Estonian flat rental prices exceed level of October 2019

In Estonia, the level of rental prices for flats has increased since August and surpassed the level of October 2019 by five percent, Estonian public broadcaster ERR reports.
The statistical data summarised by Statistics Estonia indicated that the rental market in Estonia reached pre-crisis levels in August 2021. This October, the rental market grew by five percent compared to October 2019, namely, it surpassed the price level of the period before the Covid-19 pandemic.
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Risto Vähi from the real estate agency Uus Maa noted that rental prices for October were up 11.7 percent year-on-year and recalled that in 2020 a drop in prices took place. «There was a large drop because tourists and short-term renters disappeared and all short-term rental apartments ended up on the long-term rental market».
In the northern-most Baltic country, the demand for rental spaces is almost as active as in 2019, data from Uus Maa showed. In the real estate company Lumi Capital, its business manager Reeli Simson commented that heating prices will not bring prices down as a whole, as demand for rental apartments is very high. «We see people researching, queuing up. This demand and interest is so great that there is no price drop expected. I certainly see no major rental price increase, monthly consumption costs are more likely to go up,» ERR quoted Simson as saying.