In downtown Riga, demand for rental apartments is maintained by both locals and foreigners. Demand is biggest for high-quality, furnished one-, two- and three-bedroom apartments with area up to 80 square meters at a price of 450–600 euros per month, ex. utilities.

“There is still a lack of such apartments in the rental market, so suitable apartments are rented very quickly. The apartment deficit is also causing a gradual increase in rent prices. For example, in September the rent price slightly increased for average-sized apartments in new and renovated buildings in the outer center of Riga,” explains Latio Rental Department Head Ģirts Krūmiņš.

The average rent price of new projects and majorly renovated apartments in Old Riga in September was 14–15 euros per square meter, depending on the apartment size;in the Quiet Center of Riga: 12–13 euros, in the Inner Center: 11–12 euros;in the Outer Center: 7–8 euros.

The average monthly rent of apartments in partially renovated brick buildings in Old Riga and the Quiet Center was 8–10 euros per square meter;in the Inner Center: 8–9 euros;in the Outer Center: 6–7 euros. For apartments in non-renovated brick buildings in Old Riga in September: 7–8 euros per square meter;in the Quiet Center: 6–8 euros;in the Inner Center: 6–7 euros;in the Outer Center: 4–5 euros.

Krūmiņš notes that the deficit of good apartments is felt both in the city center and beyond. In the standard rental apartment segment in the residential neighborhoods, there is also a shortage of modern, furnished apartments in good condition, so the average rent price increased in September. Good standard apartments at adequate prices quickly find tenants, so offer has shrunk. The increase of demand and average rent price for apartments in residential neighborhoods was also spurred by the beginning of the new academic year.

The average rent of standard apartments in average condition in the residential neighborhoods of Riga in September was 4.1 euros, ex. utilities – up from 3.6 euros in the previous month.