Drop in Dollar Exchange Rate and Start of New School Year Push Up Rental Prices in Tashkent

Tashkent, Uzbekistan (UzDaily.com) — Experts from the Institute of Macroeconomic and Regional Studies (IMRS) under the Cabinet of Ministers of Uzbekistan presented an analysis of rental price trends in Tashkent for September 2025.

According to the study, the weakening of the US dollar against the Uzbek sum led to an increase in rental rates in dollar terms. An additional factor driving up prices was the traditional rise in demand at the beginning of the school year, prompting landlords to adjust expectations and raise rents.

Apartments with Medium Renovation
In September, rental rates for medium-renovated apartments increased compared to August:

One-bedroom — from US$318 to US$334 (+US$16)

Two-bedroom — from US$394 to US$412 (+US$18)

Three-bedroom — from US$477 to US$502 (+US$25)

Four-bedroom — from US$537 to US$556 (+US$19)

The most affordable apartments are traditionally in Sergeli (1-bedroom — US$293, 2-bedroom — US$365, 3-bedroom — US$412, 4-bedroom — US$474) and Uchtepa (1-bedroom — US$316, 2-bedroom — US$381, 3-bedroom — US$432, 4-bedroom — US$400).
The highest rents are observed in Shaykhontokhur (1-bedroom — US$354, 2-bedroom — US$472, 3-bedroom — US$604, 4-bedroom — US$617) and Yakkasaray (1-bedroom — US$402, 2-bedroom — US$506, 3-bedroom — US$660, 4-bedroom — US$800).

Apartments with Full Renovation
Price increases also affected fully renovated apartments:

One-bedroom — from US$413 to US$435 (+US$22)

Two-bedroom — from US$580 to US$614 (+US$34)

Three-bedroom — from US$824 to US$874 (+US$50)

Four-bedroom — from US$1,185 to US$1,201 (+US$16)

The lowest rents are in Sergeli (1-bedroom — US$318, 2-bedroom — US$419, 3-bedroom — US$497, 4-bedroom — US$588) and Uchtepa (1-bedroom — US$355, 2-bedroom — US$464, 3-bedroom — US$535, 4-bedroom — US$550), while the most expensive apartments are in Mirobod (1-bedroom — US$479, 2-bedroom — US$762, 3-bedroom — US$1,075, 4-bedroom — US$1,462) and Shaykhontokhur (1-bedroom — US$535, 2-bedroom — US$746, 3-bedroom — US$1,094, 4-bedroom — US$1,369).

The study was based on open data from the OLX.uz platform, collected via web scraping. The analysis included 28,200 listings for September and 31,600 for August 2025, with outliers (top and bottom 5% of prices) removed from both datasets.