Rental rates in Greece "eat" about 35% of the tenants’ income

What has happened? The financial endurance of tenants looking for a property in Attica is at the breaking point because of the rapid growth in rental rates in recent years and salaries not keeping up with the pace of growth.

Details. From 2017 to 2022, the average increase in rents in Attica has reached 35%, according to real estate agencies, with high demand areas in the northern and southern suburbs and central Athens even seeing increases of 45% or 55%.

Calculations. According to an analysis prepared by company Recognite on behalf of Kathimerini, the average cost of renting in Attica today is €684 per month, which is equal to annual spending of €8,208.

The average declared per capita income in Attica is €23,430, which means that an employee who rents a property without sharing the cost with others will have to pay 35% of their income just to cover the cost of the rent.

Based on good management practices, the rent should not exceed 30% of family income. In practice, the situation is even worse, as the most interested tenants are young people whose income is well below €23,430, i.e. less than €2,000 per month.

Source: Ekathimerini

Photo by Christos Papandreou on Unsplash

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