Tashkent rental market sees 10% annual price growth as housing supply drops

Rental market supply drops sharply

The capital experienced a significant contraction in the number of available rental properties last month. Landlords posted approximately 18,100 rental advertisements in May, marking a decline of nearly 21% compared to the 22,800 listings recorded in April.

A large portion of the market supply remained concentrated in just three central areas, with 42.4% of all listings coming from Mirzo Ulugbek (16.9%), Mirobod (12.9%), and Yunusobod (12.6%) districts.

Geography drives wide price gaps

Location continues to be the primary factor driving housing costs across the capital, with Mirobod, Shaykhontohur, and Yakkasaroy districts securing their positions as the most expensive areas. The geographical divide is particularly stark for larger properties, where rental rates in upscale neighborhoods are more than double those in outer districts.

For a single-bedroom apartment, tenants paid an average of $600 per month in Mirobod, whereas identical accommodation cost $350 in Olmazor, Sergeli, and Uchtepa districts.

This gap widens with larger apartments. Two-bedroom flats commanded $700 in Mirobod and Shaykhontohur compared to around $400 in Sergeli and Uchtepa. For three-bedroom apartments, monthly rates hit $1,000 in Mirobod and Shaykhontohur but remained at a modest $450 in Sergeli and Uchtepa. Properties with four or more rooms averaged $1,150 in Mirobod and $1,100 in Yakkasaroy, while similar large apartments in more affordable areas were listed between $500–550.

High demand for two-bedroom apartments

Two-bedroom apartments remain the most sought-after housing option in the capital. Combined, two and three-bedroom listings accounted for nearly 86% of all rental ads in May, with two-bedroom options alone making up 59.6% of total market supply.

Rental adjustments over the past year varied greatly depending on apartment size:

• One-bedroom apartments averaged $400 per month, increasing by 14.3% compared to last year.

• Two-bedroom apartments averaged $500 per month, showing stable pricing with no change over the year.

• Three-bedroom apartments averaged $700 per month, also remaining flat over the past 12 months.

• Large properties with four or more rooms averaged $800 per month, experiencing a sharp annual price spike of nearly 20%.

Overall, the data demonstrates that property owners are heavily factoring both specific district location and room count into their pricing strategies, resulting in a highly segmented Tashkent housing market.