While socio-political unrest and ongoing student protests persist in Serbia, the Belgrade real estate rental market is experiencing a distinct trend: apartment rental prices are steadily declining. Demand for rental apartments—especially from students and foreign tenants—has significantly dropped, resulting in lower prices and a surplus of available properties.
Miloš Mitić, operational director of the City Expert real estate agency, explained in an interview with Biznis.rs that this decline reflects deeper structural changes in Belgrade’s rental market. He emphasized that this period is unusual, particularly due to the decreased demand from students and the reduced presence of Russian nationals, who historically have been a well-organized and high-paying tenant group.
“Part of this decline stems from the broader socio-economic situation, as fewer foreign companies are currently establishing operations in Serbia,” Mitić noted. “This has led to a sharp drop in rental demand. Just this year, rental prices have fallen by approximately 10% compared to 2024, which itself recorded a 20% drop compared to 2023. Collectively, this means rental prices have decreased between 30% and 40% since the post-Russian-Ukrainian crisis peak—and this trend has been ongoing for some time.”
Mitić highlighted how, until recently, it was nearly impossible to find a 45-square-meter apartment with a separate bedroom near the city center at reasonable prices. “Now, such apartments can be found for 500 to 600 euros per month near major faculties—around technical schools near the Vuk monument, the Faculty of Organizational Sciences, or the Faculty of Political Sciences. Even in parts of New Belgrade and further areas well connected to university locations, adequate apartments are available for 300 to 400 euros.”
The steepest rental price drops have been recorded in the higher-end segment, where rents previously ranged from 800 to 900 euros and above. In contrast, more affordable apartments remain in strong demand.
“What is clear is that apartments have become significantly more affordable, and the variety of available properties has increased substantially compared to six months or a year ago,” Mitić explained. “Our website currently lists nearly 1,500 rental apartments, while two years ago, the number was between 600 and 700, with weekly rental inquiries of 2,000 to 3,000. Today, inquiry levels are much lower due to the imbalance between supply and demand.”
He also pointed out that rental price declines have been noticed by property owners, many of whom depend on rental income as a key source of revenue. “They have adjusted their prices downward to sell or rent their properties more quickly,” he said.
Regarding student housing, Mitić noted that students typically share apartments with one or two roommates to reduce costs and secure better locations closer to their faculties. “For around 200 to 250 euros per person, students can find more suitable apartments than those searching individually. Often, two students share a one-bedroom apartment, with one using the bedroom and the other living in the living room,” he added.
When asked about private student dormitories and investor interest in this segment, Mitić explained that, despite its profitability, investors have yet to recognize its potential. “Most prefer to invest in residential buildings intended for rent rather than purpose-built student dormitories,” he concluded.
