The real estate search portal ImmoScout24 has presented its quarterly data report on the development of the German rental housing market. The survey called “WohnBarometer” is based on an evaluation of 8.5 million real estate advertisements over the last five years and, in addition to the development of asking rents, includes the
Relationship between supply and demand and a price forecast.
For the third quarter of 2021, the WohnBarometer shows an increase in asking prices for existing rental apartments of 1.4 percent across Germany. The price trend thus picked up again slightly, but is well below the development of purchase prices, which rose by 4.2 percent on a quarterly average. In the second quarter, the increase in rents in existing buildings was still 0.8 percent.
The average asking price for existing rental apartments is currently 7.26 euros per square meter. A two-room apartment with 60 square meters costs around 435.38 euros net cold.
With a price increase of 2.4 percent, the asking prices for existing apartments in Leipzig grew the most in a quarterly comparison, followed by Erfurt with 2.1 percent, Hamburg with 2.3 percent and Cologne with 1.9 percent. In Munich, Berlin and Potsdam, the price trend has leveled off by 1.5 percent and thus well below the current inflation rate.
In the eastern German centers of Dresden and Rostock, the ImmoScout24 WohnBarometer recorded a decline in asking prices for existing rental apartments. While Dresden only posted a slight minus of 0.3 percent in the third quarter, asking rents in Rostock fell by 1.7 percent compared to the second quarter of 2021.
Newly built apartments: asking prices are increasing more strongly
In the third quarter of 2021, new apartments for rent recorded an increase of 2.2 percent when viewed across Germany. They are offered for new leases for an average of 9.82 euros per square meter. The development thus increased again slightly compared to the previous quarter. In the second quarter, the price development for new apartments was still 1.5 percent.
In the case of new-build apartments for rent, too, the price development is well below the purchase price development, which increased by 4.7 percent in a quarterly comparison. Leipzig leads the metropolitan ranking for the rental price development in new buildings with a plus of 3.3 percent, followed by Erfurt and Munich with 3.0 percent each. While the price development for new rental apartments in Hamburg and Frankfurt am Main was below one percent in the third quarter of 2021, it was slightly down in Rostock by minus 0.5 percent.
“The rental price trend has calmed down somewhat in a large part of the metropolises. It is currently within the framework of the inflation rate and in some cases even below it. However, Berlin and Cologne in particular are still far from a balanced rental housing market. In Berlin, an average of 99 inquiries per Week on an offered rental apartment, in Cologne there are 46 “, comments Dr. Thomas Schroeter, managing director of ImmoScout24.
Existing rental apartments: demand remains high
While the demand for rental apartments from the existing stock in major German cities remained almost at the same level as in the previous quarter, it rose slightly in Cologne and Munich despite the summer season. In Berlin, the number of average contact inquiries per advertisement per week fell significantly from 154 in the second quarter to currently 99. Cologne is in second place nationwide with 46 contact inquiries per week for an advertised apartment.
In Munich, the demand for new rental apartments has increased from 7 to 12 contact requests per week compared to the previous quarter. In Cologne, too, there was even more demand for newly built rental apartments than in the second quarter. In the cathedral city, an average of 18 contact inquiries were received for a new-build advertisement in the third quarter, after 15 in the second.
For the next twelve months, the WohnBarometer predicts a moderate development in asking rents of 3.2 percent for existing apartments in Germany as a whole. In new buildings, ImmoScout24 expects an increase of 3.9 percent by the third quarter of 2022. For the price forecast, current population balances as well as the available and planned residential building stock are included in the calculation.
At the city level, the portal expects the strongest price development for existing rental apartments and new buildings in Berlin and Cologne due to the high demand: Berlin with 6.0 percent for new and existing apartments, in Cologne with 4.1 percent for existing rental apartments and 3 .7 percent for newly built rental apartments.
The weakest price development for new and existing rental apartments is expected in Frankfurt am Main and Hamburg in the next twelve months. The price development forecasts there are well below three percent and thus below the Germany-wide average and well below the current inflation rate. (ots)