In Azerbaijan, the price of rental apartments varies according to geographical location.
Real estate expert Elnur Azadov stated this in a statement to Modern.az.
According to the expert, an increase in rental prices is observed towards the center of Baku. He noted that currently, the areas with a higher supply of rental apartments are the settlements of Khirdalan and Masazir. In these two areas, rental prices have formed at almost the same level and are considered consistent with average market prices.
"In Khirdalan and Masazir, rental prices for individual residential houses start from approximately 250 manats. In apartment-type buildings, the rental price is 300 manats and higher".
The expert added that several factors influence rental prices. These include whether the apartment is renovated, the distance to public transport stops, and whether the house is rented furnished or unfurnished.
According to him, the cheapest rental apartments are usually located in areas far from the city center:
"Currently, rental apartment prices in the settlements of Guzdak, Puta, as well as Turkan and Zira, are relatively low".
The expert noted that in Baku city, rental prices for apartments located near metro stations are higher:
"This trend is particularly observed around metro stations located near universities. In such areas, the lowest price for rental apartments is approximately 400 manats.
Although a certain decrease in prices is observed in such areas during June–August, an artificial increase in rental prices occurs during other periods of the year due to the academic year".
The expert emphasized that in the last five years, rental apartment prices in Baku have increased by approximately 30 percent.
He also noted that the reduction of the tax applied to rental apartment contracts from 14 percent to 10 percent has not created a significant change in the rental market.
