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The average cost of renting apartments in Moscow in the third quarter decreased by 13% and amounted to 100 thousand rubles per month. In St. Petersburg, rates dropped by 9%, to 52 thousand rubles, and in other cities with a population of over a million by 3% to 36 thousand rubles.
Analysts attribute the decline to weakening demand. Due to the general increase in living costs, residents of the regions are less likely to decide to move to the capital city, so owners are forced to lower expectations and make concessions to tenants more often.
The reduction of tariffs in Moscow is noticeably stronger than in other large cities. It seems that the market is gradually reaching the limit of the renters' ability to pay, when the previous prices are no longer supported by demand.