Covid-19 impacted rental market in Czechia. Rent fell by 20-30 percent

  • Thousands of flats in the Czech Republic remained empty. Short-term housing fell to zero overnight. 
  • The Czech rental market was flooded with apartments for long and medium-term rent. 
  • Rent in Prague and Brno fell by 20-30 percent.

Michal Rambousek, the founder of www.tvujspravce.cz, which takes care for the owners of their rental apartments, comments on the situation: “Expats left the country because of the coronavirus crisis, especially Ukrainians, Slovaks, Poles and other foreigners who came here for work. Foreign students and especially tourists left, bringing over 5.000 vacant flats for rent to the real estate market.”

The coronavirus also waved rental prices. Some tenants have arranged a temporary discount on rent, others have left the apartments for various reasons. 

How the rental market in Czechia was affected by coronavirus

Due to the outflow of tourists and expats, a large number of apartments offering lower rents appeared on the market. The market price of rent in Prague and Brno also fell by 20-30 percent. 

The average rental price for an apartment of 60 m2 in a better location in Prague is around CZK 20,000.

The largest decline in rents was recorded in Prague 1 and 2. It was here that most flats were vacated. These were mainly apartments for short-term rent. 

From the beginning of March to May 11, 5.458 vacant apartments for rent appeared on various internet servers in Prague alone (data do not include offers for rent from all servers, from Facebook groups, from booking or from Airbnb).

Some owners of these apartments are now looking for long-term tenants, trying to cover the losses and ensure a regular income from long-term lease.

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