The demand for quality apartments across Egypt has grown significantly in recent years. Many young men are seeking to live an independent life away from the family home, others want to get married and need their own space, and many expats are looking for temporary homes to settle in. Since demand has also pushed up prices beyond the reach of any prospective buyers, renting an apartment appears to be the most viable option for most people. Not long ago, renting was considered costly and inefficient but with apartment renting enjoying a resurgence in popularity due to better education about rights and duties of tenants and landlords, demand for rental apartments across Egypt has never been higher.
In the early 80s and 90s in Egypt, there was a common rental contract that guaranteed lifetime residency for the tenant in return for a small amount of money at a fixed rate for life. But in 1996, this rental law was terminated, and a new one was introduced which allows the tenant to rent an apartment for a specific period of time with a rental amount that can change when renewing the contract. This reformation of the process was much needed and has certainly changed the rental landscape in Egypt. As a result, the average search for rental apartments has increased across Egypt, especially in Cairo and Alexandria.
People who are looking for apartments for rent in Alexandria usually prefer certain areas like Al Montazah and Al Agamy since they are the nearest to the downtown area.
Rental prices in Alexandria ranges from 1000 EGP to 10,000 EGP per month on average and the huge difference in rent is due to location and size of the apartment.
On the other hand, rental prices in the capital are more expensive than Alexandria, especially in the newer upscale areas including New Cairo, Zamalek, Mohandeseen and Maadi.
Upper-class tenants – students or full time office employees - prefer to find an apartment for rent in Heliopolis, Zamalek and Mohandeseen where housing is more luxurious yet practical. These areas are characterised by their marvellous traditional buildings, spacious flats, calmness and convenient location. After the establishment of many reputable universities and schools in the newer areas of Egypt, the demand for the rentals there has increased as has rental amounts, despite some locations being somewhat remote. One can find an apartment for rent in New Cairo for approximately 4000 EGP, which is quite expensive in comparison to the average rental prices in Egypt. But with great locations come higher rents and this is to be expected.
On the other hand, there are other areas in Cairo with lower rental prices like Al Haram and Nasr City. You can rent an apartment in Nasr City for about 1000 EGP, and renting an apartment in Al-haram will cost you 700 EGP or thereabouts.
As can be seen, renting in Egypt has changed significantly over the years and with newer developments coming up across the country and with landlords keen to draw in long term tenants, there’s clearly something for everyone on every budget!