Russian Rental Prices in Major Cities Drop for the First Time Since 2020

Rental rates for housing in Russia's large cities have fallen below last year's figures for the first time since 2020. Data from a study covering 38 major cities, along with the Moscow and Leningrad regions, revealed this trend.

One-bedroom apartments are now renting for 2.2% less than in September 2025, averaging 29,700 rubles per month. Two-bedroom apartments saw a larger decrease of 5.7%, now costing an average of 40,300 rubles. This marks the first year-over-year decline in long-term rental rates since 2020.

The steepest annual price drops for one-bedroom apartments were recorded in Samara (-13.3% to 27,400 rubles), Sochi (-12.4% to 42,900 rubles), and Novokuznetsk (-9.9% to 20,900 rubles). Moscow experienced a slight decrease of 0.7% (to 71,200 rubles), while Saint Petersburg saw a 8.4% drop (to 45,600 rubles).

For two-bedroom apartments, Moscow saw the most significant decline, down 18.6% to 110,500 rubles. Sochi followed with a 14.9% decrease (to 64,100 rubles), and Yekaterinburg with a 13.8% drop (to 42,600 rubles). In St. Petersburg, two-bedroom rents fell by 9.9% to 67,200 rubles.

Analysts anticipate a seasonal dip in activity and prices during the fourth quarter of 2026, coupled with a gradual increase in available listings. Prices might fall an additional 5-6% from current levels by year-end due to limited demand and ample choices.

Typically, August and September see price increases due to the start of the business and academic year. However, this year, average rental rates for one-bedroom apartments saw a slight decrease of 0.1% compared to July, and two-bedroom apartments dropped by 0.5%.

Overall, the average cost of renting one- and two-bedroom apartments in Russia has decreased by 1.7% compared to last year, now standing at 31,100 rubles and 38,800 rubles respectively. This annual reduction is the first observed in five years.