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Rentals perceived as temporary solution for the young

SLOVAKIA has one of the highest shares of privately owned housing, and fewer than 10 percent of people live in rental properties. Most people consider this kind of accommodation a short-term solution, according to real estate experts.

People prefer their own housing rather than rentals.(Source: SME)

“This means that mostly young people use this possibility as their first housing or temporary accommodation during a working trip and the like,” Filip Žoldák of Herrys real estate agency told the TASR newswire.

One big group living in rented housing is students.

“We expect that the interest in rentals will increase shortly before the summer holidays and especially during the third quarter when the statistics are significantly affected by the movement of students,” said Lexxus analyst Michal Zajíček, as quoted by TASR.

Tenants, as compared to owners, have the advantage of flexibility and can terminate leases quickly in a case where they change jobs or face changing accommodation needs, said head of the National Association of Real Estate Agencies in Slovakia (NARKS) Ján Palenčár. Moreover, they do not have as many duties as owners.

Experts emphasise that the lease needs to contain the time of renting the flat, the price of rent, the way and notice period for terminating the agreement and the responsibility for possible repairs, TASR wrote.

The most frequent factors impacting the decision to buy a flat are a stable job, enough money and the desire to have a family. Moreover, people are motivated to have their own housing also by historically low interest rates on mortgages, good prices and the sufficient offer of new buildings, TASR reported.

This article is published as part of Spectator College, a programme created by The Slovak Spectator  with the support of Petit Academy Foundation. A glossary of words as well as an exercise related to this article are also published online.

Topic: Spectator College

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