Rental Prices for Houses Have Increased by 20-40%

-"Could you ask around your side if there are any rental houses available?" Long-term renters usually start the search for suitable housing through acquaintances, hoping to find a more affordable rental without an intermediary. This is true, but to avoid being misled, it's essential to know the average rental prices, with the easiest way being to check advertisement websites. Still, whether through an intermediary or not, rental prices have increased this year by 20-40% compared to last year.

In an interview with Armtimes.com, real estate agents and individuals renting out their own properties noted that rents have become more expensive in Yerevan in recent months. "I have been in this business for years, and in the last few months, I can confidently say that there has been a price increase across all areas of the city. For the same conditions, without adding furniture or making any repairs, landlords are asking for an average of 30-40 thousand drams more. I ended my collaboration with some landlords as they were demanding double the amount. For example, last year, I could rent a two-room apartment in the third sector for 90-110 thousand drams, but this year it’s no less than 140-150 thousand drams," said Hasmik Melkonyan of the "Rialtor" agency.

According to her observations, it is often very difficult for renters to afford the increased prices: "They pay at the expense of their household welfare, cutting down on their living expenses. Just days ago, a landlord told me to agree with a long-term tenant at a higher price. If the tenant agrees, they can stay; if not, they must leave. The apartment was rented for 90 thousand drams per month. The person left, and since we didn’t have any apartment at that price, we couldn’t make any offers, and I don’t know if they found anything else or what they did."

The agent noted that the increase in rental prices is related to post-revolutionary excitement: "This is a shadow after the revolution. People expect positive changes, new incomes, and thus they are raising prices," she stated.

Property owner Marianna Galstyan pointed out that renting is not more expensive in the city center, but rental prices have risen in the suburbs—Shengavit, Ajapnyak, Nork, and especially for medium-priced apartments. "Prices in the center are the same, and they even decreased slightly after the summer season. This decrease is also related to the fact that many people are coming from abroad and renting houses here for a vacation. Previously, if someone lived in a district as a renter, now they buy an apartment in that area to live in Armenia. I have also noticed that many are buying apartments to relocate permanently, and I have mostly encountered Beirut residents among the immigrants. In this case, the demand for rentals in the center is decreasing, and prices cannot rise either," she said.

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