Rental Market in Belgrade: Changes Favoring Tenants

The rental market in Belgrade is undergoing changes that benefit renters. Rental prices have dropped in many parts of the city, and the supply of properties is higher than ever before. Rental prices have decreased in almost all districts, with declines ranging from 10% to 30%. The most significant changes are observed in areas like Zvezdara, Karaburma, Dedinje, Zemun, and Čukarica. Banovo Brdo is an exception, where prices have remained stable.

Dedinje, once popular with diplomats and foreign renters, is now losing its appeal. In contrast, areas like Belgrade Waterfront, Vračar, the central parts of Palilula, and New Belgrade still see high rental prices, with luxury properties in these areas even becoming more expensive.

What’s Causing the Price Drop?

Experts argue that the main reason for the price decline is the increased supply of rental apartments. Over the past few years, many investors have been buying and furnishing properties to rent out, leading to greater competition in the market.

While demand remains steady, many renters, particularly Russians, now have a better grasp of the city and are opting for more budget-friendly choices. Previously willing to pay premium prices, their expectations are now more aligned with the local market, leading to further price adjustments. Although Russians continue to show strong interest in renting in Belgrade, they are increasingly selecting more affordable options, which has lessened their influence on price hikes. Additionally, there has been a noticeable increase in renters from Turkey and China, contributing to the growing diversity of the rental market.

Which Areas of Belgrade are Most Affordable?

Rental prices in Belgrade currently start at around 300 euros and can go up without an upper limit. The most affordable options are typically found on the outskirts, particularly along the left bank of the Danube, in areas like Mirijevo, Altina, and Rakovica, where there has been a slight drop in prices.

The greatest demand is for apartments between 40 and 65 square meters. These typically one-bedroom units are perfect for singles, couples, and small families. When it comes to location, the decision depends on the renters’ preferences. New Belgrade is highly sought after due to its close proximity to business hubs, while central Belgrade remains popular for its excellent transport links to all areas of the city.

When is the Best Time to Search for a Rental?

Real estate experts state that the rental market in the city stays active year-round, without significant seasonal changes. However, there are periods when rental activity decreases.
January typically experiences the lowest activity because of holidays and travel. On the other hand, late summer and early fall see a boost in demand as students search for apartments. Nonetheless, seasonal fluctuations have less impact nowadays—people now move when it suits them, regardless of the season.