Rents in Tel Aviv resume rise

• Published date: 13 October 2024
• Author: Anat Daniely Lev
• Publication title: Globes (Rishon LeZion, Israel)

Despite this statistical rise, industry sources say that in practice rents have fallen. Real estate agent Shirli Werner from Re/Max - Ocean, which manages three agencies in south, central and north Tel Aviv says, "Over the past year, rents have stabilized comparted with the situation in the market before the war. It's like there was a bubble here that has calmed down. Currently most landlords are less inclined to inflate rents and it is about the real value of the apartments. In other words, rents are not rising although there are isolated cases in certain properties."

Small apartments are less in demand

According to the Central Bureau of Statistics, rents in large apartments in the city rose more in comparison to smaller apartments. Monthly rents in 1-2 room apartments rose 2.5% to NIS 5,242, while rents in apartments with more than 2.5-rooms rose by 4.6%-4.9%. The average monthly rent in a 4.5-6 room apartment was NIS 10,601.

Keller Williams agent Shahar Tal, who is also a real estate appraiser says, "I deal with brokerage mainly in the city center and north Tel Aviv and the new areas. In small apartments of 1.5-2 rooms, the change is not great. There may have been an impact on this market, because young people who lived in these apartments...