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Wednesday, July 24, 2024

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What is driving Poland’s growing rental market?

Poles have long  preferred to own the place they lived in – only 4% of the population rents a flat. On average, every third European does so. But the Polish institutional rental market, still at an early stage of development, is growing in importance. 

Attitudes towards renting in Poland are changing, for multiple reasons. One is urbanization and suburbanization.  The extent of urbanization in Poland, about 60% of the total population, is still far from the average for developed countries. Estimates show that by 2050 it will increase to about 70%. 

Young people are moving to the bigger cities in search of better jobs or education. This expansion of cities in turn results in the development of new suburban zones.

At the same time, it is worth remembering that Poland may lack up to 2 million apartments, data from other European countries suggest. In Poland in 2019, more than 37% of households were overcrowded, while the EU average is about 17%. 

The urban lifestyle is also changing. Among other things, the number of people who do not want or cannot get their own premises is growing. Nevertheless, they still want to improve the quality and comfort of life. Today people often also want to be able to move to another city, which may offer the chance of better employment. 

We also observe an increase in interest in renting not only among and already financially independent people, but among families with children. 

The rental market is gaining popularity also given rising housing prices and interest rates. 

The answer to these changes could lie in well-thought-out and tailored urban development plans, which consider the challenges related to the climate crisis, as well as the diverse needs of cities’ inhabitants.

Our activities at Resi Capital are aimed at professionalizing the domestic rental market. 

It should be remembered that in the institutional rental formula, the tenant has a guarantee that he or she is renting an apartment from a verified entity and that the standard of the property meets strict requirements. Moreover, the owner takes care of the whole building and manages it comprehensively. Taking all of this into account, at Resi Capital we can go a step further and use modern technologies to make the selection and reservation of an apartment easy and convenient. 

We have launched the Resi Capital online platform that takes the entire process of renting an apartment to a whole new level. It allows you to configure your offer and complete a reservation. You can choose from two types of apartment design, proposed within a single investment distinguished by its attractive location, functionality and high standard of finish. Taking into account Poles’ changing lifestyles, most of the apartments we offer have large balconies, loggias or terraces, and in each unit there is a space suitable to place a desk. We have no doubt that such a meticulously prepared rental offer is what a growing group of people expect today.

Anna Łagowska-Cioch
Anna Łagowska-Cioch
Head Of Residential Leasing, Cavatina, Resi Capital | PRS
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