New Lübeck rent index 2023: Transparency and legal certainty for landlords and tenants

New Lübeck rent index 2023: Transparency and legal certainty for landlords and tenants

According to a report from www.hl-live.de, the company “Fub Iges Wohnen+Immobilien+Umwelt GmbH” created the new Lübeck rent index on behalf of the social security department. The rent index was developed with the participation of tenant households and housing companies and offers reliable information on the usual local rents for living space in the Hanseatic city. The new rent index shows that the average, weighted, calculated net rent has increased by 0.79 euros per square meter of living space and is 8.46 euros/square meter. This corresponds to an annual increase of 5.1 percent compared to the 2021 rent index.

This development shows a significant increase in rental prices in Lübeck, which can potentially have an impact on the real estate market. The rising rental price could lead to landlords hoping for higher returns and spurring investments in the construction of new apartments or renovations of existing units. At the same time, this can lead to a financial burden for tenants as they have to pay more for their living space.

The rent index is also an important basis for justifying rent changes and will therefore have a direct influence on contract negotiations between tenants and landlords. In addition, the rent index is also relevant for determining appropriate accommodation costs within the framework of social assistance and citizens' benefit.

Overall, the new rent index is likely to result in the dynamics of the real estate market in Lübeck continuing to gain momentum and both landlords and tenants having to adapt to changes in their living situations. The rent index can now be downloaded from the city's website and will come into force with the resolution of the Lübeck citizens on January 25, 2024.