The long-term rental market for housing in the western regions of Ukraine is showing a rapid increase in prices amid a significant reduction in supply. The demand for apartments continues to rise, and the cost of housing in some areas is reaching historical highs. The most significant price increase has been recorded in Uzhhorod, where rental rates have risen by almost one and a half times in just a year.
This is reported by Finway
Price Dynamics for Apartment Rentals in Western Ukrainian Cities
A noticeable jump in prices is observed across all market segments. The cost of renting one-bedroom apartments has increased the most in Uzhhorod — to 21,551 UAH per month, which is 26% more than last year. In Ivano-Frankivsk, the price has risen to 15,387 UAH (+23%), in Lviv — to 18,500 UAH (+9%), and in Lutsk — to 15,000 UAH (+15%). The smallest increase has been recorded in Rivne and Chernivtsi (+4%), where renting a one-bedroom apartment costs 12-13 thousand UAH.
In the segment of two-bedroom apartments, Uzhhorod leads with a record price increase of 46%, reaching 30,338 UAH. Significant price hikes have occurred in Khmelnytskyi (+20%, to 12,000 UAH) and Ivano-Frankivsk (+19%, to 17,351 UAH). The rental prices in Chernivtsi and Ternopil have increased by 16%, to 15,899 and 13,500 UAH respectively. In Lutsk, prices have remained stable at 14,000 UAH.
As for three-bedroom apartments, the fastest rising prices are in Ivano-Frankivsk (+28%, to 20,000 UAH). In Uzhhorod and Lviv, prices have increased by 23% — to 30,704 UAH and 27,971 UAH respectively. In Ternopil and Chernivtsi, a 20% increase has been noted — to 15,000 and 19,748 UAH. In Rivne, prices have remained unchanged — 13,000 UAH per month.
Reasons for Price Increases and Housing Shortage
The rise in rental prices is accompanied by a shortage of supply. The most significant reduction in the number of listings for one-bedroom apartments has been recorded in Uzhhorod — almost half as many offers (-58%). The situation is similar in the two-bedroom apartment segment: in Khmelnytskyi, the supply has fallen by 46%, and in Uzhhorod — by 42%.
As a result, competition among renters has significantly increased. In Uzhhorod, the number of responses to listings for one-bedroom apartments has increased by 143%, and for three-bedroom apartments — by 173%. In Khmelnytskyi, there has been a rise in demand for two-bedroom (+119%) and three-bedroom (+130%) apartments. Analysts attribute this dynamic to a combination of factors, including the relative safety of the western region, a shortage of new builds, and economic migration of the population due to business relocation.
“The number of responses to listings for one-bedroom apartments in Uzhhorod has soared by 143%, and for three-bedroom apartments – by 173%.”
Additionally, the market is witnessing a new trend: renters are increasingly choosing private houses for living, gradually moving away from apartment rentals.