German rental market is becoming increasingly unaffordable

What has happened? According to the latest data provided by the real estate platform Immoscout24, rent increases in Germany in the first months of 2023 are already breaking records. Between January and March 2023, the rental costs for existing flats in Germany rose by between 7,4 and 7,7 %.

The rents have increased by 12 % for existing properties and by 20 % for new housing in comparison to the same period last year.

Major cities suffer the most. Rental prices for new flats have increased by 8%- 9 % in Berlin and Stuttgart within the first quarter.

The situation is noticeably dramatic in Berlin and Munich. From the beginning of 2023 asking rents for existing flats have reached a record high of €12,56/m2 in Berlin and €18,44/m2 in Munich.

The nationwide average asking rents for existing flats are about €8,01/m2. For new builds, the nationwide average rent lies at €11,01/m2.

Источник: I AM EXPAT

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