Rents are soaring for students
Most young people interested in renting student accommodation in the cities with the greatest demand are finding it particularly difficult, as the steep increase in rents seems to have now extended to the countryside – i.e. beyond the two large urban centers.
In this year’s annual report on student accommodation, Geoaxis, a company of certified valuers, has recorded an average annual increase in rental prices of 18.7%, while compared to 10 years ago, when the relevant recording began, there has been a cumulative increase of 62%.
However, in Athens and Patra the picture is clearly more difficult. Based on the relevant data, the prices of apartments aimed at students have increased by 23.7% to 9.17 euros per square meter in the capital this year, while the increase comes to 80.42% in total since 2014.
Correspondingly in Patra, where there is also a significant concentration of students, the average rate this year has reached €8.7/sq.m., increased by 27.47% compared to 2022, while rental rates have skyrocketed by 80.37% in total over the last 10 years.
In Thessaloniki, the total increase amounts to 68%, while prices have increased by 22.27% to €8.5/sq.m since last year. The situation seems more manageable in the Cretan city of Iraklio, with the average rate standing at €7.7/sq.m., 16.5% higher than last year. However, in the case of the city in question, the phenomenon of “eviction” of students from May to September is common, due to tourism, as many owners wish to reap the additional benefit of renting out their property short-term during the summer months, causing serious hardship to students. This phenomenon is possible precisely because of the lack of available apartments in Iraklio, with the result that students have no alternative choice and accept such conditions.
As highlighted in the company’s analysis, it is estimated that around 15-20% on average of the apartments that could be made available to students have been definitively absorbed by the short-term rental industry, with their owners preferring this specific activity for exploitation of their properties.
