In August, rental housing in Kazakhstan rose by an average of 4.2% month-on-month. Particularly notable price increases were recorded in Kostanay, Petropavlovsk, and Turkistan, reports infohub.kz.
According to the Bureau of National Statistics, in August, rental residential real estate in the country became 4.2% more expensive compared to July. On an annual basis, the increase was 17%. Traditionally, in August-September, rental rates rise due to the start of the academic year and the arrival of students in major cities.
The largest monthly increase in rental rates was observed in Kostanay, with a jump of 5.9%. In Petropavlovsk and Turkistan, prices rose by 5.5% and 5.3%, respectively. In Almaty, rents increased by 4.4%, in Astana by 4.9%, and in Shymkent by 5%. The smallest increase was recorded in Uralsk, at just 0.8%.
On an annual basis, Pavlodar led the rise with a 42.5% increase in rents. Petropavlovsk followed with a 39.1% rise, and Almaty came third with an 18.1% increase. In Astana, the annual growth was 17.5%, and in Shymkent, 15.8%. The smallest annual increase was in Uralsk, at 3.8%.
The highest rental rates are currently in Almaty, averaging 6,224 tenge per square meter. In Astana, it is 6,079 tenge, and in Karaganda, 5,219 tenge. The cheapest housing is in Taraz, at 2,558 tenge per square meter.
Experts attribute the acceleration in price growth to the start of the academic year, when thousands of students arrive in major cities. Earlier reports indicated that rents were already rising in mid-summer, and now the pace is only increasing.