According to an analysis by real estate platform UlovDomov.cz, rents across the Czech Republic increased by 9% year-on-year in the second quarter, averaging 17,586 CZK monthly. Compared to the first quarter, prices rose by just 1%.
While major cities like Prague and Brno saw little to no change in rental prices – with some apartment types even experiencing decreases – other cities including Ostrava, Plzeň, and Olomouc recorded significant growth. Approximately half of all apartment types saw quarter-to-quarter price increases.
The analysis reveals substantial regional price variations. A two-room apartment (2+kk) in Prague rents for an average of 22,170 CZK monthly, while similar properties cost around 17,490 CZK in Brno, 15,480 CZK in Olomouc, 15,030 CZK in Plzeň, and 12,250 CZK in Ostrava. For larger three-room apartments (3+kk), prices range from 17,260 CZK in Olomouc to 35,560 CZK in Prague.
Housing affordability in Prague continues to lag behind comparable European capitals. The Prague Institute of Planning and Development (IPR) reported that Prague residents spend nearly 40% of their wages on rent, compared to just a quarter in Munich or Warsaw, and a mere 12% in Vienna.
Despite rising rental costs, renting remains significantly more affordable than mortgage payments in most cases. For renovated apartments in good condition, the square meter price in Prague hovers around 145,500 CZK and 114,000 CZK in Brno. A mortgage covering 90% of a 60-square-meter apartment’s value over 30 years at 5.26% interest would require monthly payments of approximately 43,000 CZK in Prague and 34,000 CZK in Brno – roughly double the rental costs for similar properties.