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Forecasting the rental market situation in Tallinn for 2024.

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Forecasting the rental market situation in Tallinn for 2024.

The housing market situation in Tallinn is stable. Every year, there are more options available for renting, and despite the increased interest in high-quality apartments, the cost of renting luxurious spaces is decreasing. At the beginning of the year, the number of rental listings increased by 35% compared to the previous year. Economic difficulties are pushing property owners to lower prices in order to avoid the costs of maintaining vacant properties. These steps are leading to an increase in supply in the market, while simultaneously reducing demand and making prices more flexible, notes Tallinn agent Igor Volkov.

Many people are forced to rent for extended periods, and high living costs and loans make purchasing property an unattainable goal. With the decrease in property purchases by investors, the rental market remains stable, but if supply increases and demand decreases, landlords will face more difficulties.

Volkov predicts changes in the rental market by winter 2024. In Tallinn, there are usually 1500-2100 apartments available for rent; currently, there are offerings within these numbers, although previously the war caused a shortage, reducing them to 800.

Current rental market trends in Tallinn: There are approximately 2500 rental listings available in Tallinn, with prices at 10 euros per square meter. In Harju County, the number of listings has increased, offering tenants a wide selection for the winter season. With the increase in listings, portals recommend subscribing to notifications for suitable options and quickly responding to fresh offers. The best options are usually taken within a few days.

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