On Friday, the Central Bureau of Statistics (CBS) published data on Israel’s average rent price for the fourth quarter of 2024 and the annual average. According to the data, the average rent in Israel in the fourth quarter of the year stood at 4,817 shekels, an increase of 1.5% compared to the previous quarter and a rise of 5% compared to the same period last year. The annual average for 2024 was 4,717 shekels, reflecting a 5.4% increase compared to the annual average in 2023.
The data also show that the average rent price for a 1-2 room apartment in the last quarter of the year was 3,669 shekels, while the average rent for a 2.5-3 room apartment was 4,286 shekels. The average rent for a 3.5-4 room apartment was 5,274 shekels, and the average rent for a 4.5-6 room apartment was 6,782 shekels.
When broken down by cities (for cities with populations of over 100,000), Tel Aviv continues to have the highest rental prices in the country, with the average rent for a three-room apartment in the city reaching 6,967 shekels, an increase of 3.6% compared to the same period last year. The average rent for a four-room apartment stands at 8,584 shekels, a rise of 3.9%.
For comparison, the rent in Israel’s two other metropolitan areas, Be’er Sheva and Haifa is 2.5 times lower than the equivalent rent in Tel Aviv. For example, the average rent for a four-room apartment in Be’er Sheva is 3,346 shekels, while in Haifa, it is 3,852. In Jerusalem, the average rent for a three-room apartment is higher, standing at 4,599 shekels, while the average rent for a four-room apartment is 5,910.
A high average rent for a three-room apartment was also recorded in Ramat Gan, where the average rent for such an apartment is 5,228 shekels, an increase of 4% compared to last year. Another city with exceptionally high rental prices for a three-room apartment is Herzliya, where the rent is 5,399 shekels (a decrease of 1.5%). On the other hand, significantly lower prices were recorded in Be’er Sheva, where the rent for a three-room apartment is 2,711 shekels (an increase of 2.1%), and in Ashkelon, where it is 3,147 shekels (a rise of 2.1%). The highest increase in rental prices for a three-room apartment, at 7.4%, was recorded in Beit Shemesh, where the average rent for a three-room apartment stands at 3,628 shekels.
Similarly, high average rents for four-room apartments were recorded in Ramat Gan (6,438 shekels, an increase of 2.2% compared to last year) and Herzliya (6,806 shekels, 3.3%). Other cities with high four-room apartment rents include Kfar Saba (5,733 shekels, a rise of 6.7%), Rishon Lezion (5,380 shekels, a rise of 4.5%), and Bat Yam (5,143 shekels, an increase of 4%). Notably, Hadera saw a significant increase of 6.2% in the rent for four-room apartments, with the average rent now at 4,150 shekels.
A breakdown by district shows that the lowest average rent for a four-room apartment in the last quarter of the year was in the Northern District, at 3,065 shekels, an increase of 4.7% compared to last year. Low rental prices were also recorded in the Haifa and Southern Districts. In Haifa, the average rent for a four-room apartment is 3,476 shekels, an increase of 4.9%, while in the Southern District, it is 3,840 shekels, an increase of 2%. In contrast, in the Central District, the average rent for a four-room apartment is significantly higher, at 5,333 shekels, an increase of 4.5%, while in the Tel Aviv District, it stands at 6,936 shekels, a rise of 3.3%. In the Jerusalem District, the average rent for a four-room apartment was 5,730 shekels, an increase of 3.5%.
