Rental growth in Poland slows, but rents remain high

03 September 2026

In the second quarter of 2026, average residential rents across Poland’s seven largest cities edged up by 1 per cent year-on-year, marking a sharp slowdown from the rapid increases seen in 2021–2023. Yet over the past five years, rents in Poland have soared by 46 per cent, more than three times the five-year EU average of 15 per cent. The Polish rental market remains firmly dominated by private landlords, with institutional investors holding just 25,000 units, mostly in the seven largest markets, says Cushman & Wakefield Poland in its latest report Marketbeat. Living Sector, Q2 2026.

Rental market: Rent levels are determined by the location and standard of the flat

Following a period of strong rental growth, Poland’s residential rental market has entered a phase of stabilisation. Against the backdrop of high property prices, still relatively expensive mortgages and increasing professional mobility, renting remains a viable alternative to homeownership for some households.

The highest asking rents continue to be recorded in Warsaw, where median monthly rents stand at PLN 2,600 for a studio and PLN 3,500 for a one-bedroom flat, excluding service charges and utility costs. Among Poland’s major cities, Łódź and Katowice remain the most affordable, with median studio rents of PLN 1,725 and PLN 1,705 respectively. In the new-build segment, median rents in Warsaw reach PLN 2,800 for a studio and PLN 3,600 for a one-bedroom flat. By comparison, the average monthly rent for a new-build studio is PLN 2,000 in Katowice and just under PLN 1,900 in Łódź.

This demonstrates that, in addition to differences across individual cities, there are also significant disparities between older and new-build housing stock. Flats in buildings completed after 2010 command a noticeable rental premium. Average monthly rents for new-build two- and three-bedroom flats, particularly in Tricity, Wrocław and Katowice, are PLN 500–1,000 higher than those for older stock. Rental rates also vary significantly by region, with the difference in median monthly rents for a studio in Warsaw and Katowice reaching almost PLN 900, equivalent to more than PLN 10,000 per year.

We are seeing a stabilisation following a period of strong growth. Renters looking for a flat before the start of the academic year should consider the total cost of renting, including service charges, which are often excluded from advertised rents. In the PRS sector, rents include service charges, with only additional utility costs payable separately. That said, some projects offer all-in rents,”

says Vitalii Arkhypenko, Research Consultant, Cushman & Wakefield.

Poland against the rest of Europe: Rapid growth, but rents still lower than in Western Europe

Over the past five years, Europe has experienced significant rental growth, although the pace has varied considerably across countries. Growth was strongest in Central and Eastern Europe, with Romania posting a 97% surge in rents over the period. Rental growth of more than 60% was also recorded in Slovenia, Croatia and Hungary, driven by a combination of several factors, including high inflation following the pandemic, the war in Ukraine, which pushed construction costs up and heightened rental demand. By contrast, the weakest growth, of less than 10%, was recorded in Finland, Luxembourg and France. That said, rents in some of the countries under review are subject to significantly greater regulation than in Poland, which has constrained rental growth.

Despite relatively strong rental growth, Poland still has lower nominal rents than most Western European countries. The average monthly rent for a one-bedroom flat in central Warsaw already exceeds EUR 1,000, compared with EUR 2,640 in Zurich, EUR 2,618 in London and EUR 2,302 in Amsterdam, according to Numbeo.

However, a comparison of rental costs with average income levels paints a different picture. Rent for an average one-bedroom flat in Warsaw, excluding service charges, accounts for approximately 55% of average net monthly earnings. The highest rental burdens in Europe are recorded in Lisbon and Tirana, the capital of Albania, where rent for a centrally located one-bedroom flat is close to the average net monthly salary. By comparison, in some cities ranked among the most expensive rental markets, such as Zurich, as well as in relatively costly cities such as Vienna and Helsinki, rental costs account for less than 35% of average net monthly earnings (Numbeo).

PRS stock exceeds 25,000 units

In the second quarter of 2026, Poland’s total PRS stock surpassed 25,000 units. The sector continues to grow amid the ongoing professionalisation of the rental market and increasing renter expectations regarding the quality of flats and services. Warsaw has the largest PRS stock, of 8,400 units, representing just under 6 per cent of the capital’s rental market.

Poland’s PRS market remains highly concentrated, with the majority of existing stock held by a small number of leading institutional investors. Notably, TAG Immobilien AG has strengthened its position as the market leader in Poland through the acquisition of Resi4Rent assets, gaining a foothold in Warsaw and further consolidating its presence across Poland’s largest residential markets. Valued at approximately EUR 575 million, the transaction was the largest deal in the history of the Polish PRS market, underscoring the sector’s growing maturity and liquidity and strengthening the business case for the development of large-scale institutional rental portfolios.

Projects currently in the pipeline are expected to add nearly 14,000 flats to Poland’s PRS market. However, the actual volume of new supply will depend on financing conditions, the broader macroeconomic environment and investor strategies. Key drivers of PRS growth will include location, cost control and the flexibility to respond to renters’ needs. Looking ahead, we expect rental growth to become increasingly driven by the quality and location of individual flats, as well as local demand dynamics,”

says Karolina Furmańska, Residential & Living Sector Manager, Cushman & Wakefield.

Link to the report: https://cushwk.co/3YHYzu6

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com

Magdalena Znyk-Ossowska

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Karolina Samczyńska

Head of Marketing and Sales Enablement, Poland at Cushman & Wakefield