In the Apartment Rental Market in Riga - A New Price Record 0 13

According to the report, the increase in the average rental price is mainly driven by apartments in new buildings with very good locations and excellent amenities, as well as in previously built, extensively renovated, and updated houses. In other cities of Latvia, where there are significantly fewer apartments available for rent, rental prices do not reach the level of Riga.

Edgars Dargis, head of the residential rental department at "Arco Real Estate," explains the rise in rental prices in Riga by noting that last year, the rental market saw an increasing number of renovated and well-equipped apartments that people looking for housing were willing to rent for a higher price. According to the company representative, the highest activity in the rental market was observed last year in March, April, and May, when locals and foreigners most frequently sought one- and two-room apartments priced from 400 to 600 euros per month, excluding utilities.

The most sought-after rentals were furnished two-room apartments ranging from 45 to 60 square meters, priced from 11 to 15 euros per square meter, or an average of 580 to 780 euros per month without utility bills. In Riga, one of the most popular neighborhoods for apartment rentals has been and remains Agenskalns, where last year there were quite a few rental apartments available in both renovated buildings and new constructions. In new projects, rental prices for two-room apartments ranging from 40 to 60 square meters varied from 14 to 20 euros per square meter, while three-room apartments ranging from 60 to 90 square meters were priced from 12 to 18 euros per square meter.