Penta Real Estate has officially entered the Czech rental housing market with the launch of Flet, a joint venture created through the acquisition of a 50% stake in Bureš & Partners. The move strengthens Penta’s position in Prague’s fast-growing leasing sector, with Flet immediately managing more than 700 apartments, most of them in the capital.
The new platform aims to professionalize the rental experience for both landlords and tenants. It offers investors a full-service package covering acquisitions, financing, renovations, and property management, while tenants benefit from transparent leasing, reliable maintenance, and responsive service.
“Flet performs the same service for real estate investments as Booking.com does for vacations. It helps you choose from a wide range of apartments, protects you from purchase risks, and ensures the apartment brings you an interesting rent when you are not using it yourself,” said David Musil, Country Managing Director at Penta Real Estate.
“We have been operating for 25 years. This long-term foundation is our springboard to the next stage of development with Penta Real Estate,” added David Bureš, founder and CEO of Flet.
Rising rents push demand higher
The launch comes as Prague rental prices hit record highs. Deloitte’s Q2 2025 Rent Index shows an average of 440 CZK/m² per month (≈ €17.5/m²), while central Prague 1 reached 487 CZK/m² (≈ €19.5/m²). For a typical 50 m² flat, tenants now pay around 22,000 CZK per month (≈ €880). CIJ Europe reports that two-room apartments average 22,170 CZK (≈ €890) monthly.
Across the country, rents rose by about 9% year-on-year in Q2 2025. In some cities and periods, growth reached double-digit levels, underscoring strong demand and tight supply. Professional rental platforms such as Flet are entering the market at a moment when tenants seek better service and landlords want predictable returns.
Ownership increasingly out of reach
Buying property has become more difficult for many Czech households. In early 2025, new-build apartments in Prague were selling for around 168,000–170,000 CZK/m² (≈ €6,400–6,500/m²). That puts a 50 m² flat at 8.4–8.5 million CZK (≈ €320,000–325,000). Combined with higher financing costs, the affordability gap is pushing more people into long-term rentals.
The trend is not limited to Prague. Secondary cities such as Brno and Plzeň are also experiencing rent growth as younger professionals, students, and expats turn to rentals. With mortgages expensive and wages lagging behind property inflation, the shift from ownership to long-term rental is accelerating.
“Apartment prices are rising faster than incomes. This reduces the availability of owner-occupied housing and increases the number of households depending on rental,” noted Michal Hrbatý, Vice President of the Czech Rental Housing Association (ANB).
Flet’s dual value proposition
For investors:
- Support with property acquisition and financing
- Oversight of renovations and asset upgrades
- Professional tenant management to reduce vacancy
- Transparent financial reporting and standardized returns
For tenants:
- Fast response to maintenance requests
- Clear and secure rental contracts
- Predictable rental terms
- Access to professionally managed apartments
By combining Penta’s development pipeline with the operational expertise of Bureš & Partners, Flet is positioned to scale into a dominant player in Prague’s rental sector.
Outlook for Prague’s rental market
Institutional rental housing is expected to expand further in the coming years. Developers and investors are partnering with professional managers to meet growing demand. Penta itself is preparing new supply, including 124 apartments near Nová Waltrovka due for completion in 2026–27, which will feed into Flet’s portfolio.
Still, yields remain modest. A 50 m² unit bought at current market prices and rented for 20,000–25,000 CZK/month (≈ €800–1,000) offers a gross yield of about 3–4%. After operating costs and vacancies, the net yield often falls to 2–3%. Flet’s scale and professional management could help landlords improve efficiency while giving tenants more consistent service.
Setting new standards
The arrival of Flet signals more than just a new brand in the market. It reflects a structural shift in Czech housing, where renting is no longer a temporary compromise but an increasingly permanent lifestyle choice. With limited supply, soaring rents, and younger generations priced out of ownership, professional platforms are becoming essential.
By linking Penta’s capital and projects with Bureš & Partners’ operational base, Flet is positioned to redefine expectations in Prague’s rental housing. If successful, it could become a benchmark for institutional rental across Central Europe.
