Status: 04.10.2021 14:52 Uhr
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The rise in rents in major cities is weakening. In some cities, asking rents are even falling, according to a study by the real estate portal “Immowelt”.
After years in which rents in many major German cities knew only one direction – steeply upwards – the situation now seems to be calming down somewhat. As a study by the real estate portal “Immowelt” shows, asking rents remained stable in the third quarter in a large number of cities – including and especially in the high-priced cities of Munich, Frankfurt, Stuttgart and Hamburg.
Asking rents rose further in only five of the 14 major cities with over 500,000 inhabitants surveyed. This compares with eight cities in the previous year. “This means that the price curves are flattening in more and more cities,” the study’s authors said. In six cities, prices stagnated and in another three they even fell slightly.
Stagnation in Munich, slight increase in Berlin
In Munich, rents stagnated for the second quarter in a row: there, the square meter for an existing apartment currently costs an average of 16.50 euros. The trend is also continuing in Frankfurt, the second most expensive city. There, asking rents fell by one percent in the third quarter compared with the previous quarter to an average of 11.60 euros. This is the second decline in a row. The last increase was recorded last year. The situation in Stuttgart is also continuing to ease. Here, asking rents have actually fallen for the fifth quarter in succession by one percent to 11.07 euros. In Hamburg, which is also a high-priced city, prices recently stagnated at 10.89 euros.
By contrast, rents in Berlin are continuing to rise. Following the end of the rent cap in April, there were catch-up effects there. As in the second quarter, asking rents climbed by two percent in the third quarter to a current level of 9.39 euros. Rents in Cologne and Düsseldorf also increased by an average of two percent in the third quarter.
“Limit of the affordable reached”
The experts at “Immowelt” explain the fact that rents are only rising minimally and are even declining slightly in particularly expensive cities with the excessive increase in the past. “The limit of what is affordable has been reached in some places,” says head of marketing Jan-Carl Mehles. Thus, higher rents could simply no longer be enforced on the market. “Many tenants already have major problems affording an apartment in the urban area,” write the authors of the study. The markets are also gradually being relieved by numerous subsidized new buildings.
For the analysis, square meter prices of existing apartments (80 square meters, three rooms, second floor) offered on immowelt.de in the third quarter of 2021 were compared with the previous quarter.
Significantly more expensive than in the existing stock are the rents for new apartments. In Berlin, the square meter is currently 12.89 euros. This means that an 80-square-meter new-build apartment costs 1031 euros in rent – 280 euros more than the rent for a comparable existing apartment. Unchallenged at the point is also in the new building segment Munich. Tenants there have to pay 19.79 euros per square meter. An 80-square-meter new-build apartment thus costs 263 euros more than an existing apartment. In Frankfurt, tenants of a new-build apartment even have to add 273 euros.
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