Wecheck

growth-negative

WeCheck, a company that provides property owners financial risk management reports about apartment tenants, has observed a significant shift in the rental market in Tel Aviv due to the economic hardships caused by the coronavirus crisis. Interest in renting apartments in Tel Aviv has fallen by 40%, while interest in cheaper locations like Petah Tikva, Hadera, and Haifa has increased. WeCheck also found that the supply of apartments to rent is outstripping the low demand in Tel Aviv and surrounding cities. This shift in the rental market is attributed to tenants choosing to rent cheaper apartments and property owners freezing leases due to the lockdown and the ability to freeze mortgage repayments. The situation in Tel Aviv is particularly dramatic, with a sharp rise in the number of apartments remaining open for offers on the market.