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Russian Rental Rush Hits Georgia, Serbia, Armenia—Kazakhstan’s Expected Wave Never Comes
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Russian demand for rental housing rose sharply in Georgia, Serbia, and Armenia in late summer 2026, according to real estate agents interviewed by Meduza, while agents in Kazakhstan reported no comparable increase.
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Meduza reported the trend on September 24 after speaking with real estate agents in Tbilisi, Yerevan, Belgrade, Novi Sad, and Almaty. The outlet changed the agents’ names at their request.
Their accounts reflect individual market experience rather than comprehensive official arrival statistics.
According to Meduza, rumors of a possible new mobilization have circulated in Russia since the summer of 2026. Vladimir Putin has dismissed the reports as “nonsense” and said there is currently no need for another draft.
Russia’s two largest emigration waves since the full-scale invasion came in 2022, first in February and March and again after Putin announced a partial mobilization in September.
Georgia
Anna, a Russian realtor who has worked in Tbilisi for nine years, told Meduza that she has received up to five inquiries an hour since late July.
She said many new clients are younger than 30, arrive without firm plans, and have rental budgets of around $500.
Rents have so far increased by about $50–$100, Anna told the outlet. Apartments in major residential districts that could be rented for about $550 earlier this year are now being offered for $600–$700.
She expects some properties currently listed at $600–$700 to reach $900–$1,100 within several months if arrivals and demand continue to grow.
Irina, another Russian realtor working in Tbilisi, told Meduza that good listings now remain available for only a day or two.
Apartments that rented for $600–$700 a month a year ago are now going for $800–$900 a month, she said.
However, Irina expects demand to ease within three to four months.
She told Meduza that many clients plan to remain outside Russia for only two or three months before either returning or moving elsewhere in Europe.
Georgia’s Interior Ministry recorded about 1.5 million entries by Russian citizens during the first year of the full-scale war, Meduza reported.
Georgia’s national statistics service classified about 62,300 Russians as migrants, while more than 37,700 Russian citizens were living in the country in 2026.
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Serbia
Meduza reported a similar rise in rental demand in Serbia.
Andrei, a Russian realtor working in Novi Sad, said he now receives several requests for long-term rental viewings each day, compared with periods earlier this year when he sometimes went a week without inquiries.
According to Andrei, individual apartments now attract lines of Russian applicants, with some prospective tenants offering above the asking price.
He linked the increase to rumors of a possible mobilization after Russia’s State Duma elections and to recurring internet disruptions in Russia.
Prices in Novi Sad have not risen significantly so far, Andrei told Meduza. Monthly rents there currently range from roughly $455 to $795, below the $909–$1,136 levels seen during the 2022 influx.
The situation in Belgrade is more pronounced. Petr, a realtor in the Serbian capital, told Meduza that “a lot of Russians” have been arriving since the second half of August and that he had not seen comparable demand since 2022.
Petr said rental prices in Belgrade have risen by about 20–30% since late July, with apartments in the city center now costing roughly $682–$1,136 per month.
He also said many landlords refuse on principle to rent to foreigners, partly out of concern that local students could struggle to find housing amid the increased demand.
Serbia’s Interior Ministry registered more than 140,000 Russian citizens between February 24 and November 2, 2022, according to data cited by Meduza.
Nearly 70,000 Russians obtained Serbian residence permits between 2022 and 2025.
Armenia
In Yerevan, Russian realtor Alexander told Meduza that demand began increasing in the second half of July, with August and September proving particularly active.
According to Alexander, rents in Yerevan have risen by roughly 30–50% since the beginning of the year.
A good two-room apartment in the city center now costs around $1,000 per month, compared with approximately $700 in the spring.
Kristina, another Yerevan realtor interviewed by Meduza, said inquiries for long-term rentals are now roughly twice the level seen during winter and spring.
Many prospective tenants contact her while they are still in Russia and preparing to relocate.
She also described a shift in the profile of arrivals.
Unlike the predominantly remote workers who relocated in 2022 with established jobs and budgets, more recent arrivals include people hoping to find work in the service sector, with some traveling using credit cards to cover their initial expenses, Meduza reported.
Armenia’s Migration Service reported in August 2024 that about 40,000 Russian citizens held legal residence rights or valid residence permits in the country.
Yerevan realtors interviewed by Meduza expect rents to peak in October, although they cautioned that longer-term price forecasts remain uncertain.
Kazakhstan
Kazakhstan has so far seen no comparable rental surge, according to Meduza’s interviews with realtors in Almaty.
The country recorded about 406,000 Russian entries in September 2022, but later tightened migration and residence rules.
Tamara, an Almaty realtor, told Meduza that Russian arrivals and departures currently appear largely normal, with no repeat of the demand seen four years ago.
Another Almaty agent, Dmitry, said local realtors had expected more Russians to arrive amid reports of fuel shortages and rumors of mobilization, but the anticipated increase did not materialize.
Russians once accounted for about 90% of his clients, he said, but now make up no more than roughly 10%.
Almaty housing prices have nevertheless increased by approximately 10–20% in recent months.
Dmitry attributed the rise to the start of the academic year and an influx of students, rather than to Russian arrivals, Meduza reported.
The reported demand follows a run of earlier warning signs.
In mid-July, searches for apartments in Yerevan reached 5,200 in a single week, exceeding the level recorded in the first week of the full-scale war in 2022, and rents in the Armenian capital had climbed by around 30% in three months.
By late August, more than 113,000 Russians had crossed into Georgia through the Verkhny Lars checkpoint in a single week, including over 20,000 on August 20 alone.
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