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    Wave of unusual offers hits Moscow rental real estate market

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    Apartment owners in Moscow are willing to lease their balconies, kitchens and storage rooms following a severe crisis on the capital's real estate market.

    Apartment owners in Moscow are willing to lease their balconies, kitchens and storage rooms following a severe crisis on the capital's real estate market.

    According to the Govorit Moskva (Moscow Speaking) radio station, offers to lease balconies are aimed mostly at companies seeking to place outdoor advertisements and range from two thousand to 10 thousand rubles ($70-$340) per month.

    Some owners suggest that their balconies could be used for storage or viewing of festive events and fireworks.

    Muscovites also offer kitchens, garages, rooms and entire flats for specific short-term uses, such as parties and movie shooting, the radio said.

    The Moscow rental real estate market has been lucrative over the last decade but was severely hit in the last two years by the economic downturn caused by the global financial crisis.

    Housing rental prices have plummeted by 50% and in the beginning of 2010 the market was slow in all segments due to the decline in prices and low demand.

    MOSCOW, March 29 (RIA Novosti)

     

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