"Crazy" student housing prices

Over the last seven years, the student housing map has changed. Areas that were previously labelled as “student areas” have now become bastions of the short-term rental sector. Typical examples are Koukaki, Neos Kosmos, and many areas of the historic centre of Athens and Thessaloniki.

Almost every year we report that finding affordable student housing is becoming more and more difficult, and the process is turning into a lottery.

2024 is the most difficult year of all the previous five years. The budget of 300 euros per month for renting student housing has become unrealistic, as it is absolutely impossible to find free properties at this price even in the northern areas of Athens or Piraeus, where in previous years, according to our data, a small number of free apartments were recorded.

According to data on the availability of student-friendly accommodation obtained from property websites, there is a an increase in offers at the highest rental rates and a decrease at the most affordable ones. The increase in student housing supply at the highest rents reflects an average increase of 10%-15% in prices for renovated and fully furnished apartments. At the lowest rents, there is a trend of 8-12% year-on-year growth.

It should be emphasized that the overall average increase in asking prices for rental housing suitable for young people and/or students is area of ​​up to 50 sq. m and above on the 1st floor, reaches 100% compared to 2017. At the same time, it is regrettable that in 2024, the ability of a student's family to pay rent is the main factor in choosing a university. That is, whether the parents will ultimately be able to pay rent for the student.

This year will mark the sixth or seventh year that a significant proportion of new students will choose a college based on whether it is close to their family home. This is confirmed by Eurostat data, according to which our country ranks second in the list of countries EUwhere 72% of young people in the 18-34 age group live in their parents' home.

The situation is more difficult for young people in the periphery, since there are no university schools in their area and moving to another city is a one-way street for them if they want to study.

Greece is the most expensive country in the EU for housing and has failed to develop a comprehensive housing policy plan that would make it easier for young people, especially students, to access housing. The situation with the availability of housing for students is depressing.

Last year at this time, the availability of student housing with an asking rent of up to €300 was 2.89% (10% in 2022). This year, according to data obtained from real estate listings on websites, the search for student housing above the 1st floor up to 50 sq. m with an asking rent of up to 300 EURo in Athens and especially in student areas it was recorded at zero (0.8%).

In particular in the central areas of Athens 9 of 10 properties offered for rent (above 1st floor up to 50 sq. m)have asking rent more than 400 euros per monthof them 5 – more than 500 euros.

A similar picture is seen in the western suburbs, where only 1.6% of homes above the ground floor up to 50 sq.m. are available for rent up to €300 this year, compared to 3.7% last year (14.29% in 2022). According to the table below, 8 out of 10 properties available for rent offer rents over €400 per month, 4 of which over €500.

In the southern suburbs, the availability of student housing with a rental price of up to 300 euros is zero (0.30%), while in Piraeus it is only 0.94% (0.75% in 2023 and 7.14% in 2022).

In the northern suburbs, 8 out of 10 properties offered for rent have a price above €500 per month. In the Piraeus areas, 7 out of 10 properties offered for rent have a rental price above €500 and €600.

Neos Cosmos: This year, the availability of unfurnished houses is almost zero. The rent for a one-room apartment of up to 35 sq. m in Neos Kosmos ranges from 400 to 680 €/month for apartments that are fully furnished and equipped with all appliances. In the same area, the rent for a house of 40-50 sq. m is from 470 to 750 €, if it is fully renovated, furnished and equipped with appliances.

It is worth noting that in Neos Kosmos there are 912 apartments (not private rooms) registered on short-term rental platforms, while last year there were 781.

Kalithea: The cost of renting a one-room apartment of up to 35 sq. m in Kallithea ranges from 400 to 550 euros per month, if it is a fully renovated, furnished and equipped apartment. There are 376 properties registered on short-term rental platforms, while last year there were 281.

Petralona: The rental price for a house of 40-50 sq. m. this year ranges from €640 to €750/month (fully renovated and furnished), while for a house of up to 35 sq. m. the rental price reaches €520/month if it is a fully renovated and furnished house. There are 338 properties registered on short-term rental platforms, while last year there were 275.

Kolonaki – Mets: The rental price for a house of 40-50 sq. m. this year ranges from 750 to 1,200 euros per month (fully renovated and furnished), while the rental price for a house of up to 35 sq. m. starts from 570 euros per month. There are 383 properties registered on short-term rental platforms, compared to 348 last year.

