The prices compared were for an attractive but not overly luxurious apartment: 80 square meters, three rooms, second floor. The provider Immowelt collected its data in 14 major German cities - and identified a clear price driver. In the German capital, the square meter prices for such a property rose from an average of 9.86 to 12.55 euros, an increase of 27 percent.
The second highest increases were recorded in Munich, Hanover, Bremen and Dresden (each with a plus of four percent). Rents in Hamburg (minus one percent) and Stuttgart (minus three percent) became cheaper. In its press release, Immowelt named the continued influx into the metropolis as a possible reason for Berlin's price explosion.
According to the authorities, 3,850,809 residents were registered in Berlin as of December 31, 2022. That's almost 140,000 more than five years ago. Around 100,000 people are said to be seeking protection from the war in Ukraine in Berlin. And last but not least, too little is being built: Due to the high interest rates and the increased construction costs, too little new living space is being created in the capital.
As a result, landlords could always push through higher prices, it is said. In November 2022, the capital was still in the middle of all cities with more than 500,000 inhabitants in the price ranking. A year later, Berlin recorded the aforementioned rapid price increase and now occupies second place in the price ranking of the 14 largest German cities.
Only in Munich do tenants currently have to pay even more for new rentals, at EUR 17.39 per square meter. In the Bavarian metropolis, however, the level in November was already 16.68 euros and has therefore risen by four percent.
The rental price rally in Berlin is an outlier among all the cities examined, the statement continues. And: The sudden increase in rents could also be a seasonal effect, the dynamic of which can weaken again over the course of the year. In addition, catch-up effects due to the failed rent cap could continue to play a role. Apartments that were rented at lower prices in previous years are now being offered for new rentals at significantly higher prices.