In recent months, the rental housing market has seen significant price increases across the country. The most notable increases were recorded in Jerusalem (6.8% higher) and Haifa (4.5% higher), with rent in Herzliya rising by 3%, Petah Tikva by 2.2%, and Netanya by an average of 0.4%. Despite these increases, the overall cost of rent in Israel decreased by 2.5% over the past month, with the largest decreases recorded in Ashkelon (3.3%) and Tel Aviv-Jaffa (3.1%). Other cities also saw declines, including Holon (2.7%), Rishon Lezion (1.4%), Beersheba (0.7%), and Ashdod (0.4%).
The real estate market in Israel also experienced a decrease in supply from February to March, with an average decline of 11.3%. Interestingly, more apartments for rent have become available on the “civilian” market as a result of apartments intended for tourists being introduced to the public sector.
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Overall, while rental prices have risen in some areas of Israel, there has been a slight decrease in overall costs over the past month due to increased supply from new apartment listings and decreased demand from some regions.