Kukaki: Low availability was recorded for homes up to 35 square meters, with rental prices starting at €620 per month. For homes between 40 and 50 square meters, rental prices start at €630 per month. There are 1,122 properties listed on short-term rental platforms, down from 984 last year.

Neapolis, Museum, Exarcheia: In these central areas of the city, rental prices for apartments up to 35 square meters range from 400 to 690 €/month for completely renovated and/or newly built properties. As for apartments of 40-50 square meters, the asking rent reaches 700 euros per month if it is a completely renovated and/or newly built apartment, furnished and with all appliances. In the areas of Exarcheia, Museum and Neapolis, 817 properties are registered on short-term rental platforms, compared to 658 last year.

Goody: The area is chosen mainly by students studying medicine, nursing and dentistry. The rent for a fully renovated and/or newly built house up to 35 m², fully furnished and equipped with all appliances, ranges from 460 to 500 €/month, while houses from 40 to 50 m², unfurnished but fully renovated, cost from 500 €/month to 750 €/month. There are 191 properties registered on short-term rental platforms, compared to 172 last year.

Pagrati: This academic year, rental prices for houses up to 35 square meters range from €440/month to €650/month, while houses of 40-50 square meters range from €500/month to €920/month. The upper rental prices are for fully renovated and/or newly built houses, furnished and with all appliances. There are 452 properties registered on short-term rental platforms. Last year at this time, there were 356 registered properties.

Zografu: In the area where mainly students live, the rent for a house up to 35 sq. m. this year is between €430/month and €550/month, while for a house of 40-50 sq. m. – between €470 and €780/month. The upper limit of rental prices applies to completely renovated and/or newly built houses, furnished, with household appliances. There are 118 properties registered on short-term rental platforms. Last year at the same time there were 106 properties.

Kipseli: The highest rental prices are for fully renovated and/or newly built properties, furnished and with all appliances. There are 173 properties registered on short-term rental platforms. Last year at the same time, there were 164 properties registered.

Thessaloniki: every tenth suitable home. According to the advertisements posted on websites, the availability of student-friendly ground floor accommodation up to 50 sq. m with asking rent up to 300 euros is only 8.92% (11.31% in 2023, 12.6% in 2022) of the total available. An interested student who decides to look for accommodation in the Municipality of Thessaloniki should know that most of the houses are partially and/or completely renovated. At the same time, he can look for younger houses, after 2000-2005, in Vardari, where a significant part is also available furnished.

In Thessaloniki An increase in asking rents was recorded in almost all areas, whether for houses with an area of ​​30-45 m² or 50-60 m².

In Vardaris The rental price for a house of 30-45 m² varies from 300 to 600 euros/month, and for a house of 50-60 m² – from 400 to 650 euros/month. The upper rental prices are for completely renovated and/or newly built houses, furnished, with all appliances.

In the Camara Rotonda area The asking rent for a house of 30 m²-45 m² is from 350 to 650 euros/month, and for a house of 50 m²-60 m² – from 450 to 740 euros/month. The upper limit of the rent is set for completely renovated and/or newly built houses, furnished, with all appliances.

In the capital, the majority of fully renovated, furnished and with all appliances properties offered for rent are properties on short-term rental platforms.

We hope that the reduction in rental rates will be recorded after the end of the summer season and the return of properties from short-term lease to long-term – contractual.

We are currently seeing a rapid increase in the number of new listings on short-term rental platforms due to the high demand recorded this year. The short-term rental dynamics currently in the Municipality of Athens is 11,313 (9,521 in 2023) independent properties – apartments (not rooms), while in the Municipality of Thessaloniki it is 3,314 (2,593 in 2023), according to data obtained from AirDNA.

It is worth noting that due to the shortage of furnished apartments, their prices have risen even more than expected. As a result, many young (and not only) people rushed to the market for used furniture and household appliances.

For example. Among the used ones of normal quality, there is a real set for living: a wardrobe – 20-40 euros, a bed 20-80 euros, a bedside table – 10-30 euros, a desk 10-50 euros, an armchair or chair for 10-30 euros, a stove with an oven for 20-40 euros, a refrigerator 30-120 euros and a washing machine 30-100 euros. In total, for an inexpensive option, this will cost 200-300 euros and will pay for itself in 1-2 months of rent. Moreover, this can be done through the Facebook marketplace (the author of the publication took this very path when he helped look for an apartment for his youngest daughter).

True, there are still some hassles. But still, compare: paying 450-650 for a furnished apartment or 250-350 for an unfurnished room – the difference is significant. And there are far fewer problems with the owners…

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