Abstract
Abstract The research focuses on the rental housing market in Riga and reveals that among factors that affect the rent level in neighbourhoods of Riga the most are distance from the city centre, neighbourhood safety, quality of housing and transport infrastructure, access to shopping malls, and employment opportunities. The aim of the research is to analyse the housing market in Riga, by putting a special focus on price determinants and lesson keys of Helsinki. Quantitative and qualitative research methods are used in the paper with the biggest contribution being extraction and analysis of data about more than 1800 rental apartments in Riga from the largest Latvian online real estate advertisement platform. Quantitative analysis is based on investigating relationships between average rent levels in different neighbourhoods of Riga and index values of 23 urban environment factors. In addition, the rental housing market in Helsinki is researched, emphasising few guidelines for rental housing market improvements in Riga, such as introducing government subsidies.
Highlights
Cities are extremely diverse places, offering home to more than 54 % of world’s population: more than four billion people live in urban environment today
This paper focuses on the rental market in Riga, Latvia, with the purpose of analysis of the main determinants of rent levels in Riga and possible directions of rental housing market development based on the example of Helsinki
To get a more thorough understanding of the rental market in Riga, this paper briefly looks at forthcoming changes in rental market regulation, OECD (Organisation for Economic Co-operation and Development) recommendations for rental housing, and social housing situation in Riga
Summary
Cities are extremely diverse places, offering home to more than 54 % of world’s population: more than four billion people live in urban environment today. One of the very basic human needs is decent housing, and, in large cities, there are always minor and major issues when satisfying this need. While many prefer to own apartments*, significant fraction is either not able to afford an apartment or not solvent enough to be granted a loan from a bank. Their individual preferences determine their inclination towards rental apartments, especially for younger people who prefer mobility. Around 25 % to 30 % of people in the European Union rent their apartments
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