are situated in buildings that are around 30 to 40 years old.
Newly constructed areas with strong transport links command even higher rental prices, ranging from UAH 12,000-15,000 per month ($325-405). This cost applies to buildings erected within the past five years. For older housing, this budget facilitates the rental of two or three-bedroom apartments in sought-after neighborhoods like Obolon, Kyiv Polytechnic Institute, or Holosiivo.
To move closer to the city center, such as Pechersk, a higher budget is necessary, starting at UAH 15,000 per month for a one-bedroom apartment. Designer-renovated apartments in premium-class complexes, such as the “Boulevard of Fountains,” could cost from $1,500 to $2,000 per month.
Korchev recounts how last year a small two-bedroom apartment was leased for UAH 6,000 per month, whereas now it’s been rented out for UAH 7,800. Similarly, an apartment in a new construction development that nobody wanted to rent for UAH 12,000 ($325) per month managed to secure a tenant at UAH 14,000 ($380).
The trend of housing in recently built developments, previously deemed undesirable at UAH 12,000 per month, now boasts tenants at the rate of UAH 14,000.
Finding a modernly renovated apartment on Obolon for less than UAH 12,000 per month has become a challenge, Kulishenko adds. This contrasts with the situation a year ago, when numerous options were available within the UAH 9,000-10,000 range.
“More affordable alternatives can be located in areas such as Bohatyrska, Pivnichna, or Pryrichna,” he said, however, adding that the cost of renting housing in Kyiv has returned to pre-war levels.
According to Pita, the next potential price increase is unlikely to occur before spring, assuming stable front-line conditions. Winter, especially if accompanied by power outages in Kyiv, is expected to curb any significant price growth.
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