Rental prices in Germany continue to rise

Rental prices in Germany continue to rise

Living in Germany is becoming increasingly more expensive, especially in large cities. Rental prices have risen dramatically, analyzes show. In Berlin, rents rose by 18.4 percent compared to the previous year. The average price per square meter was 14.32 euros. The prices for existing apartments in Berlin increased by an average of 34 percent from 2018 to 2023.

In addition to Berlin, the most expensive cities also include Munich, Hamburg, Frankfurt, Stuttgart, Cologne and Düsseldorf. On average, rents rose by 6.1 percent, due to high demand for apartments compared to supply. Munich even achieved an average price of 21.01 euros per square meter. In other major cities, prices average 9.78 euros per square meter, which represents an increase of 4.3 percent compared to the previous year.

The price increase in rural areas is lower compared to cities. In rural areas, the average price per square meter is 8.68 euros. In the Saxon Vogtland district the price is 5.35 euros per square meter. Experts predict that rental prices will continue to rise in 2024 due to continued high demand in relation to the limited supply of apartments. Tenants are having increasing difficulty coping with rising rent and energy costs. The situation on the housing market therefore remains tense and affordable living space is becoming scarcer.