by InTrieste
Housing prices in Trieste have gone up drastically in the past four years, making it hard for the new to Trieste to find reasonably priced apartments.
According to Idealista research, in summer 2023, rental rates across Italy increased by 2.3% monthly and 2.9% year-on-year. The average rental price reached €11.6 per sq.m per month.
“The rise in inflation shows no sign of slowing down and will weigh heavily on tenants with annual rent reviews in Italy,” the owner of a local rental agency told InTrieste.
Istat has published an update of Italy’s inflation index (FOI) for June 2023, showing that inflation is up by as much as 7.8% year-on-year. The cost of living crisis is worsening in Italy, and this is how inflation continues to increase rental prices in Italy, which includes Trieste.
“In Trieste there are fever apartments for short-term rent available because after the pandemic most owners opted out for long-term rentals,” continued the owner. “Due to the increase in tourism, the prices have gone up drastically. Most workers who come here for short-term, for example the employees of Allianz, Generalli and Fincantieri, will now need to pay on average 55 euros more per month than their colleagues just four years ago.”
The effect on rent is tangible and will lead to an average increase 500 euros per year in the case of renting a 3-room apartment. Trieste households will have to pay 40 euros more per month compared to last year, while for tenants in Rome, the increase will be 63 euros.
This is what emerges from an analysis carried out by Idealista, Italy’s leading portal for technological development, which has calculated how much the increase in inflation will affect the adjustment of rental contracts for a 3-room apartment based on the updated Consumer Price Index published by Istat.
“Nowadays the best way is to ask around if anyone knows someone who is renting. Everything that goes online instantly gets booked or sold,” added the agency’s owner.
