Exploring Soaring Rents: The Costly Reality of Living in Nuremberg
Nuremberg's rental market underwent a significant shift since December 1, 2022, when the average rent per square meter stood at EUR 9.92. Fast forward to December 1, 2023, and the average rent rose to EUR 10.52, marking a steady incline in rental costs.
This upward trend is a prevalent phenomenon in numerous major German cities, with 56 out of 80 surveyed cities reporting rental price hikes by a substantial 10% in 2023. Moreover, in 21 cities, the increase surpassed the current inflation rate of 3.2%, underscoring the significant impact of rental costs on residents.
Although some cities, like Munich (-1.6%), Frankfurt (-1.3%), and Cologne (-4.5%), witnessed rent declines, the vast majority of cities revealed price increases.
Top Rent Hikes in Western Germany
West Germany boasts the strongest percentage increases in rental costs, with cities like Kaiserslautern (+10.5%), Hagen (+10.0%), and Dortmund (+8.1%) leading the surge. Despite these increases, eastern German cities, including Nuremberg, retain a lower price level compared to their western counterparts.
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Bavaria and Beyond
Bavaria also witnessed rising rent prices, with Munich reporting a slight increase of only 1.6% compared to the previous year. While Nuremberg registered a more substantial increase in rent costs that aligned with the trend observed in other major German cities.
On ImmoWelt, you can browse a diverse range of rental properties in both Munich and Nuremberg, catering to different budgets. Although rental costs have increased, Franken and other eastern German cities maintain a more affordable price level compared to their western counterparts.
Rent Demand, Supply, and Economic Factors
The surge in rental costs in Nuremberg and other major cities can be attributed to various factors, including the robust job market, strong demand for housing, and limited supply. In Nuremberg, rental yields can reach up to 4.2%, underlining the market's appeal to investors.
The exact rental price growth figures for Nuremberg are not readily available in the sources, but the broader trend suggests that rental costs are on a steady rise due to strong demand and constrained supply. While rent control measures are in place in some cities, they have not managed to halt the increase in rental prices entirely.
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