Rents are falling in seven of 14 of the largest German cities, as a survey by the online portal “Immowelt” shows. These include the expensive cities of Munich and Frankfurt – and what is the situation in Hamburg?
In the second quarter, rents rose in eleven of the 14 largest cities; in the third quarter, which has now ended, rents only became more expensive in seven cities. “Immowelt” sees the reason for this in the tenants’ financial resilience, which can also be explained by inflation, among other things.
Rents in Hamburg rise by 0.5 percent
In Hamburg, on the other hand, the rents for apartments offered by “Immmonet” rose by 0.5 percent in the last quarter. Those looking for an apartment have to be prepared for an average of 11 euros per square meter. Prices also went up in Stuttgart. After an increase of 0.3 percent, the price per square meter there was 12.77 euros. This makes Stuttgart the second most expensive city in Germany for tenants.
Rents have fallen most in places where people also pay the most: in Munich and Frankfurt. In the Bavarian capital, the average square meter for a new lease still costs a steep 16.90 euros – and no longer 17.11 euros, a decrease of 1.2 percent. You don’t pay more in any other major German city. In Frankfurt, rents fell by 2.6 percent, the sharpest decline. On average, you still have to pay 12.10 euros per square meter. Rents have also fallen slightly in Berlin, Cologne, Düsseldorf, Bremen and Hanover.
“There could be a shortage of around one million apartments by 2025”
“After the enormous increases in the past, rental price developments in several large cities have calmed down for the time being. However, given the dramatic slump in housing construction, the current price declines are probably just a short respite,” says Felix Kusch, managing director of “Immowelt”. “According to estimates from the housing industry, there could be a shortage of around one million apartments in Germany by 2025. If the federal government does not succeed in counteracting this, there will soon be a risk of significant rent increases again.”
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Things went up in cities like Leipzig, Dresden and Essen, which are otherwise known for their cheaper rental prices. On average, the square meter here is still under 8 euros. The largest price increases were in Dortmund with an increase of 0.9 percent and Nuremberg with an increase of 1.2 percent. There, the square meter currently costs an average of 10.32 euros. (pw)
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