The annual housing search is now under way for thousands of students who secured university places through Greece’s nationwide entrance-examination system and will leave their family homes to study in Athens, Thessaloniki and other regional centers. For many households, finding an affordable apartment has become one of the biggest costs associated with higher education.
The problem is largely one of supply. Greece has a limited stock of small apartments suitable for students, while construction activity remained subdued for years following the country’s prolonged financial crisis. At the same time, some properties have shifted into the short-term rental market, while growing numbers of single-person households are competing for many of the same smaller homes.
Those forces have kept asking rents elevated even as the broader cost of living continues to strain household budgets.
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In Athens, a renovated and furnished studio of 25 to 40 square meters, or roughly 270 to 430 square feet, is being marketed for between €16 and €19 a square meter a month, according to data from real-estate network RE/MAX. An unfurnished property typically commands €14 to €17 a square meter, while an unrenovated apartment is advertised at about €13 to €14.
The pressure extends well beyond the capital. In Thessaloniki, Greece’s second-largest city and one of its biggest university centers, renovated and furnished apartments are advertised at €14 to €16 a square meter. Comparable properties in Patras, a major university city in western Greece, are offered at €12 to €15.
In Heraklion, on the island of Crete, asking rents reach €13 to €15 a square meter, while in Kalamata, in the southern Peloponnese, they range from €13 to €16. Students heading to smaller regional markets can still find cheaper accommodation. In Xanthi, a university city in northeastern Greece, an unrenovated apartment can start at about €8 a square meter.
The tightest conditions are often found close to university campuses and in neighborhoods with convenient public-transport connections. In Zografou, an Athens district adjacent to some of the country’s largest university facilities, and in the centrally located Neos Kosmos neighborhood, renovated and furnished apartments can command asking rents of €17 to €19 a square meter. In Kypseli, another densely populated central Athens district, prices are around €16 to €17.
In some parts of the capital, apartments measuring just 45 to 55 square meters—about 485 to 590 square feet—are being advertised for €680 to €720 a month. That is a substantial monthly expense in a country where many university students continue to rely heavily on financial support from their families.
The advertised rent, however, tells only part of the story. Property-market professionals say students and their families increasingly need to calculate the full cost of occupancy, including building charges, heating, electricity and transportation. An inexpensive apartment farther from campus can lose much of its apparent advantage once commuting costs are added, while an older property with poor energy efficiency can result in significantly higher utility bills.
Furniture and appliances can also alter the economics. A lower rent on an unfurnished apartment may be less attractive for a student staying for only a few years if the tenant must buy a bed, refrigerator, washing machine and other essentials.
Timing has become another factor. Students who begin searching well before the start of the academic year generally have a larger pool of properties to choose from. As the available stock shrinks, so does tenants’ ability to negotiate. Asking prices in property listings also don’t necessarily represent the rent ultimately agreed between landlord and tenant.
The shortage is encouraging some families to consider alternatives to the conventional yearlong apartment lease. In tourism-heavy markets, nine-month leases can be available, allowing landlords to reclaim properties for the more lucrative summer season. The arrangement can suit the academic calendar but leaves students needing another solution if they remain in the city during the summer.
Private student residences are another increasingly visible option. Furnished rooms of roughly 15 to 25 square meters typically cost between €450 and €650 a month, with several basic services included. While the headline price can appear high for the space provided, the inclusion of utilities, furniture and other amenities can make the comparison with a conventional apartment less straightforward.
