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Residential Rents to Remain Steady

Residential Rents to Remain Steady

The housing market is likely to pick up in the next fiscal year (starting March 20) and since most tenants are economically disadvantaged, it is hoped that rents will remain steady or rise proportionally with the value of houses, said the head of Tehran Association of Realtors.

“If there is no rise in house prices, we should not witness a surge in rents,” Hesam Oqbaei was also quoted as saying by ISNA.

Oqbaei predicted that the increase in rents to be in line with inflation since raising it further would not be possible, “as workers and average earners will not be able to afford a higher jump in rents”.

The official noted that most rent contracts take place during the summer, whereas winter sees the least activity in the residential rental market.

“Since rents increased by 8.6% in autumn compared with the same period of last year, we could say the increase has been even cooler during the winter,” he added. Oqbaei said rents witnessed a rise in line with inflation during the current year’s autumn but the market stayed steady during the first two months of winter and rates declined compared with autumn or summer.

The key housing sector has been in recession for the five years and despite efforts by the government to breathe new life into it, results have not been encouraging.

 

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