Renting an apartment in Germany – in this city you will pay the most for rent!

Immowelt compared the prices and offers of apartments across Germany in the year 2021. As it turned out, rents increased in Germany more than in 2020 – by as much as 4.1 percent. Besides, the statistics are clear: the demand for apartments in Germany is often much higher than their supply. If you are currently wondering where to look for an apartment in Germany, we recommend our article where you can find links to relevant German portals: Where to look for an apartment in Germany?

Renting an apartment in Germany – prices

Here is how much the average rent is in Germany

▶︎ Existing apartments: 7.33 euros per square meter. Rent for a two-bedroom, 70-square-meter apartment costs an average of about 513 euros net “kalt” (Kaltmiete – rent without fees) in Germany.

▶︎ Newly built apartments: 10.07 euros per square meter. The rent for a new apartment of 70 square meters costs on average 705 euros net cold in Germany.

Where is the increase in rental prices greatest in Germany?

Rental prices are rising the most in Berlin (between 4.2 percent and 6 percent annual increases). The current rent level there is 10.59 euros per square meter. By comparison, in the capital of the state of North Rhine-Westphalia Düsseldorf, the average rent is 10.38 euros per square meter.

Despite this, Berlin still remains one of the cheapest metropolises. If you are looking for an apartment for rent, you can expect to pay an average of 741 euros net “kalt” for 70 square meters in the German capital.

Further down the list of metropolises where rents have risen the most are Cologne with an average rent of 11.04 euros (plus 5.4 percent) per square meter and Hamburg with 12.04 euros (plus 2.9 percent) per square meter.

Munich continues to be the most expensive city in Germany in terms of rent, with a current price per square meter of more than 16 euros. A 70-square-meter apartment there costs an average of about 1139 euros (up 3.5 percent), which is 1.5 times more expensive than in Berlin.

Explosion of new apartment prices in Germany

While existing apartments are still relatively cheap, the prices of new apartments are shooting up much more sharply.

▶︎ Berlin: 14.41 euros per square meter – up 8.8 percent.
▶︎ Cologne: 12.53 euros per square meter – up 5.3 percent.
▶︎ Munich: 20 euros per square meter – up 3.5 percent.

“Rental prices in metropolitan areas rose once again last year. Demand still exceeds supply many times over,” says Dr. Thomas Schroeter, a real estate specialist. “Currently, not all available housing is affordable – many offers are made under the table.”

▶︎ In Berlin, the average number of inquiries per week per ad rose sharply from 99 in the third quarter to 174 in the fourth quarter.
▶︎ In Cologne, demand increased from 46 to 70 inquiries per week per ad compared to the previous quarter.
▶︎ There are 41 inquiries per week per ad in Munich and 15 in Frankfurt am Main.

Where rental prices in Germany will continue to rise – and where they won’t

Immowelt expects prices for apartment rentals in Germany to rise by 8 percent for existing apartments and 7 percent for new apartments in Berlin over the next 12 months. For Cologne, Immowelt forecasts an increase of three percent.

In Hamburg and Frankfurt am Main, Immowelt expects weak price growth of one percent for existing and new apartments.

Due to the high price level in Munich, there is hardly any room for price increases, so the housing barometer predicts stagnation in the apartment segment for the next twelve months.

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