Rent Trends Q1 2026: CEE Student Housing Markets

Q1 2026 Overview

Rents across our six core CEE markets rose an average of 7.6% year-over-year in Q1 2026, continuing the upward trajectory that began in late 2023.

Warsaw (+10.1%) and Krakow (+9.3%) are the fastest-moving markets, driven by strong demand from both domestic and international students combined with limited quality supply.

City-by-City Summary

Warsaw: +10.1% YoY

Warsaw continues to be the hottest rental market in CEE. Average shared-room rents reached €450/month, up from €409 in Q1 2025. The Śródmieście premium remains at 25-30%, but outer districts like Praga are catching up as gentrification accelerates.

Krakow: +9.3% YoY

Krakow's growth is driven by international student demand, particularly from Ukraine and India. Kazimierz rents have surpassed the Old Town in some segments.

Budapest: +8.5% YoY

Budapest remains attractive on an absolute basis (€420 average) but the rate of increase is notable. District VII and VIII are seeing the strongest growth.

Prague: +7.1% YoY

Prague's regulated market moderates extremes, but new-build and PBSA rents are rising 2-3 percentage points faster than the regulated stock.

Riga: +6.2% YoY

Riga is accelerating, up from 3.8% growth in 2024. Limited new supply and growing medical student enrollment are the key drivers.

Vienna: +4.2% YoY

Vienna shows the slowest growth, dampened by Austria's rent regulation framework. However, PBSA and new-build rents are rising at 7-8%, creating a two-speed market.

Outlook

We expect continued upward pressure through 2026, driven by:

• Academic year 2026/27 enrollment growth
• Limited new supply entering the market before 2028
• General inflation in construction and operating costs

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Data from Fuse operational portfolio, local market surveys, and listing platform analysis.