Room rents increased in Lisbon and Porto

• 5 December, 23

According to a report by Housing Anywhere, Lisbon is “the second highest price city in Europe when it comes to apartments.”

The reports notes that in Lisbon, the rent price for a room went up by 5,3%, while in Porto the registered rise reached 5,9%. Besides any “stagnation of room prices”, in Europe, when it comes to both Portuguese metropoles the prices “are every time less affordable.” In the space of the year, room rents increased by 33% in Lisbon and 12.5% in Porto. The increase in rental prices gained strength again in the 3rd quarter of 2023, registering an average increase of 3.1% QoQ in all types of properties analyzed in Housing Anywhere Rent Index.

Even though the prices became less affordable, the “Portuguese housing market seems to be in a temporary equilibrium after last edition’s steep increases for apartments.” However, Lisbon is still the second most expensive city to rent an apartment in Europe, of all the cities that were part of the International Rent Index by City carried out by HousingAnywhere. On average, to rent an apartment in Lisbon will cost 2000€ a month, besides the reduction in “registers -16.7% quarter-on-quarter (QoQ) and -8.7% year-on-year (YoY) decreases.”

In addition, Porto is also on the top 5 of European cities with the most expensive rents for studios. Currently, the “median price for a studio in Porto is 1,340 euros”, while registering an increase of 36% QoQ prices. Porto was the city, in Europe, with the biggest increase in studio rent prices, according to HousingAnywhere.

Djordy Seelmann, CEO of HousingAnywhere, quoted in the report, says that “the moderate slowdown of rent price increases at the beginning of the year may have sparked hopes, but caution persisted due to Europe’s impending peak mobility season and persisting supply shortages.” Being necessary “to develop and establish a sustainable pipeline of rental housing.”

To carry out the study, “HousingAnywhere analysed 74,594 properties that were listed and received interest from potential tenants on the platform in the past year.”

Cre: Portugalnews