Tashkent’s average apartment rental prices remained stable at $550 in March and April despite Uzbekistan’s transition to mandatory cashless property transactions from April 1, according to a study by the Institute of Macroeconomic and Regional Studies.
The analysis covered more than 1.7mn listings collected from the OLX platform and examined the early impact of the country’s new non-cash payment rules on the housing rental market.
Researchers said the transition to cashless transactions did not lead to an immediate sharp increase in rental prices. The number of rental listings also remained relatively stable, averaging 22,600 in March and 22,800 in April.
At the same time, rental prices continued showing different trends depending on apartment size and location. One-room apartments averaged $400 in April, marking a 14.3% year-on-year increase. Two-room apartments averaged $550, rising by around $10 compared to the previous year.
Meanwhile, larger apartments became cheaper. Three-room apartment rents stood at $700, down 12.5% year-on-year, while four-room apartments averaged $850, falling 26.1%.
“The rental market appears generally stable overall, but demand is shifting toward one- and two-room apartments and relatively more affordable segments,” the institute stated.
Mirobod district remained the most expensive rental area in Tashkent with average monthly rents of $800, followed by Shaykhantohur (Shaykhantokhur) at $750 and Yakkasaroy at $700.
The city’s most affordable districts included Bektemir with average rents of $390, as well as Sergeli and Uchtepa at around $400.
The institute advised investors to avoid speculative overvaluation in the rental market.
Researchers also noted that tenants now have stronger negotiation opportunities for larger apartments with three or more rooms, while competition for smaller apartments remains higher.
Broader rental market activity across Uzbekistan also continued growing in early 2026. According to the National Statistics Committee, rental service volumes nationwide reached UZS 3.8trillion ($294mn) in January–March 2026, increasing 15.3% year-on-year.
Tashkent city accounted for the largest share with UZS 1.6trillion ($124mn) in rental services, followed by Tashkent region with UZS 386.8bn ($30mn) and Samarkand region with UZS 345.1bn ($26.7mn).
Earlier, in September 2025, the institute reported that exchange rate movements and the weakening of the US dollar had contributed to rising housing rental prices in Tashkent.
Uzbekistan introduced mandatory non-cash payments for 28,000 categories of goods and services from April 1, 2026. The measures cover 561 categories of real estate and vehicle transactions, 56 types of government services and around 5,000 categories of products priced above UZS 25mn ($1,940).
Proposals requiring cashless real estate transactions were first discussed in the Senate in 2025. Officials and analysts said the reforms could help reduce the shadow economy and improve tax collection transparency. Previous estimates also suggested that housing prices in Uzbekistan in 2024 were around 17% above their fundamental market value.
