A year and a half since the Russo-Ukrainian crisis caused tremors in the real estate market in Serbia, rental prices have largely stabilized, with statistical data showing an average decrease of 15% compared to the same period last year.
In the following blog post, we have thoroughly researched the prices per square meter in the most sought-after Belgrade municipalities, so you can have precise information whether you're planning to rent or lease a property.
Market from the infamous 2022 to date
It is well known that the large influx of foreign nationals in 2022 destabilized the domestic market in Serbia with mass purchases and rentals of apartments. The drastic increase in demand raised the market price of properties for rent by 50% higher than today. Now, a year and a half after the peak demand, there are fewer interested tenants, which leads to price stabilization.
Rental prices in 2024 in Belgrade
Properties advertised on the City Expert website that are in line with the real market value are rented out in less than a day. These are usually smaller-sized apartments with monthly rents ranging from 400-600 euros. Such apartments are rented out in record time because registered users of the website have the option to save search parameters and receive email notifications as soon as a suitable property becomes available.
The price will certainly be shaped by many factors, with location being one of the significant ones. For comparison, in the New Belgrade blocks, you can rent an apartment for 7-15 euros per square meter if it's an older building, while monthly rent in new condominiums, such as Kennedy Residence or West, will be higher, averaging 15-20 €/m². This price range implies that other criteria will also be taken into account, such as the total area of the property; smaller units will have a higher price per square meter, while larger apartments will have lower prices.
In the city center, in Stari Grad, rental prices for older buildings range from 8 to 17 €/m², while luxury properties cost 18-22 €/m².
In Vračar, Zvezdara, and the central part of Zemun, prices range from 7-17 € per square meter, while on the outskirts of Belgrade, it's 4-9 €/m².
"My neighbor says he rented out his apartment for 1,000 €, can I too?"
Since the beginning of 2024, we have noticed a reduced demand from foreign nationals for properties in the Serbian market.
The prices of apartments are dictated by many factors, such as location, structure, renovation, furnishing, but above all, it is the decision of the specific owner for how much they will rent out a particular property. Here, the advice is for landlords not to rely on the situation in the previous period (when it was easy to rent out an apartment for the amount that equals two average salaries in Serbia), but to consider that prices are decreasing on average as demand falls. There are now more properties on the market, foreigners are not overpaying for apartments, and prices are slowly returning to normal trends.
If you're looking for an apartment in Belgrade, Novi Sad, or Niš, save your search on our website by selecting price, location, and structure so that you can be regularly informed about new properties from our offer. Now is the right time to rent an apartment because the market is very active, and prices are stabilizing. Moreover, our agency has licensed agents who will guide you through the entire process, draw up a lease agreement, negotiate the price if necessary, and for a reminder - you don't pay any agency commission for all of that.
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