Renting an apartment in Budapest will allow you to find a place at a price in your budget that you are not tied down to. This is the most common form of accommodations for expats living in Budapest for short and long stays.
Like most places in any European city, each apartment will have a varied price based on location and the amount of bedrooms. The most popular apartment style is located in the center of the city and has one to two bedrooms.
A one bedroom apartment in City Centre will be 80,500 Ft a month whereas a one bedroom apartment outside of the Centre will be 55,800 Ft a month. A three bedroom apartment in City Centre will be 160,000 Ft a month and a three bedroom apartment outside of the Centre will be 116,000 Ft a month. Both locations are fairly cheap, but as you can see any location that is located outside of the city is much cheaper.
It is not rare to rent a nice condo or house in Budapest and you can do so for a little bit more than an apartment. Some houses can start as low as 90,000 Ft a month to 300,000 Ft a month. This is of course depending on house size, bedrooms, and location.
The housing market has been depressed since 2007, which makes it a great time to rent. The nationwide house price index dropped 8.17% in 2014 according to FHB bank. House prices in the capital dropped 8.19% in 2014. It is not the perfect time to sell or rent to others, but a great time for expats to look for a place in Budapest.
Construction, building permits, mortgage lending, and prices are at extremely low levels compared to 2007 when the housing boom happened. Bad loans are high. New building construction hardly exists and buyers are choosing used properties instead. However, there are some signs of recovery to the rental and housing market. GDP is likely to rise 2.5% this year, which means rent will be rising. Keep a look out for the best deals and compare you prices to make sure they match up well with the rental market.
Common rental sites in Budapest include:
Social media is a great way to find a roommate or a place to rent in Budapest. Networking opens doors to meeting new people and potentially finding the perfect place to live that will suite you needs.
If you are looking for a flat mate then stay active and post of the Budapest Flatshare Facebook page. Roommates Budapest is another great place to find a roommate in Budapest and see if they will be the best fit for you.
Agents in Budapest vary in price depending on what you are searching for a home. A lot of agents are looking to work with people with high budgets in order to make a profit so they can be on the pricier side. If you do choose an agent, make sure to find an agent you can trust and feel comfortable with. Finding an English-speaking agent in Hungary is difficult but they do exist and can be extremely helpful in finding a home.
There are two distinct types of rental agreement in Hungary - free rental and controlled. Expats should make sure to go over contracts very carefully before signing.
Free rental agreements are exclusively drawn up by the landlord and are not regulated. Controlled rental agreements have a much stricter procedure and the rights of the tenant are more protected by the Hungarian courts.
It is known in the expat community that some landlords are perfectly happy with a verbal agreement. Even though this is a lot quicker and simpler, it is not as secure as a written agreement.
The required deposit before moving in is set and agreed upon both the tenant and the landlord. The usual amount of the deposit is between one and three months' rent.
This should be specified in the Rental Agreement. Usual notice period is a month. If you end the lease before the agreement specifies, be aware you risk losing some or all of your deposit.
Looking for cheap accommodation in Budapest isn’t easy and can be time consuming. Fortunately the times of browsing innumerable adverts, making hundreds of phone calls and visiting dozen of houses belong to the past: with Uniplaces now you can look for your room comfortably sitting at home. You can pick a room in a shared home with other expats, a studio flat if you want more privacy, or you can team up with other friends and rent an entire apartment just for yourselves.
The booking system is very simple and doesn’t require any visit: all can be done in advance thanks to the detailed descriptions and photos of the rooms and you can secure your room before even getting there. Moreover the Uniplaces team will be available for any questions and help.
Uniplaces is an online marketplace for booking mid-long term accommodation with thousands of verified properties.