Power for renters: The Iron Sword War is affecting the apartment rental price market all over the country. While many of the landlords are being recruited and many families have been evicted from their homes, an examination conducted with the help of the Yad 2 website shows that one-year leases have declined, with ad owners lowering rental prices. This compares to prices for short-term evacuees.
Interceptions and shrapnel falls in Kiryat Shmona
YADATA'S CALCULATOR SHOWS THAT 20% OF RENTAL APARTMENT OWNERS IN NORTHERN CITIES LOWERED THEIR PRICES DURING THE MONTH OF NOVEMBER. Landlords are compromising on rents in an attempt to fill the houses.
Not only in the north
In Kiryat Motzkin, for example, 20% of apartment owners lowered rental prices by an average of 8%. In Acre, there was a decline of 12.3%, with 11% of apartment owners reducing the price, and similar figures can be found in Afula.
Military vehicles in Kiryat Shmona, photo: Eyal Margolin/Gini
The decline in prices is apparent not only in the north of the country, but also in the center of the country, with rental prices also declining by 6.7% in Givatayim, with 19% of apartment owners updating the price they demand. This was also the case in Tel Aviv, Kiryat Ono, Hod Hasharon and other cities across the country.
According to Yad 2 Group CEO Tommy Schoenfeld: "We see high fluctuations in rental prices in November. The findings enable apartment landlords, tenants and investors who are considering purchasing an apartment for investment to receive an updated price estimate as of today, adapted to the property in every city and street in Israel, and make an informed decision as a result."
Rocket hit in Ashkelon October 2023, photo: Kobi Gideon
The study also found that out of all active ads for apartments/houses for rent on the site, in 14% of cases they lowered the price at least once since they were uploaded to the site.
In addition, in November there was an average price decline of 7.4% in rents in ads on the site, with the segment with the sharpest decline in private homes/cottages – a decline of 8.9%, and in rooftop/penthouse apartments – a decline of 8.2% on average.
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