Rents: Up to 11 % improve – Northern German cities underneath evaluate | EUROtoday

In many northern German cities, the scenario on the housing markets stays tense. The excessive demand and the simultaneous lack of residing area have led to vital will increase in asking rents in some instances over the previous two years. At their peak, rental flats rose in worth by eleven % between July 2022 and 2024. By comparability, the inflation price in Germany was 8.6 % throughout the identical interval.

At the identical time, nonetheless, there are additionally cities within the north the place rents have solely elevated barely. This is proven by a present evaluation by Immowelt (like WELT, belongs to Axel Springer SE) for 15 chosen northern German cities. For this goal, the sq. meter costs of present flats supplied on immowelt.de (60 sq. meters, 2 rooms, 1st and 2nd flooring, constructed within the Nineties) as of July 1, 2024 had been in contrast with the identical time limit in 2022.

Hamburg has by far the very best asking rents of all of the northern German cities examined. The sq. meter of an present residence from the Nineties presently prices a mean of 14.01 euros within the Hanseatic metropolis. That is 6.1 % greater than two years in the past – again then, residence seekers paid 13.20 euros per sq. meter.

The unchecked worth improve is especially as a result of Hamburg's robust inhabitants progress – between 2011 and 2022, the variety of residents elevated by greater than 100,000 folks, in keeping with census information. Most not too long ago, the inflow of refugees from Ukraine has put further stress on the rental market. Meanwhile, the required flats are missing as a result of weak building exercise. Last yr, Hamburg's housing business even recorded a report droop of 85 % in new building.

Moderate improve in Hanover

The rising hole between housing provide and demand can be driving up rents in different main cities in northern Germany. For instance, residence seekers in Bremen presently must reckon with 10.93 euros per sq. meter for an present residence – a rise of 8.6 % in comparison with 2022.

In the northern German state capitals, asking rents have additionally elevated noticeably previously two years: whereas Schwerin (8.73 euros) recorded a rise of seven.3 %, in Kiel (10.12 euros) it was even 8.1 % extra.

This signifies that the capital of Schleswig-Holstein is now on the identical worth stage as Hanover (10.11 euros), the place the lease improve is relatively average at 4.0 %. According to the State Statistical Office, extra flats had been accomplished within the Lower Saxony state capital final yr than ever earlier than, which can have contributed to a slight easing in asking rents.

Weak lease improve in Göttingen and Rostock

The most important improve in rents within the evaluation, nonetheless, might be seen in Oldenburg. The metropolis in Lower Saxony recorded a brand new report variety of residents final yr due to a robust inflow of individuals. As a outcome, there’s robust demand on the rental market, which is mirrored within the asking rents:

Since 2022, the typical worth per sq. meter for brand spanking new leases has elevated by 11.5 % and presently stands at 9.71 euros.

In addition to Oldenburg, double-digit share will increase had been additionally seen in Osnabrück (10.23 euros; +11.2 %) and Bremerhaven (7.53 euros; +10.5 %).

Elsewhere, the lease improve is way weaker: in Göttingen (10.54 euros), for instance, the rise is only one.4 %, whereas in Rostock (9.38 euros), the asking rents for present flats have solely elevated by 0.7 % since 2022.

The information foundation for calculating the rental costs had been provides marketed on immowelt.de in 15 chosen northern German cities. The values ​​calculated utilizing hedonic strategies replicate the value per sq. meter of present flats (60 sq. meters, 2 rooms, 1st and 2nd flooring, constructed within the Nineties). The rental costs are web rents for brand spanking new leases.