Rent prices in Israel have soared over the past year, the Central Bureau of Statistics (CBS) reported this week, compounding the country's notoriously high cost of living problem.
According to data, in the first quarter of 2023, rent increased by approximately 1.4% compared to the previous quarter (October-December 2022) and about 5.2% compared to the same time last year.
Predictably, Tel Aviv sits at the top
The CBS analyzed rent prices in 18 major cities with over 100,000 residents. Tel Aviv tops the list with an average monthly rent of $1,904. This reflects a 6.8% increase year-on-year from $1,780 last year and a 1.6% rise compared to the previous quarter's average of $1,860 per month.
Herzliya came in second with an average monthly rent of $1,747. As this is the first measurement for Herzliya, comparisons with previous quarters are unavailable.
Ramat Gan ranks third with a rent of $1,486 per month, a 5.2% increase from $1,416 in just one year and 1% compared to the previous quarter ($1,460).
Kfar Saba takes fourth place with an average monthly rent of $1,460, with a notable 7.5% increase year-on-year from $1,368, the highest jump in rent prices in any of the cities surveyed, and a 2% uptick compared to the previous quarter ($1,420).
Living on a budget?
The most affordable cities are Haifa and Be'er Sheva where average monthly rent is below $882. In the first quarter of 2023, the average monthly rent in Haifa was $868, reflecting a 4.7% increase compared to the corresponding quarter last year ($829).
The average apartment costs $829 per month, indicating a 3.1% increase compared to the corresponding quarter ($795).