Status: 16.01.2024, 09:43 a.m.
By: Kathrin Reikowski
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High rental prices also in the fourth quarter of 2023: In some cases, rents are rising by a double-digit percentage. The highest increase is in Berlin.
Munich - The rent explosion will not stop in 2024. On average, 20 percent more rent year-on-year for an apartment in Berlin, 14.6 percent more in Stuttgart, 14.1 percent more in Cologne and 12.6 percent in Munich: Landlords are charging significantly more rent for a new building than in the previous year. This is reported by the real estate portal Immoscout24.de.
Munich is setting a record: Here, tenants have to pay 20 euros per square metre, even for existing rents. By way of comparison, the value across Germany is an average of 8.42 euros per square metre in existing buildings, and 11.72 euros per square metre in new buildings, as the advertisements on Immoscout24.de would show. For new buildings in Munich, as much as 24 euros per square meter are due. And only those who can prove really serious housing defects can hope for a rent reduction.
Record rents in Berlin, Cologne, Munich and Stuttgart - highest demand shifts
The developments in the German metropolises at a glance:
- Berlin: Strongest increase for rents in new construction in the fourth quarter (+3.6 percent), strongest year-on-year increase for new-build apartments (+20 percent).
- Hamburg: The only metropolis in which the average asking price fell by 0.5 percent in the last quarter compared to the previous quarter.
- Cologne: For the first time, the net cold rent for a 70-square-meter reference apartment exceeds 1000 euros. The average price for an existing apartment is 13.36 euros, which is more than in Hamburg (13.31 euros).
- Düsseldorf has a special feature: Here, the asking prices for existing apartments rose by 1.7 percent compared to the third quarter, while those for new-build apartments rose by only 1.4 percent
- Leipzig: At an average of eight euros per square metre, rents remain affordable, but rents are still rising by 5.3 percent year-on-year
- Stuttgart: Year-on-year, rents have risen by 14.6 percent, and the price per square meter is now 18.72 euros.
- Munich: The reference apartment in the new building would cost twice as much as in Leipzig (813.40 euros), namely 1687.70 euros, in the old building about 1,400 euros. Year-on-year, rents are rising by 12.6 percent
The developments are now having an impact on rental applications: while demand fell by a total of two percent in all eight metropolises, demand for apartments in rural areas rose by ten percent. However, the strongest increase in demand is evident in the surrounding areas of the metropolises. Here, there was an eleven percent increase in searches.
Rents in Germany: This is how they have risen on average over the past 12 months
In Germany as a whole, 1.6 percent more rent is demanded for existing rental apartments compared to the previous quarter and 5.8 percent more year-on-year. In new construction, asking rents rose by 1.4 percent in the quarter and by 7.7 percent year-on-year.
One of the reasons for the rising rental prices is that more and more high-income earners are entering the rental market instead of buying property because interest rates for real estate purchases have risen sharply. Nevertheless, the wealthy will continue to invest in new real estate in 2024. So it is mainly the tenants who pay twice as much and often bring in good profits for landlords. Recipients of citizens' allowance can also be hit by high rents: the offices do not cover all rental costs. (cat)