The neighborhoods where rental prices are falling — over 5% at the peak
While there is a slowdown in housing prices, mainly in Tel Aviv, rental prices continue to rise. Yad2 data reveals: these are the neighborhoods where prices are actually falling.
Apartment prices in Tel Aviv are falling. In some neighborhoods, it can be identified that prices are not falling, or are falling at a rate of less than 1%. Many are sitting on the fence during this period and renting an apartment, but even in this case, most landlords are raising prices and tenants are debating whether to purchase an apartment so as not to be at their mercy at the end of the year. The big question: where are there neighborhoods in Tel Aviv and in general where rental prices are falling?
A special analysis by the Yad2 website proves that in some neighborhoods the decreases in rental contracts are higher than 4%. For example, in the southern part of the New North in Tel Aviv, the average price of a second-hand apartment for rent has decreased in the last year by more than 5%. In neighborhoods of this type, this is a significant figure, because the contracts are much more expensive than the average. According to the data, this is a decrease of nearly 700 shekels per month. This is also due to the supply of apartments for rent in the area.
Other neighborhoods where average rental prices are falling are in the New North neighborhood, but in the northern part, as well as in Yad Eliyahu. Rental prices there stand at 11,939 shekels and 8,755 shekels respectively. In July of last year, these prices stood at 12,554 shekels (a difference of more than 600 shekels) and 8,398 shekels — a difference of more than 350 shekels per month.
If you live in Herzliya, you have probably experienced a decrease in rental prices if you live in the city center area. An average apartment will now cost 7,481 shekels — a decrease of more than 3%.
And in which other neighborhoods are rental prices falling? In the Old North, where housing prices maintain relative stability, it is a negligible decrease in rental prices, and the same is true in the Kiryon neighborhood in Kiryat Ono, and in the northwest of the city center of Netanya. In Neighborhood Gimmel in Be'er Sheva, a decrease of 2.2% was recorded, despite the relatively low rental prices — only 3,336 shekels.
In addition, another neighborhood in Jerusalem is included in this list: Armon HaNatziv (East Talpiot), where average rental prices stand at 6,206 shekels — 200 shekels less than last year.
