Rising rents in Berlin: Living barometer Q3 2024 shows pressure on rental market
Rising rents in Berlin: Living barometer Q3 2024 shows pressure on rental market
With the Immoscout24 living barometer for the third quarter of 2024, the rapid development of rental prices in Germany is once again made aware of the rapid development of rental prices. The report emphasizes the continued pressure on the rental market, which spreads to the surrounding area and smaller cities beyond the large cities. While rents in cities such as Munich and Stuttgart take a short breathing space at a high level, rental prices in Berlin and other cities continue to rise. The rental prices in Berlin have now increased to 14.19 euros per square meter, which increases the city to the third most tax metropolis in Germany.
Developments on the rental market also have significant local effects for Stuttgart, which is recorded in the study at 14.07 euros per square meter. The current report shows a slight decline in rental prices by 0.5 percent, while the flourishing demand for apartments, especially in the surrounding area, can be determined. This could further exacerbate the existing challenges regarding the availability and affordability of living space in the region. The ancillary costs, which can make up to 25 percent of the total rent, also increase the pressure on tenants: inside in Stuttgart and the surrounding area.
Stuttgart has had a reputation as an expensive living city for years. Historically, the city is also a center of industry and technology, which attracts many people. The demand for rental apartments often exceeds the offer, which leads to a continued increase in rents. This dynamic is further influenced by the immigration of young specialists, housing and last but not least the attractiveness of the region.
In order to better understand the situation, it is helpful to list some comparison values. The following table provides an overview of rental prices in the largest German cities in Q3 2024:
| Stadt | average price (inventory)
| |
|---|---|---|
| Munich | 20.97 € | -0.1 % |
| Frankfurt am Main | € 14.97 | +3.1 % |
| Berlin | € 14.19 | +3.1 % |
| Cologne | € 14.04 | +0.5 % |
| Stuttgart | € 14.07 | -0.5 % |
Development clearly shows that while Stuttgart plays along with the rental prices in the upper segment, the dynamics of the price adjustments are different. A possible reason for the stagnant rents could also be the increasing number of new construction projects in and around Stuttgart, which could stabilize the offer situation.
In summary, it remains to be seen that the rental market is still tense both in Stuttgart and in the surrounding regions. The challenges for those seeking apartments remain high because the demand exceeds the supply and thus put prices under pressure in the long term. The development of rental prices will continue to be a central topic for politics, urban planning and the citizens: inside the region.
Source: immoscout24/ots
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