picture alliance / dpa topic service | Christin Klose
According to Study by the real estate portal Immowelt the housing market is slowly recovering from the rapid rise in rental prices in recent years. That reported the “Handelsblatt“.
Rent prices are stagnating in six of 14 major German cities. This also includes the most expensive city in Germany, Munich and Hamburg. In three other cities, including Frankfurt and Stuttgart, prices have even fallen.
In Berlin, Cologne and Düsseldorf, rents rose by two percent compared to the previous quarter.
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Berlin: The average rental price per square meter is 15.24 euros in 2021. Ten years ago the price per square meter was 8.36 euros. This means that the price per square meter has almost doubled over the past ten years. Too much, thinks the tenants’ association. The burden is too high. But apparently there is an all-clear. A new study found that the housing market is calming down in some major cities, if only for the time being. That reported the “Handelsblatt“.
The real estate portal “Immowelt” published figures on the rental prices of some German cities. These showed that rents remained stable in the third quarter of this year compared to the previous quarter – at least in most cities. In some large cities, there has even been a decline in rental prices.
While rents rose in eight out of 14 German cities in the previous year, this year they have become more expensive in only five cities, according to the study. For the analysis, the offered square meter prices for existing apartments (80 square meters, three rooms, second floor) in the third quarter of 2021 were compared with the previous quarter.
Rents are stagnating in six out of 14 cities
Rents have recently stagnated in six of the 14 cities. In three other large cities, prices have even fallen slightly. Surprisingly, this includes four of the most expensive areas in Germany: Munich, Hamburg, Stuttgart and Frankfurt. In the most expensive city of Munich, for example, rents have stagnated for the second quarter in a row, according to Immowelt. The price per square meter is currently 16.50 euros for an existing apartment. Prices are also stagnating in Hamburg.
While rents seem to be calming down in some cities, they are continuing to rise in Berlin. In the third quarter, asking rents rose by a total of two percent. In a referendum at the end of September, on the day of the Bundestag election, the majority of Berliners voted in favor of the “Expropriate Deutsche Wohnen & Co” initiative and thus in favor of the expropriation of large housing groups. In addition to Berlin, Cologne and Düsseldorf also continue to show price increases. Rents there have also risen by two percent compared to the previous quarter.
The situation is different in areas around Saxony and the Ruhr area. There were hardly any price changes here. In Leipzig rents rose minimally, in Dresden they stagnated and in Dortmund they fell by one percent. This makes Dortmund, along with Frankfurt and Stuttgart, one of the three cities in Germany in which rents are falling slightly.
The Immowelt study shows: Gradually a trend towards price stabilization is spreading in major German cities, even if there are still considerable differences between the apartments. Landlords can continue to charge significantly more for new apartments. On the other hand, the equipment and energy generation there are often much more efficient. How the trend will develop remains to be seen in the coming years. With its data, the Immowelt study should let some tenants breathe a sigh of relief for the time being.
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