Tashkent Rent Holds at $550 But Supply Drops 21%

Tashkent, Uzbekistan (UzDaily.com) — Tashkent's rental market held its median price steady in May, but a sharp 21% drop in available listings signals tightening supply beneath a deceptively calm surface.

The median monthly rent in the Uzbek capital remained unchanged at $550 in May 2026 compared to April, according to analysis published by the Institute of Macroeconomic and Regional Research under the Cabinet of Ministers of Uzbekistan. Year-on-year, however, the figure represents a 10% increase over May 2025 — underscoring a market where stability in headline numbers masks persistent underlying pressure.

Supply Contraction Accelerates

The more striking data point is on the supply side. The number of active rental listings fell to 18,100 in May — a 21% decline from April and a significant retreat from the 22,000-plus listings recorded at the start of the year. The compression of available stock, if sustained, is likely to translate into renewed upward price pressure in the months ahead.

Mirzо-Ulugbek, Mirobod, and Yunusabad districts collectively account for 42.4% of the capital's total rental supply, maintaining their position as the market's dominant corridors.

A City of Two Rental Markets

The data lays bare a stark geographic divide. Premium pricing clusters in Mirobod, Shaykhantakhur, and Yakkasaray districts, while Almazar, Sergeli, and Uchtepa offer significantly more affordable options. In the three- and four-room segments, the price gap between the most and least expensive districts exceeds a factor of two.

The numbers are concrete: a one-bedroom apartment in Mirobod commands up to $600 per month, against $350 in lower-cost districts. Two-room units range from $400 to $700; three-room apartments span $450 to $1,000; and larger units of four rooms or more range from $500 to $1,150 depending on location.

Segment Divergence: Studios Up, Large Units Down

Segment-level price dynamics are moving in opposite directions. One-room apartments recorded the sharpest appreciation, rising 14.3% to reach a median of $400. Two- and three-room units held flat at $500 and $700 respectively. Meanwhile, four-room and larger apartments bucked the trend entirely, falling 20% to a median of $800 — a potential indicator of softening demand at the top end of the market.

Two-room apartments continue to dominate supply, representing 59.6% of all listings, followed by three-room units at 26%, one-room apartments at 10.9%, and larger units at 3.5%.

Analysts at the Institute characterized the market as broadly stable on aggregate metrics, while flagging pronounced geographic differentiation and divergent segment-level dynamics as the defining features of Tashkent's rental landscape heading into mid-2026.