Interest in New Rental Apartments is Growing
The need for rental apartments is growing towards autumn in all regions, primarily due to students. But not only. According to Lauri Laanoja, sales and marketing director at Bonava Estonia, it has been noticeable in recent years that the share of young families among renters is increasing – families who need a new home due to family expansion or a change in their living arrangements, but who do not want or cannot take on loan obligations.
The average price of new rental apartments in Tallinn depends on both the district and the number of rooms. The general logic that rental apartments are more expensive in the city center than in the suburbs usually holds true, but there are some exceptions.
"For example, in Mustamäe, near the university campus, rental prices are in the same range as in the city center, and in some places even higher. On average, the rental price per square meter is already around 14-15 euros," said Lauri Laanoja, sales and marketing director at Bonava Estonia.
"When we publicly announced that Bonava would complete a development phase in autumn where all apartments are for rent only, we received twice as many rental inquiries in the first few weeks compared to the number of apartments that will be available for rent," said Laanoja, adding that this is certainly a sign of market demand for more new rental properties.
Bonava recently began signing preliminary rental agreements, and by now, approximately 20% of the apartments are already covered by preliminary agreements.
According to Laanoja, rental apartments in new buildings are often preferred over those in older buildings precisely because new development areas are designed with a complete living environment in mind: playgrounds and other leisure facilities have been created in the courtyards, the building has various storage rooms, and parking is solved safely.
The rental apartments being completed in Bonava's Uus-Mustamäe development at Aiandi 11 are energy-efficient 1-4 room apartments with balconies or terraces ranging from 21-82 m2. All apartments are rented out with a storage unit. Additionally, there is a separate bicycle room where it is possible to store both a pram and a bicycle or scooter. If desired, it is possible to rent an additional car parking space in the basement or in a covered outdoor parking lot. All Bonava rental apartments are equipped with kitchen furniture and appliances. The rooms have wardrobes, lights and curtain rails, and the bathroom has a washing machine with a drying function.
More information can be found on Bonava Estonia's website: www.bonava.ee/rent.
