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Rental rates for housing in Warsaw have reached a record level

Rental rates for housing in Warsaw have reached a record level

Photo: cz.info.pl


In the third quarter of 2025, the price of rental housing in Warsaw exceeded 20 dollars per square meter. The capital’s rates significantly outpace figures in other Polish cities and surpass many European capitals when comparing income and housing expenses. At the same time, the nationwide dynamic changed only moderately, as noted in a study by Rankomat.pl and Rentier.io.

Gap between cities


The rental rate for apartments sized 35–60 sq. m in Warsaw reached 75 PLN per sq. m ($20.1 at the exchange rate of Q3 2025). This is the highest figure in the country. In the cheapest city, Częstochowa, the rate stands at 36 PLN ($9.6), reflecting more than a twofold difference. In most cities, changes are not as pronounced. Average prices increased in 11 out of the 17 largest municipalities — by 4.9% in Sosnowiec and 4.6% in Toruń. Six cities recorded slight declines: Białystok by 1.9% and Bydgoszcz by 1.3%. The average quarterly growth was 1.6%.

In 15 out of 17 cities, renting was cheaper than paying a mortgage. The smallest difference for a 50 sq. m apartment was observed in Częstochowa — 44 PLN ($11.8): rent cost 1,806 PLN ($484), while the mortgage payment was 1,785 PLN ($478). The largest gap was in Kraków — 1,077 PLN ($288): 2,925 PLN ($785) versus 4,002 PLN ($1,073) respectively.



Small and large apartments


Units up to 35 sq. m showed the most noticeable growth. On average, rates increased by 3.2% quarter-on-quarter and by 4.3% year-on-year. This format is in high demand at the start of the academic season, which shaped the quarterly dynamic. In Bydgoszcz, prices rose by 7% quarter-on-quarter, and in Toruń — by 10.9% year-on-year. This is the most dynamic segment in the entire dataset.

Apartments larger than 60 sq. m became the only segment to show an average decline — minus 1.9% quarter-on-quarter. In Toruń, the drop reached 6.6%, while in Częstochowa the segment grew by 2.5%. Large apartments pulled down the median quarterly movement of the market, despite moderate annual dynamics in some cities. Year-on-year changes also vary significantly: in Katowice rates fell by 4.2%, while in Bydgoszcz they grew by 10.3%. On average across the country, rents for large apartments increased by 2.9% year-over-year.



Seasonal surge in listings


The number of new listings increased by 34% in the third quarter. This is the effect of an active September season after a quiet second quarter, when the market traditionally performs more weakly. Such contrast makes the rise in supply more visible. Rentier.io president Anton Bubiel explains that the market strengthens during this period due to student demand. He believes that in the fourth quarter, rates may stabilize, and in cities where supply increased especially sharply, local adjustments are possible. After the peak of the third quarter, the volume of listings usually returns to seasonal norms.

Poland against the backdrop of European capitals


In Warsaw, renting consumes about 44% of income — making the Polish capital one of the most expensive in Europe. In other cities, the burden is lower: in Prague rent takes 41% of the budget, in Vilnius — 35%, in Berlin — 30%.

Lisbon leads, with the share of rental expenses reaching 82% of income. Vienna shows the opposite trend: with rents above 3,000 PLN ($804) and average income around 13,000 PLN ($3,484), rent takes 25% — the lowest ratio among European capitals included in the analysis.



Returns and opportunities for investors


According to Airbtics, the gross yield of long-term rentals for two-room apartments in Warsaw amounts to 5.7%, based on an average purchase price of €167.4 thousand. The real profitability is around 3% when accounting for maintenance, taxes, and vacancy periods. The capital provides high demand, but the high entry price and rising expenses limit further yield growth. The increase in supply observed in the third quarter may intensify pressure on the market, especially in areas where the number of listings rose most significantly.

Short-term rental yields are higher, particularly in second-tier cities such as Toruń or Bydgoszcz, but analysts at International Investment note that key risks are not included in the average statistics: seasonality, dependence on tourist flows and student arrivals, fluctuations in occupancy, and potential regulatory changes. Market dynamics are also influenced by low liquidity outside major capital centers. This segment is more complex from a long-term perspective and requires more intensive management.