Most potential tenants in Bucharest are looking for 2-room apartments

Nationally, most buyers are looking for 2-3 room apartments first, and only then houses

Most potential tenants in Bucharest are looking for 2-room apartments (49%) and studios (33%), while 31% of buyers declare that they are more interested in houses and 30% in 3- 4 room apartments (30%), according to a JLL survey.

Of those prospecting the residential market in the capital city, 45% of respondents plan to buy a home in the next 12 months.

Around a third (32%) are looking to rent a home in the same timeframe. 23% say they are undecided between buying and renting a home in the next year.

Faced with the choice of Bucharest versus Ilfov, an overwhelming 93% of potential tenants expressed interest in a home located in the capital. As for potential buyers, 77% prefer Bucharest, while 23% are willing to move to Ilfov.

The most attractive neighbourhoods in Bucharest for renting are Tineretului – Timpuri Noi (30%), Titan (28%), followed equally by Dristor, Unirii and Victoriei – Romana – Universitate (27%).

As far as buyers are concerned, the top is different, placing Titan neighbourhood in the hierarchy of preferences (23%), followed by Drumul Taberei (21%) and Tineretului – Timpuri Noi (20%).

The results of the survey highlighted the desirability of central areas such as Victoriei – Romana – Universitate or Unirii, where respondents want to live, but the restrictive purchase prices lead them to opt for renting.

Thus, 27% of the respondents want to rent in ultracentral neighbourhoods, while only 11% consider buying a house in these areas. 

There are also neighbourhoods that have scored similarly and positively both in the top of buyers and tenants, such as Drumul Taberei, Berceni and Bucurestii Noi.

At the opposite pole, the least attractive neighbourhoods, which did not exceed 7% in the distribution of interest of those looking for housing, are Giulesti, Grivita, Rahova and Giurgiului.

Why Romanians chose rent over buying a home

Those who intend to rent choose this option to the detriment of buying motivated by financial constraints or related to taking out a bank loan (81%) and the desire for greater flexibility in terms of residence (72%)

The availability for rent of housing corresponding to their standard of comfort (60%) and the decision to invest savings for purposes other than a real estate purchase (56%), follows.

On the other hand, for 88% of respondents, the decision to buy is primarily motivated by the desire for rental stability, which is not guaranteed in the volatile rental market.

Another reason is the accumulation of the amount of money needed to buy, followed by another financial motivation: the similarity between the bank rate for the mortgage and the rent (61%).

Another significant percentage is the one of those who say they are motivated to buy for investment purposes (54%).

The main factor that drives customers to either buy or rent is the monthly household income. Thus, the higher the household income, the higher the intention to buy rather than rent.

Almost two thirds (63%) of people living in households with incomes between 4,000 and 8,000 lei are more interested in buying, while for 69% of people with monthly household incomes below 4,000 lei the most convenient solution is renting.

Another important factor in the decision process is age, which is directly related to monthly income and marital status.

Thus, more than half of the respondents who are under 34 years of age plan to rent, while among those over 34 years of age, only a quarter plan to rent a home.

More than 90% of couples with children want to buy a home, as do 60% of married or unmarried couples living together but without children. By comparison, more than 60% of people living alone prefer to look for a rental property.

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