Today, developers drew attention to the market for civilized housing rental, but use it only as a marketing tool
At the end of the XIX-early XX century, profitable houses in the Russian Empire were extremely popular. By 1917, they accounted for 40% of all residential real estate of the capital. In total, there were about 550 profitable houses in Moscow, 195 of which were erected immediately before the revolution, in 1911-1915. In Soviet times, profitable houses were abolished, as, however, almost the entire market of commercial housing. However, even today developers do not show much interest in the market of civilized lease.
Having made a simple but high-quality repair in the apartments, and when handing them up, developers could receive at least some income
Examples of civilized lease in the Moscow housing market can be counted on the fingers. So, in the early 2000s, Glavupdk at the Russian Ministry of Foreign Affairs purchased a pool of apartments for employees of diplomatic missions, but anyone can rent housing there.
Since 2022, a larger project has been implementing Dom.rf. The financial institution financed the construction of 16 houses located in seven different regions of the country (in Moscow, Yakutia, the Sverdlovsk Region, etc.). All these complexes are intended for rental housing. The total rental housing fund of Dom.rf will be 10 thousand apartments and apartments.
However, there are few such examples, and the initiative always comes from state institutions. For developers, rental business for a long time was absolutely not interesting. “We have long offered developers with unprofitable, commissioned complexes to enter the rental market with them,” says Andrey Sado, managing partner of Penny Lane Realty. -Having made a simple but high-quality repair in the apartments, and when handing them up to hiring, developers could receive at least some income that would give the opportunity to pay for interest accumulated on loans. However, this did not interest the developers. ”
revenue houses must also be managed, and this is a separate type of business that will require a special article of expenses and the administrative-organizational structure
According to Svetlana Klenova, commercial director of the Villagio Estate complex development, the reasons why the profitable houses are not included in the pool of common types of business, there are several developers, but the main is low profitability. “If the indicators of the profitability and the payback period of rental housing were comparable or higher than from the sale of apartments, then this niche would have been occupied a long time ago,” she argues. -But the payback of the rental house on average is 20 years, while during the construction of a residential building, the developer, as a rule, pays off the loan received on design financing, on average in 2-3 years, that is, often by the time the facility put it into operation, selling about 70% of the apartments. And if you take borrowed funds with existing interest rates and a 20-year payback period for the construction of a profitable house, then this is not the horizon of profitability planning that in the current conditions can afford business. ” In addition, the expert notes, revenue houses must also be managed, and this is a separate type of business that will require a special article of expenses and the administrative-organizational structure.
However, recently the situation has changed, but has changed. Due to the expensive mortgage, the apartments are not sold, and rental rates have grown significantly over the past year. As a result, the developers still drew attention to the civilized lease market.
Initially, the company set a goal not to earn on rent, but only to attract the attention of potential buyers
So, the Airplane group in April 2025 announced the launch of ZPIF “Aircraft. Real estate investments. ” This is a fund of finished apartments and apartments with regular rental income. The assets of the fund in the amount of 3 billion rubles are formed by ready -made real estate objects in residential complexes of the HC Aircraft: Heather, Treparevo Park, Strenger 2 and Eco Bunino. In total, the fund’s management has more than 200 apartments with a total area of 10 thousand square meters. m.
Another project of civilized lease was launched by the developer “Atomstroykompleks” from Yekaterinburg. This company has 104 unsold apartments in the Nova Park project, 26 of which the company decided to implement the rental model with subsequent redemption. However, Danil Kuznetsov, the commercial director of the Atomstroykompleks Group of Companies, remarks that the company initially set a goal not to earn on rent, but only to attract the attention of potential buyers. The rental rates in these apartments were made higher by 20-30%than on average in the market. “To cut off people who were only interested in rent,” explains Danil Kuznetsov. Nevertheless, the apartments found their tenants-potential buyers in just a day and a half.
However, in principle, the rental model is not interesting to the developer. “Given the fact that we have a loan at a rate of 23% per annum, it is more profitable for us to sell apartments with a discount of 10-15%,” Danil Kozlov summed up. And to expect that the model will begin to be replicated in the future, it is not worth it. “In the State Duma several years ago, the creation of a bill on the development of rental housing was discussed,” recalls Svetlana Klinovaya. – If the corresponding document is developed and accepted, and if it is defined in real benefits for developers selling profitable housing, then the prospects of this market may appear. ”
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