Analysis | Residential

Student housing market conditions are continuesly deteriorating

Due to the increased demand recorded in the short-term rental industry, several owners have registered their properties on platforms.

RE+D magazine

06.07.2022

In recent years, the search for a quality property has been a difficult process following the rapid increase in registered properties on short-term rental platforms (e.g. Airbnb), resulting in decreasing number of available properties many areas of Athens, such as Koukaki, but also in areas of the Historic Center and beyond, the short-term rental phenomenon changed the map of student housing.

This year, due to the increased demand recorded in the short-term rental industry, several owners have registered their properties on the well-known platforms. The increase in registrations on the Airbnb platform in the "top" areas of the center of Athens soared by 23.60% relative to December 2021.

Neos Kosmos

In 2020, the cost of renting a studio apartment up to 35 sqm in Neo Kosmos ranged from €260 to €360/month, in 2021 an increase of 13.3% was recorded in the lowest rental price and +26% in the highest rental price, with the monthly rent ranging from €300/month, up to €490/month if it is a fully furnished and equipped apartment.

Kallithea

An increase from 8.5% to 18.18% (at the highest price), is also recorded in Kallithea, with the rental cost for a 40sqm-50sqm apartment ranging from €380/month up to €650/month if it is fully furnished equipped with household appliances, when last year the rental cost ranged from €350/month to €550/month and in 2020 from €330/month to €400/month.

Kolonaki and Mets

The maximum aksed rental price in Kolonaki and Mets is still at past year's levels, in terms of a residence up to 35 square meters, recording an increase in the lowest price by 19%. Regarding the cost of renting a 40sqm-50sqm house, this year it ranges from €560/month to €850/month (house fully renovated and furnished), when in 2021 it ranged from €490/month to €750/month, registering an increase of this year from 14.2% at the lowest price to 13.3% at the highest price.

Koukaki

Vacancy rates for houses up to 35 sq m for rent in Koukaki is almost zero. Regarding homes from 40sqm to 50sqm, the requested rent registers a 24% increase in the maximum price, reaching €930/month from €750/month last year.

According to a survey conducted by GSEVEE , a many households live for a long period odf time in conditions of financial instability, as the monthly income for more than 4 out of 10 households is not sufficient for the whole month, but for 19 days (on average).

Inflation kept rising in May, climbing to 12%, while revaluations in goods may exceed 35%. At the same time, according to ELSTAT data, housing costs increased by 35% compared to May 2021 due to an increase mainly in prices in: house rents, electricity, natural gas, heating oil, solid fuels. There are many young students who many times and especially in the years of the memorandums, because they knew the financial data of their family, with the aim of saving the family the cost of the student residence and living in another city, they chose schools in their city, despite their parents' urging to choose the school they really want.

It is sad that in the years 2022, the dreams of potential young students and future scientists of the country, because their parents do not have the financial ability, are directly dependent on whether the school of choice is located in the city of the family residence.

(By Themistokles Bakas)

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