[Cyprus Times] The "map" of student accommodation: rent increases of up to 26% in Athens

The search for student housing above the 1st floor up to 50sqm with a requested rent up to 300€ in Athens and especially in student areas seems to be a "summer dream". /quote]

In recent years, the search for quality property has been a difficult process after the rapid increase of registered properties on short-term rental platforms (e.g.χ. As a result, in many areas of Athens, such as Koukaki, but also in areas of the historical centre and beyond, the phenomenon of short term rentals has changed the map of student housing.

This year, due to the increase in demand recorded in the short term rental sector, many owners have registered their properties on the well-known platforms. The increase of registrations on the platform in the "top" areas of central Athens reaches +23.60% compared to December 2021.

According to the data so far obtained from the property advertisements posted on websites, the search for a student residence above the 1st floor up to 50sqm with a requested rent up to 300€ in Athens and especially in the student areas seems to be a "Midsummer Night's Dream".

According to the advertisements posted on real estate websites, in the central areas of Athens, the residences above the 1st floor up to 50sqm available with an asking rent up to 300€, constitute only 12.47% (mainly studios 21sqm-30sqm) of the total number of residences above the 1st floor up to 50sqm available for rent. This means that 1 in 10 houses suitable for students are available for a rent of up to 300€ in Athens.

Availability of student housing according to the requested rent

Mapping of requested rents

Neos Kosmos

In 2020, the cost of renting a studio apartment up to 35sqm in Neos Kosmos ranged from 260€ to 360€/month, in 2021 there was an increase of 13.3% in the minimum rental price and +26% in the maximum rental price, with the monthly rent ranging from 300€/month, up to 490€/month if it is a fully furnished and equipped apartment. This year we record a stabilization of the asking rents with an increase of 2% in the top price.

In the same area, the asking rental cost of a 40sqm-50sqm house ranges from 430€ to 650€ if it is a fully renovated, furnished and equipped with all household appliances. This year the availability of unfurnished houses is low, with the result that the asking rent has increased by 7.5% to 18% compared to last year.

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 to 650€/month if it is furnished and fully equipped with appliances, when last year the rental cost ranged from 350€/month to 550€/month and in 2020 from 330€/month to 400€/month.

The asking rent for a studio up to 35sqm in Kallithea ranges from 380€/month to 550€/month if it is a fully renovated, furnished and with all the appliances. Last year. The rental cost ranged from 380 € / month to 480 € / month for a fully renovated and / or newly built house.

Kolonaki - Mets

At last year's "unattainable" levels, the maximum asking rental price in Kolonaki and Mets for a house up to 35sqm, recording an increase in the minimum price by 19%. As for the cost of renting a house 40sqm-50sqm, this year ranges from 560 € / month to 850 € / month (fully renovated and furnished), when in 2021 ranged from 490 € / month to 750 € / month, recording an increase this year from 14.2% in the minimum price to 13.3% in the maximum price.

Koukaki

In Koukaki there is zero availability of houses up to 35sqm for rent. As for residences from 40sqm to 50sqm, the asking rent recorded a 24% increase in the maximum price, reaching 930€/month from 750€/month last year.

Neapolis, Museum, Exarchia

At last year's levels remain the asking rental prices in the areas of the centre such as Neapolis, Museum and Exarchia for both residences up to 35sqm and 40sqm-50sqm. An increase is recorded only in the maximum asking rental price by 12.5% for a house up to 35sqm in the Neapoli - Museum area.

The cost of renting a house up to 35sqm in Exarchia ranges from 320€/month to 450€/month, and for a house 40sqm-50sqm from 420€/month to 550€/month.

In the Neapoli, Museum area, the cost of renting a house up to 35sqm ranges from 350€/month to 450€/month, while for a house 40sqm-50sqm from 450€/month to 500€/month.

Goudi

Goudi is mainly chosen by students of Medicine, Nursing and Dentistry. The asking rental prices for a house up to 35sqm range from 380€/month to 480€/month ,recording an increase from 26.6% at the lowest price to 26.3% at the highest price.

Similar increases in asking rents are also recorded for 40sqm-50sqm dwellings where rental costs range from 450€/month to 500€/month, an increase of 25% compared to 2021 at the minimum rental price.

Pangrati

In Pangrati, this academic year, the cost of renting a house up to 35sqm ranges from 350€/month to 450€/month, compared to 320€/month to 370€/month in 2021, recording an increase in the minimum price by 9.3% and in the maximum price by 21.6%.

The cost of renting a 40sqm-50sqm house ranges from 400€/month to 600€/month, compared to 350€/month to 550€/month in 2021, recording an increase of 14.2% in the minimum price and 9% in the maximum asking price.

Zografou

In the predominantly student area, the cost of renting a house up to 35sqm this year ranges from 320 €/month to 420 €/month, recording an increase compared to 2021 of 10.3% in the minimum price and 16.6% in the maximum price.

The cost of renting a 40sqm-50sqm house this year ranges from 430€/month to 560€/month, compared to 370€/month to 500€/month in 2021, recording an increase of 16.2% in the minimum price and 12% in the maximum price.

Increase in asking rents, energy crisis and inflation are rapidly increasing the cost of living for students.

This year could be described as the most difficult year even since the memorandum years.

The equation will be very difficult for families who will have the pleasure of their child going to university, but, the school is not located in the city of the family home.

According to a survey by GSEVEE, a very large number of households live for a long time in conditions of financial precariousness, as the monthly income for more than 4 in 10 households is not sufficient for the whole month, but for 19 days (on average).

Inflation is also galloping in the month of May, climbing to 12%, while goods price increases may exceed 35%.

At the same time, according to ELSTAT data, housing costs increased by 35% compared to May 2021 due mainly to the increase in prices of: residential rents, electricity, natural gas, heating oil, solid fuels.

There are many young students who many times and especially in the years of the memoranda, because they knew their family's financial data, in order to save the family the cost of student housing and living in another city, they chose schools in their city, despite the parents' encouragement to choose the school they really wanted.

It is sad in 2022, the dreams, of the country's potential young students and future scientists, because their parents cannot afford it, are directly dependent on whether the school of choice is in the city of the family's residence.

3,282 Properties registered on short-term rental platforms.

3,282 Properties registered on short-term rental platforms. From the end of September "probability" of a de-escalation of asking rents

De-escalation of asking rents will hopefully be recorded after the end of the summer season and eventual return of properties from short-term leases to long-term - contractual leases.

At this point in time, there is a rapid increase in new property registrations on short term rental platforms due to the high demand recorded this year.

In the top areas of Athens, only on the Airbnb platform, there is an increase in registrations by 560 properties compared to last year.

In the top areas of Athens, only on the Airbnb platform, there is an increase in registrations by 560 properties compared to last year.

Today, 592 properties (self-contained apartments - not rooms) are registered in Neos Kosmos, 236 properties in Kallithea and 743 properties in Koukaki, 247 properties in Kolonaki, 282 properties in Pagrati, 518 properties in Exarchia-Neapolis - Museum, 129 properties in Goudi, 81 properties in Zografou, 191 properties in Kypseli and 82 properties in Victoria Square.

See here detailed the table of requested rents

Source.gr

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