In February, we wrote that buying property in Germany is becoming more and more unaffordable. Now, the statistics on the rental market in the country in the first months of 2023 have come out. The news in this area is also disappointing. 

Between January and March 2023 alone, rents rose by more than 7% (7.4–7.7%) across Germany. Such data is provided by the real estate platform Immosscout24. If we compare prices with the same period last year, the figures increased by 12% for the “secondary” and by 20% for the new buildings. Renting a home with an average wage is becoming more difficult.

“The starting price per square meter in major cities is €5,000.” Germany's property market: how to buy, how much it costs and where to invest

Rents are growing most sharply in Berlin and Stuttgart—in the first quarter of 2023, the increase was 8–9%. The most expensive city is still Munich. So, since the new year, the rent for secondary housing in Berlin has reached a record level of €12.56 per square meter, and in Munich—€18.44. The national average is now €8.01 per square meter. For new buildings, the national average rent is €11.01 per square meter.