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Real estate: the rental market in saturation
Real estate: the rental market in saturation – (France 2)
Another consequence of rising credit rates and purchase prices is that it is increasingly difficult to rent a house or apartment. In addition, rents have also increased by 3.5% in one year on average throughout France. Report from Nice, in the Alpes-Maritimes.
In Nice (Alpes-Maritimes), a real estate agency displays a “C already rented” sign above an ad. The rental market is in free fall throughout France. Few properties are for rent and prices are soaring. A young waitress says it took several months to find an apartment, and explains that she sometimes didn’t even get answers to her application. Nice, a very touristy city, uses a lot of short-term rentals. Seasonal rentals, particularly via the Airbnb platform, are commonplace.
A frozen market
According to Nabil Jaouadi, director of a Nice real estate agency, the market is completely seized up. “People who are renting, for example, and who wish to buy, cannot, or at least postpone, and therefore remain in the rental market”, he explains. According to FNAIM, offers of properties for rent in Nice have fallen by 34% since 2022.
