The coronavirus crisis has left thousands of apartments for short-term rent through platforms such as Airbnb unused. In order to generate at least some money, many landlords rent them out at reasonable prices and they find new tenants, especially among young people.
Most of the recently vacated apartments are located in extremely attractive locations that would not normally be affordable for young people. For example, one-room apartments in Prague’s Kampa or near Wenceslas Square, where normally the monthly rent would be around KKr 18,000, suddenly become available for 10,000 a month, and young people take them, Radim Bajgar, a partner in the Mint Investments Group, which manages properties worth more than SEK 15.5 billion, including rental apartments, told the ihned news site.
Other real estate companies contacted by the site confirmed a growing interest in apartments on the part of young people between the ages of 20 and 30 who wish to leave their homes. They say the decision is often hastened by friction during the lockdown when people have been forced to spend weeks locked in their homes with other family members.
The trend is also confirmed by the association of financial institutions offering savings and mortgage loans. According to their survey, the pandemic is helping to make more young people independent. While six years ago, one in three Czechs aged 26 to 30 lived with their parents, today it is one in five. Most young people who leave their parents rent an apartment on their own or with others. In the Czech Republic, women leave home on average two years earlier than men. Last year, young women left home at an average age of 24.7 years, while for men it was 26.9 years.
The trend is most visible in the capital. In Prague, the effects of the pandemic on the rental market are clearly visible and rents have fallen sharply, especially in the city center. However, the situation is radically different in Brno and Ostrava where rents continue to rise.