February brought both a 4% month-on-month increase in supply and a correction in demand. The number of responses to listings fell by 8% compared with January. A new factor is now emerging on the horizon that could significantly affect the market: changes to short-term rental rules. If local governments begin actively using the powers granted under the EU STR regulation, some of the apartments currently listed on platforms such as Airbnb could move into the long-term rental market. The question is: to what extent could this change the balance between supply and demand?
“Last month maintained the positive supply trend seen at the start of the year. At the end of February, the number of active listings reached 24,500. The pace of growth was slightly weaker than in January, when it stood at +8% month on month, but that should not come as a surprise. A shorter month naturally limits the scale of changes on the supply side. What is worth noting, however, is that the growing number of listings may partly reflect the approaching short-term rental regulations, which are scheduled to be implemented in May this year,” explains Paweł Jarząbek, Otodom’s Market Research and Analysis Manager.
Apartment owners, concerned about new restrictions and additional bureaucracy related to short-term rentals, may increasingly opt for what they see as a safer alternative. A shift of some listings toward long-term rental could result in a sharp increase in the number of offers. The effect would be felt most strongly in cities with high tourist traffic, including Kraków, the Tri-City area and Wrocław, where greater supply could put additional downward pressure on rents.
A stable number of new listings despite the shorter month
The number of new listings reached 15,600, virtually the same as in January. Given that February is shorter, this can be regarded as a sign of strong stability on the supply side. At the same time, 19,000 rental listings were closed, around 9% fewer than in January. Given the specific nature of February, this result should also be considered solid.
Looking at the 18 cities analyzed by Otodom, Zielona Góra recorded the strongest growth in supply (+43%), ahead of Łódź (+15%) and Bydgoszcz (+14%). Among the largest urban markets, supply also increased in Warsaw and Wrocław (+6%), as well as Kraków and Poznań (+3%). At the other end of the table were Białystok (-10%), Opole (-9%), and Kielce and Lublin (-4%). As Paweł Jarząbek admits, this means that declines were relatively limited in number, but more pronounced than a month earlier.
As a result, despite the shorter month, nationwide supply increased by around 900 listings compared with the beginning of February.
Demand slowed slightly
Last month saw a correction in demand. The number of interactions with listings fell by 8% month on month, which can be seen as a natural response after the post-New Year rebound. Rental inquiries were also lower year on year, by just under 19%.
However, the monthly decline in activity should not be a cause for major concern. It is largely the result of two factors. First, February has fewer days. Second, some tenants had already met their housing needs in January. It is also worth remembering that developer apartment sales increased in 2025, especially toward the end of the year. Some existing tenants may have decided during that period to buy their own home, supported by improved mortgage conditions.
“It is worth watching whether the trend of stronger interest in the developer market continues. If it does, on the one hand some potential tenants may continue shifting toward ownership, which would reduce rental demand, especially among people with stronger creditworthiness. On the other hand, with home prices still high and uncertainty surrounding the future direction of interest rates, renting remains for many households a rational strategy of waiting and observing the situation,” says Otodom’s Market Research and Analysis Manager.
Data on the structure of demand point to clear and recurring tenant preferences. The combined share of inquiries about two-room apartments reaches 51%, meaning that every second search on the Otodom platform concerns this type of property.
How much does it currently cost to rent an apartment?
In February, the average asking rent for an apartment in Poland stood at PLN 3,588 (PLN 71 per square meter). This was a level just under 1% lower than in January and around 1.4% lower year on year, pointing to a continuing trend of gradual easing in rental rates.
“Last month was also marked by a clear predominance of price reductions over increases. On a monthly basis, Białystok was the only city where the average rental rate increased (+2.4%). All other markets recorded declines, the largest of which were in Zielona Góra (-3.0%), Olsztyn (-2.9%) and Rzeszów (-2.4%). In most cities, however, the corrections were moderate and did not exceed 1.5%,” adds Paweł Jarząbek.
The highest average rents remain in Warsaw at PLN 4,880. Tenants in the Tri-City area (PLN 3,177), Kraków (PLN 3,148) and Wrocław (PLN 3,115) also pay more than PLN 3,000. The mid-range rental segment, at around PLN 2,200–2,900, includes cities such as Szczecin, Poznań, Lublin, Rzeszów, Opole and Łódź. The cheapest cities to rent an apartment are Kielce (PLN 2,025) and Białystok (PLN 2,079).
On a yearly basis, the strongest increase in rental rates was recorded in Olsztyn (+7.6%), Opole (+6.4%) and Łódź (+3.4%). Year-on-year declines, by contrast, mainly concerned Rzeszów (-8.3%) and Zielona Góra (-6.8%), as well as Kraków (-3.5%) and Lublin (-0.8%).
How is the situation in the Middle East affecting the real estate market?
An additional unknown that could significantly reshape the real estate market in the coming months remains the situation in the Middle East.
“Oil prices have risen globally by more than 25% since the start of the war, and the conflict has already led to the suspension of supplies representing around 20% of global oil and gas production. If the situation drags on, inflationary pressure could translate into higher household living costs and reduced creditworthiness. On the one hand, this could weaken demand for home purchases and push some house hunters back into the rental market; on the other hand, it could hit tenants’ budgets themselves and force a further correction in acceptable rent levels,” forecasts Paweł Jarząbek.
As a result, the real estate market is currently at a turning point, where a combination of local regulations and global tensions is creating a new reality that is difficult to predict, both for property owners and for tenants.
