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Rental Market Overview St. Petersburg
The long term rental market in St. Petersburg Russia is quite dynamic and has gone through some major changes since the early 1990s.
Specifically, over the past 4 years, there has been a major increase in the availability of Western style, renovated apartments in the city center. With the increase in quantity of these types of apartments, the prices have also dropped. For example, during the mid 1990's when nicely renovated apartments were still somewhat of a rarity, a tenant might have been paying between $1500 - $2500 per month for a 2 room (1 bedroom) apartment in the center. Today, the same apartment for rent in St. Petersburg typically costs the same price per month.
Another interesting dynamic is the increase in prices for locally renovated apartments. While 7 or 8 years ago, it was still possible to find a decent, locally renovated 2 or 3 room apartment in the center for between $300 - $400, today the prices have shifted up starting at $1000 and going higher. The increase in prices is mainly due to the robustness of the Russian economy which has resulted in a rise in the standard of living of St. Petersburg residents (oil money trickling down to the general population).
Rental prices for the very best St Petersburg apartments (elite rentals) have remained steady for the past 6 years. These properties can be characterized as large apartments (4-6 rooms) with high quality renovation, centrally located with renovated entrances and stairwells, typically with concierge or other security. Prices for these properties have remained basically flat because of a shortage in supply. Rental prices for these apartments typically range from $4000 to $8000 per month.
The following are the most important factors affecting rental prices in St. Petersburg:
- Size of the apartment
- Level of renovation
- Russian Building characteristics
- Building type
- Building entrances and stairwells
- Availability of secure car parking
- Additional amenities and facilities
Beginning in 2009 there has been a noticeable decrease in rental rates of 15-25% on many apartments. Supply has noticeably increased. Some apartments have been sitting on the market since October 2008. Because of these changes, the landlords have become more compliant and ready to reduce rents.
Examples of St Petersburg apartment rent prices
So, as you have read, pricing is affected by many different factors. Below are some examples of what you may be able to get for your money on the St. Petersburg rental market. Also, please note, that when an apartment is called a 2 room, this means a 1 bedroom apartment plus living room. If the apartment is called a 1 room, this means that the living room and bedroom are combined.
$800 rental price per month
- A 1 room locally renovated apartment in the center - however this is quite rare and difficult to find. Most likely this will be located on Petrogradsky or Vasilevsky Island. It will most likely have an entrance from the courtyard and may not be in the best condition.
$900 - $1500 rental price per month
- A 1 room, European renovated apartment in the center. The apartment will probably be in a decent location, not necessarily have windows facing the street or a street entrance but it might. The apartment will probably have a modern kitchen and modern bath.
- A 2 room apartment with Western renovation on Petrogradsky or Vasilevsky Island or outside of the center. You are probably looking at the upper range (around $1000) for this.
- A 2 or 3 room apartment in the center with local renovation. Probably not in the Golden Triangle region but still centrally located. The apartment will most likely not have a modern kitchen or many modern features but it should still be comfortable and clean.
$1500 - $2000 rental price per month
- A 2 room apartment with European renovation in the center. Good location, possibly windows facing the street, possibly central entrance. Modern kitchen and bath. This will be similar to what most westerners are used to.
- An elite renovated one room in the center. Most likely central entrance and good view and good location. Possibly with nice features such as Jacuzzi, etc.
$2000 - $2500 rental price per month
- A 3 room apartment in the city center with good, European renovation. Modern kitchen and bath. Good location, possibly with windows facing the street and possibly with central entrance.
- A 2 room apartment in a newly constructed building or a 2 room apartment with elite renovation including good, central entrance and excellent location.
$4000 - $8000 rental price per month
- Five room or more apartment. Elite renovation in an excellent location with central entrance, good stairwell and security. Usually 2 bathrooms or more. Extras such as fireplace, Jacuzzis and sauna a possibility. Frequently excellent views.