The end of the academic year has a recurring seasonal effect on the rental housing market in Baku every year. Especially starting from June, the departure of students from the city reduces the demand for rental homes, which leads to the stabilization of prices in the market, and in some cases, a slight decrease.
elchi reports that, regarding the topic, real estate expert Orxan Rüstəmov told Milli.Az that currently, rental apartment prices in Baku vary in a wide range depending on the area and the condition of the apartment.
“In areas close to the center and with access to the metro, 1-room apartments are offered on average for 400-600 manats, 2-room apartments for 500-800 manats, and 3-room apartments for 700-1100 manats. As you move towards the outskirts of the city, prices are relatively lower, and 1-room apartments vary in the range of 250-400 manats. With the end of the academic year, the exit of the student segment from the market is felt more strongly, especially in the Nasimi, Yasamal, and Narimanov districts. Since these areas previously had high demand from students, rental prices remained more stable and sometimes at a high level. In June-July, landlords tend to offer discounts in the range of 5-10 percent to find tenants faster.”
The expert noted that, along with this, interest in short-term rentals increases in the market during the summer months.
“Apartments close to the sea and with access to recreation areas are offered more for daily and monthly rent. In this segment, prices vary in the range of 40-120 manats per day, depending on the location.
In general, the quietest period in the rental market is considered to be the summer months when the academic year ends. Towards September, with the return of students to Baku, the demand for rental apartments increases, and an increase in prices in the range of 10-20 percent is observed again,” the expert emphasized.