Tashkent’s rental market continues upward trend as demand increases

Rental prices for apartments in Tashkent experienced another increase in September, with the average cost for mid-renovated apartments rising by 2.8% compared to August, according to a report from the Institute for Macroeconomic and Regional Studies (IMRS). The increase for fully renovated apartments was more modest, at 1.4%.

The surge in demand for mid-renovated apartments drove the price increase, according to IMRS experts. For mid-renovated one-bedroom apartments, rental prices climbed by 2.4%, while two-bedroom units saw a 3.4% rise. Three-bedroom apartments increased by 3.2%, and four-bedroom units by 2.1%.

Among Tashkent’s districts, Sergeli and Olmazor offered the most affordable rental options for mid-renovated apartments. In Sergeli, prices ranged from $291 for a one-bedroom apartment to $463 for a four-bedroom unit. In Olmazor, rental prices for one-bedroom units stood at $306, while four-bedroom apartments were priced at $503.

At the higher end of the market, Mirabad and Yakkasaray districts recorded the most expensive rental prices. In Mirabad, a one-bedroom apartment cost $358 per month, while a four-bedroom unit reached $721. In Yakkasaray, one-bedroom apartments were priced at $343, with four-bedroom apartments costing $631.

Fully renovated apartments also experienced price fluctuations. While rents for three-bedroom units decreased by 0.9%, prices for one-bedroom apartments rose by 3.1%, two-bedroom units by 1.1%, and four-bedroom units by 2.3%.

Sergeli and Uchtepa districts offered the most affordable options for fully renovated apartments, with rental prices in Sergeli ranging from $331 for a one-bedroom apartment to $634 for a four-bedroom unit. In Uchtepa, prices started at $393 for a one-bedroom apartment and went up to $717 for a four-bedroom unit.

The highest rents for fully renovated apartments were found in Mirabad and Shaykhontohur districts. In Mirabad, one-bedroom apartments were priced at $474, and four-bedroom units reached $1,278. In Shaykhontohur, one-bedroom units were listed at $442, while four-bedroom apartments cost $1,272.

The data used for the analysis was collected through web scraping from the real estate platform OLX.uz, covering 52,000 listings in August and 51,900 in September. The analysis excluded the top and bottom 5% of listings to provide a more accurate representation of market trends.