Apartment for rent (illustration)
Photo: Tal Cohen
Sharp drop in rent prices in north Tel Aviv
WinWin monthly rent index shows apartment rental market remained stable in most Israeli cities throughout November
The apartment rental market in Israel
remained stable throughout the month of November apart from two exceptions – the south of the country and north Tel Aviv, according to the monthly rent index of the WinWin online flat listings website.
The most noticeable drops were recorded in southern Israel, in the city of Beersheba, where rent prices decreased by about 8%. The rental fee for two-room apartments in the city dropped by 7.5% to NIS 1,373 (about $ 354) per month, while the rental fee for three-room apartments dropped by 8% to NIS 1,760 ($467) per month.
Another place which saw prices drop in an unusual manner this month is north Tel Aviv, in the case of two-room apartments. Rent prices in this area dropped by 6% last month, totaling NIS 3,680 ($976) a month.
An additional drop in prices was recorded in the central part of the city: The price of three-room apartments decreased by 2% to a monthly fee standing at NIS 4,756 (about $1,261).
An increase in rental fees was recorded in one place only – southern Tel Aviv, where the rent price for a three-room apartment rose by 3.5% to NIS 3,511 ($931) a month.
Prices unchanged in Jerusalem, Haifa
In the rest of the country, no change has been recorded since the previous month. The rental fee for a two-room apartment in south Tel Aviv remained stable at
NIS 2,800 ($742), the price of two-room apartments in central Tel Aviv remained at NIS 3,696 ($980) and the average price of a three-room apartment in the northern part of the city remained NIS 4,730 ($1,254).
Rent prices remained stable in Jerusalem and Haifa as well. The average price of a two-room apartment in the capital still stands at NIS 2,827 ($750) a month, while the average price of a three-room flat stands at NIS 3,403 ($902) a month. In Haifa, tenants continue to pay NIS 1,735 ($460) for a two-room apartment.
The current trend shows that the rental market has relaxed following several months of price hikes. One of the reasons for the market's stability, as well as the price drops in Beersheba, is believed to be the influence of the large number of investors who entered the market over the past few months and the demand which is dropping.
In addition, north Tel Aviv and Beersheba are characterized by a proximity to universities. Following the start of the academic school year about a month and a half ago, the demand for these apartments has now dropped significantly.
