The Caucasus Rental Market in 2026

The three capital cities of the South Caucasus — Tbilisi, Yerevan, and Baku — have experienced significant and varied rental price movements over the past three years. Understanding current pricing requires understanding why prices moved and what stabilisation looks like in each market.

Data below is drawn from GeraRent listings and completed tenancy data, supplemented by national statistics office reports where available.

Tbilisi, Georgia

Tbilisi rental prices rose sharply in 2022–2023 following an influx of international residents. By 2025–2026, prices have stabilised at elevated levels, with modest softening in some neighbourhoods as the city's rental stock expanded.

Tbilisi Average Monthly Rents (GEL)

Studio / 1-room: Vake/Saburtalo 600–900 | Outer districts 400–600
1-bedroom: Vake/Saburtalo 900–1,500 | Outer districts 600–900
2-bedroom: Vake/Saburtalo 1,300–2,500 | Outer districts 900–1,400
3-bedroom: Vake/Saburtalo 1,800–4,000+ | Outer districts 1,200–2,200

Exchange rate reference: 1 USD ≈ 2.7 GEL (April 2026 — verify current rate before budgeting).

The most desirable renovated properties in Vake and Old Town command premiums of 30–50% above average. Soviet-era buildings in well-maintained condition offer the best value for budget-conscious tenants.

Yerevan, Armenia

Yerevan saw significant demand pressure from 2022 onwards for similar reasons to Tbilisi. Prices peaked in late 2022, softened in 2023–2024, and have settled in 2025–2026 at levels above pre-2022 but below peak.

Yerevan Average Monthly Rents (AMD)

Studio / 1-room: Centre/Kentron 80,000–150,000 | Outer districts 50,000–90,000
1-bedroom: Centre/Kentron 120,000–220,000 | Outer districts 80,000–140,000
2-bedroom: Centre/Kentron 200,000–380,000 | Outer districts 130,000–220,000
3-bedroom: Centre/Kentron 300,000–600,000+ | Outer districts 200,000–380,000

Exchange rate reference: 1 USD ≈ 390 AMD (April 2026 — verify current rate). Popular neighbourhoods for international residents include Kentron, Arabkir, and Norq Marash.

Baku, Azerbaijan

Baku's rental market is distinct from Tbilisi and Yerevan: driven more by domestic demand and the oil sector than by international relocation flows. Prices are denominated in AZN (Azerbaijani Manat) and are relatively stable.

Baku Average Monthly Rents (AZN)

1-bedroom: City centre 400–700 | Outer districts 250–450
2-bedroom: City centre 600–1,200 | Outer districts 400–700
3-bedroom: City centre 900–2,000+ | Outer districts 600–1,000

Exchange rate reference: 1 USD ≈ 1.7 AZN (fixed rate, April 2026).

Trends to Watch

New residential construction in Tbilisi is adding supply that will moderate central district prices in 2026–2027
Yerevan's rental market is tightly correlated with AMD/USD exchange rate — monitor if holding assets or income in foreign currency
Seasonal variation in all three cities: summer demand from diaspora visitors temporarily inflates short-term prices

Search current listings and verify prices directly at GeraRent property search.