Tallinn Residential Rental Market Analysis

This post reviews the findings regarding residential rentals market in Tallinn. The post focuses on apartments available for long term rent in all capital’s neighborhoods. The data was collected from four sources: kv.ee, kuldnebors.ee, soov.ee and okidoki.ee. After data pre-processing and cleanings has been done, a total of 849 rows of data were collected from all websites (please note, that some listings could be duplicated in multiple sources).

The data covers apartment rent classifieds from the period from 01/05/2014 till 12/06/2014. Here is how the numbers have been divided between all of the capital’s neighborhoods and the classified websites:

classif

Now lets take a look at the rental prices for apartments in Tallinn. The data shows that the average rental price in Tallinn is 488 €. This includes all apartments available for rent and in all areas. However, as the chart below shows, this is a misleading figure. There were much more affordable rental properties available in Tallinn during June, mostly in Lasnamäe and Mustamäe.

uur_1

An interesting fact, the average price for 1-bedroom apartment in Mustamäe are even lower than in Lasnamäe. Among other observations, the rental prices for 2-bedroom apartment in Haabersti are almost the same as in city center. Another one, is that the rental price for a 3-bedroom apartment in Lasnamäe and Mustamäes is the same as for the 2-bedroom apartment in the same area. The list of useful observations could go on and on, so you are free to draw your own conclusions.

Also note, that average prices do give an overview of where the market is right now, but they don’t show the whole picture. Real estate is not a homogeneous product. Two different apartments in the same area could have totally different  prices because of the smallest details, either a better view or remodeling, or something else. The analysis of various reasons that influence the rental prices will be the topic of my future researches, for now, here is the chart showing how big the price variety is:

barchart

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