Leaseholders in Moscow are twice as likely to demand cash from tenants

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Leaseholders in Moscow are twice as likely to demand cash from tenants
Leaseholders in Moscow are twice as likely to demand cash from tenants
16 March, 18:54EconomyPhoto: pxshere.com
Homeowners in Moscow are more likely to ask tenants to pay them in cash, the share of such leaseholders has grown to 60% against 30% in normal times.

According to Interfax with reference to the data of the company "Inkom-Nedvizhimost", since the beginning of March this year in the capital, the offer on the rental market has increased, but prices have not decreased.

“Today, 60% of landlords prefer to accept rent payments in cash, while in stable conditions there are no more than 30% of them”, - the report says.

Some property owners insist on changing the form of payment and would like to receive payments in foreign currency or linked to the exchange rate, but not all tenants are ready to accept such conditions.

In recent days, there have been more offers on the metropolitan rental housing market: growth since the beginning of March amounted to 28%. At the same time, there is no decrease in the number of customers.

Experts partly attribute the increase in offers to the seasonal factor: many Muscovites, when planning a trip to their dachas, put up their housing for rent. This trend has existed before.

However, the economic situation in the country, which changed with the start of the Russian military special operation in Ukraine, prompted the doubting owners of Moscow apartments to also rent out their housing to nonresidents for the summer period and receive additional income.

In addition to already inhabited housing, a rather large number of apartments, acquired during the hype in 2021, splashed onto the rental market. A special place in this segment is occupied by new buildings with finishing. It is noteworthy that about 6% of the owners who previously put up such apartments for resale, against the backdrop of the crisis and the depreciation of the ruble, changed their minds and reoriented investment housing from sale to rent.

Previously, experts warned that the demand for apartments in new buildings will decline, while the cost of housing will remain high due to rising construction costs.

Analysts previously believed that in order to maintain demand for housing, apartment owners would reduce prices by up to 30%. The rise in the cost of building materials limits housing discounts, in addition, demand was affected by record high mortgage rates and a pause in loan approvals, experts say. They believe that prices for the "secondary" will decline under the pressure of buyers leaving the market.

However, so far, despite the growth in the number of proposals for renting real estate by almost a third, there has been no decrease in the price of apartments in the capital. As in February, you can now rent an apartment in Moscow for an average of 47,480 rubles per month.

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