In June, the rental market reached a point of tension. On one hand, there was a continued decline in supply—down by over 3% compared to May. On the other hand, demand rebounded, with the highest number of responses to rental listings in June since 2020. Behind these dynamics was the decision of the Monetary Policy Council, which in July once again lowered interest rates. Is this the moment when apartment owners will start withdrawing from the rental market and turn to selling their properties before the situation reverses again?
Supply Crisis? Number of Listings Declines
At the end of June, there were 23,100 rental listings available on the market—6% fewer than a year earlier. New listings saw an even sharper drop: just under 16,000 were published, which is 24% less than in June 2024.
As much as 65% of the national database—15,000 active listings—were concentrated in the seven largest cities, though even there a decline compared to May was visible. In other locations, the dynamics were more varied. The largest increase was seen in Bydgoszcz, where 30 more listings appeared, an 8% month-on-month rise. The strongest decreases hit Olsztyn (–25%) and Poznań (–12%).
Interest Rates Drop, Owners Recalculate. Time to Sell?
One possible cause of the ongoing supply decline are macroeconomic factors. The July decision of the Monetary Policy Council to cut interest rates again—this time by 0.25 percentage points, to 5%—surprised the market for the second time in 2025. After the 0.5-point cut in May, a pause was expected, but the easing cycle continues, naturally reflecting in the real estate market. The effects are becoming visible also in rentals.
“Interest rate cuts are starting to influence apartment owners’ decisions, who increasingly consider ending rentals and putting their units up for sale. For many, this could be an ideal moment—due to rising creditworthiness of buyers and expected demand recovery. Already in May 2025, the number of closed listings reached 23,700, some of which may have been preparations for sales transactions. It can be assumed that the July cut may have a similar effect, leading to shorter rental listing durations and an increase in closed listings exceeding typical seasonal values,” explains Milena Chełchowska, housing market expert at Otodom.
Data from Otodom and OLX in recent months confirm this trend. In June, the average time a rental listing was published shortened to 20 days—6% less than in May and 8% less than in the same month last year.
“Although the changes are still small, the Monetary Policy Council’s decisions may initiate lasting shifts in the rental market. Lower cost of money stimulates the mortgage loan market, which over months may reduce rental demand. If more people decide to buy rather than rent, rental market pressure may ease, and prices may stabilize or even slightly decline. However, this effect depends on the scale of rate cuts and works with some delay,” adds Milena Chełchowska.
Demand on the Rise
Meanwhile, June saw a clear pick-up in demand. Users of Otodom generated 370,000 responses to listings, a 12% increase month-on-month and 8% year-on-year. This was the best June in terms of demand since 2020. The average rent price for an apartment was 3,611 PLN, and the price per square meter stood at 71 PLN.
Among analyzed cities, the lowest average rents were in Białystok (2,069 PLN), and the highest in Warsaw (4,961 PLN). Cities with mid-range prices included Poznań (2,605 PLN), Lublin (2,608 PLN), and Rzeszów (2,550 PLN). Month-on-month, the largest rent increases occurred in the Tri-City area (+2.5%) and Łódź (+2.4%), while decreases were seen in Szczecin (–1.7%) and Rzeszów (–1.2%).
“Looking at year-on-year price changes, rents rose most sharply in Olsztyn (+12.8%), Zielona Góra (+9.6%), and Bydgoszcz (+9.3%). Small decreases were recorded in Katowice (–1.6%) and Białystok (–0.6%). The overall market picture is thus moderate fluctuations with clear exceptions in some cities,” summarizes Milena Chełchowska.
Surprise Outside Metropolises – Zielona Góra Surpasses Large Cities
Renters still most often search for two-room apartments—which accounted for 52% of all searches in June. Apartments larger than 40 square meters attracted 22% of inquiries, while those around 30 square meters made up 18%. Over 53% of all searches specifying area included apartments with a minimum size of 30 or 40 square meters.
Price preference analysis also confirms the dominance of two-room units. In Białystok, offers up to 2,000 PLN were most sought after. In Bydgoszcz, Katowice, Kielce, Opole, Rzeszów, and Łódź, the dominant range was up to 2,500 PLN, while in Kraków, Lublin, Olsztyn, Poznań, Szczecin, Tri-City, Warsaw, Wrocław, and Zielona Góra, it was up to 3,000 PLN. While this price level is not surprising in metropolises, an interesting shift occurred in Zielona Góra, where as many as 24% of all searches concerned two-room apartments within this price range.
Source: ceo.com.pl
