Money Buzz! Europa

Tag: rent in romania

  • Effects of the pandemic on the housing rental market in Bucharest

    Effects of the pandemic on the housing rental market in Bucharest

    More than half (55%) of Bucharest residents currently living on rent do not plan to buy an apartment next year and want to continue renting, according to a Colliers International study.

    However, 45% of them consider changing their rented housing, the majority (66%) because they want a more spacious or better positioned apartment, including new buildings, and only a third because they want to lower their rental costs.

    The crisis caused by the coronavirus is beginning to show its effects on the housing rental market as well.

    In Bucharest, students have left many empty properties, apartments previously rented per night have been converted into apartments with monthly rent and the number of rental offers in the market began to grow.

    The value of rents remains the main factor for tenants when choosing a rental or another.

    In the current uncertain context created by the Covid-19 pandemic, tenants are looking for security, either by reducing the rent or moving to a smaller space, either by reaching a longer-term agreement with the owners or registering contracts at the National Agency for Fiscal Administration (ANAF).

    Compared to the previous crisis from 2008-2009, lease registration ensures owners binding, enforceable documentation, facilitating money recovery from tenants.

    Beyond the cost of the monthly rent, most respondents who consider it more profitable to rent than to buy their home are also looking for certain functionalities that suit their needs and lifestyle, such as parks, green spaces and playgrounds located in proximity, which have become almost as important as the access to public transport.

    If the proximity to a supermarket has always been a priority, top preferences this year also include pharmacies, which are requested by almost 50% of tenants, according to data from the study requested by Colliers International.

  • 20.000 first year students will look for accommodation in Bucharest

    After the admission to the 1st year of university, the troubles of the students and the parents from other cities are about start. Given that only 18% of these students find accommodation in the university dorms, more than 20.000 will have to resort to private campuses and rent.

    According to the data provided by the National Institute of Statistics and UEFISCDI for the university year of 2018/2019, in Bucharest there are 50.972 students enrolled for the first year – bachelor and master degree, day courses.

    The dynamics of Bucharest as a University City

    According to the data published by the National Institute of Statistics and UEFISCDI

    • 168.000 students study in the university centre of Bucharest; 129.000 of them  study in state universities
    • 37.000 accommodation places are available in the dorms of the universities
    • 5.500 accommodation places are available in private dorms and campuses
    • 37. 000 students are admitted to the 1st year of faculty; 33. 500 of them will attend day courses.
    • 9.000 first year students are from Bucharest and they do not need accommodation.
    • 18% of first year students are provided with accommodation in the dorms of the universities. The list of the students who will get accommodation will be made public in the second half of the month of September.
    • More than 20.000 first year students look for accommodation in private campuses or rented apartments.

    Private campus or rent?

    In Bucharest there are several private dorms and two private student campuses. The most important student housing operator in Bucharest is Arcca Student Housing which offers more than 2.600 accommodation places in single, double, and triple rooms. The prices range from 123 to 320 Euros/person per month, the sum is to be paid monthly and it includes all the expenses.

    “When teenagers get ready to go to college and leave home, this is what they dream of:  a typical student life. New colleagues, jokes, socialisation, mutual support, permanent exchange of ideas. Most probably, nobody dreams of an apartment in a block of flats where they have to live alone. Thus, we ensure both the social context young people look for and the safety parents want for their children”, says Anamaria Dunca, General Manager of Arcca.