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New apartments in Munich Altperlach
Photo: Sven Simon / imago images
The rents in Germany's most densely populated city continued to rise despite Corona: In Munich, a good new apartment now costs an average of 20 euros per square meter, said Stephan Kippes, head of market research at the Real Estate Association Germany - IVD Süd, on Thursday.
Munich residents would have to spend an average of 30 percent of their household income on housing costs.
There has been a downward trend in building permits and completions in the state capital for years.
However, the real estate association expects "a certain damper" soon.
This is partly due to the recession and rising unemployment, and partly to the trend towards home offices.
Working at home from time to time allows commuters to travel far greater distances than before: "If I only have to go to Munich once a week, I have almost the rest of Bavaria available to live," explained Kippes.
That is a glimmer of hope for rural regions that are struggling with emigration while "Munich is boiling over".
Rents in Bavaria have risen by three percent since spring
On average in Bavaria, rents for apartments and houses have risen by three percent since spring.
A good existing apartment can be had in Munich for 17.40 euros per square meter, in Augsburg, Nuremberg and Würzburg for a good 10 euros, in Ingolstadt, Fürth, Bayreuth, Bamberg and Schweinfurt usually even less.
Nationwide, an average of EUR 12.40 is due in major cities.
Rents in Ingolstadt are on the decline.
"The main reason is the hiring freeze at Audi," said IVD market researcher Michael Specht.
Private landlords still demand prices that are now unrealistic, but they have to look for tenants for a long time.
The rents "will go down significantly," said Specht.
"The high-price segment has completely disappeared." In Nuremberg, too, tenants now have a lot more choice.
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caw / dpa