How to profitably rent out or rent a luxury apartment in Moscow: the rules of the game in 2026

The market at a “reset” stage

According to the Ashtons International Realty rental department, at the peak of 2025 the average rent for a luxury apartment (150–180 sq. m) reached 1.15 million rubles. By early 2026, this figure in the active listings corrected downward by around 7–10%, settling at approximately 1 million rubles. The decline was even more pronounced—up to 13%—for larger units of 200+ sq. m, while apartments in the 90–120 sq. m range lost about 5–8% in value.

Time on market has stretched significantly, with tenant search periods increasing multiple times, and price negotiation has become the norm. Where previously an apartment in the 800,000–1.5 million ruble range would be rented within 22–35 days, it now takes 55–75 days. In the segment above 1.5 million rubles, exposure has increased from 40–60 days to 90–130 days.

According to Ashtons, the rental rate correction has not affected all locations equally. The most noticeable decline occurred in Moscow City (down 12–18%) due to an oversupply of investment units. New elite developments (ZIL, Khodynka) also saw a significant drop (10–15%) due to intense competition among newly delivered properties. Meanwhile, established prime districts—Patriarch’s Ponds, Ostozhenka, and Khamovniki—are holding up better, with declines limited to 5–9%.

Causes of the slowdown and outlook

Ashtons experts identify several key drivers of the market correction. First, transient demand has faded: tenants planning relocation or purchase have already completed their decisions. Second, corporate rental budgets for relocating top executives have been reduced. Third, a large volume of investment apartments purchased in 2022–2024 has entered the rental market.

Ashtons concludes that the market has already passed its correction bottom. The base forecast suggests that the decline in rental rates will end in Q2 2026, with moderate growth of 4–7% resuming by the end of the year for high-quality properties in prime locations.

The key takeaway: only 32–38% of deals are currently closed without price adjustments (compared to 60% a year ago). Most landlords now have to offer discounts of 7–15% or expand terms—such as including parking, utilities, or cleaning services. In this environment, landlord and tenant strategies differ significantly.

What landlords should do: preparation and flexibility

The luxury tenant in 2026 is no longer willing to “finish” a property. They are rational and visually driven. The apartment must be fully move-in ready, down to bed linen and tableware. Investment in high-quality furnishing can increase rental yield by 8–15% and cut vacancy time in half.

Repricing is the second key success factor. Simple math: a 10% reduction in rent often results in higher total annual income than waiting 3–4 months for the “target price”. At a minimum, landlords should consider including utilities and parking in the rental rate.

Flexibility is equally important. Tenants increasingly request concessions: short-term leases of 6–11 months with renewal options, early termination clauses, and staged deposit payments. Refusing such requests outright significantly increases vacancy time. A balanced approach is recommended—flexibility in terms, combined with annual rent indexation (e.g., 4–7% or inflation-linked). The safest structure is a tripartite agreement with a brokerage guarantor, which standardizes terms and reduces risks for both parties.

What tenants should do: a window of opportunity

For tenants, this is a genuinely favorable moment. Negotiation discounts of 5–12% are achievable even in prime club houses, along with inclusion of parking and more flexible exit conditions. However, decision-making must be fast: high-quality, spacious units are absorbed quickly. Demand for larger layouts (127+ sq. m) means that well-designed family apartments with multiple bedrooms and a study remain in short supply.

Challenges of independent transactions

The luxury rental market has never been fully transparent, and in the current transitional phase risks are increasing.

Limited visibility of supply. Public listings represent only 30–40% of the actual market. The most attractive apartments are leased directly through long-standing broker relationships.

Mispricing. Some landlords still anchor to peak 2025 expectations and are reluctant to negotiate without intermediaries, increasing the risk of prolonged vacancy.

Legal risks. Complex terms—such as rent indexation, staff access, or multi-car parking rights—require detailed contracts. Without proper handover protocols, inventory checks, and deposit protection clauses, disputes are highly likely.