How much does it cost to rent a home in different European cities? Renting a one-bedroom apartment in Barcelona costs, on average, 1,220 euros per month, while in Madrid the average price reaches 1,213 euros. This is indicated by the figures of the HousingAnywhere International Rental Index by Cities, corresponding to the third quarter of 2021. In this way, up to thirteen European cities the rental price is higher, as revealed by the data from the platform’s study for rent -for which 102,303 properties listed therein have been analyzed between July last year and September 2021-.
Paris stands as the most expensive city. And it is that, to rent a one-bedroom apartment in the French capital, you have to pay, on average, 1,957 euros per month. “Paris is a city that is a great business hub, a great tourist destination in itself and that means that there is a lot of demand for housing, which means that prices are high in the center of the city, despite the fact that spaces are rented from 7-8 m2 of surface, the so-called Chambres de bonne. In addition, Paris has a much higher average monthly salary than Madrid or Barcelona”, explains Montse Moreno, vice president of the Spanish Association of Real Estate Personal Shopper (Aepsi).
The average rental price in Madrid and Barcelona is 38% lower than in Paris
Thus, HousingAnywhere data shows that the average rental price for a home with these characteristics in Madrid and Barcelona is 38% lower than in Paris. “Normally, there are cities that are more expensive than others at the level of housing rental, depending on the pole of attraction that they represent worldwide and depending on the salaries and standard of living in the city. Although Madrid and Barcelona are attractive cities in In terms of job opportunities or the opportunity to set up companies, they are much less consolidated than destinations such as Paris and London, which for years have occupied the ranking of the most expensive cities to rent a home”, points out the vice-president of Aepsi.
Renting a home in London costs, on average, 1,830 euros per month, making it the second city in the Old Continent with the highest price, among those analyzed by HousingAnywhere. Amsterdam occupies the third step of the podium among the European ones with the most expensive price to rent a home, standing at 1,636 euros per month on average. They are followed by Helsinki (1,474 euros), Rotterdam (1,374 euros), Utrecht (1,362 euros) and Berlin (1,338 euros).
In addition to Barcelona and Madrid, the price is over 1,200 euros in places like The Hague, Milan, Munich, Reykjavik, Lisbon and Hamburg. With prices between 1,200 and 1,100 euros per month, the average rent for apartments is in cities such as Rome and Frankfurt. They are followed by Brussels, Vienna and Florence with 1,042 euros, 1,017 euros and 1,016 euros, respectively. Turin and Valencia are below 1,000 euros, according to the report.
Upward trend
Although the rental price in Spanish cities is still far from places like Paris, London or Helsinki (in the case of one-bedroom apartments, which are one of the rooms analyzed in the study), in general, it has shown signs of growth. A trend that has been seen in different countries of Europe.
“The third quarter of the year is usually the peak rental season for students and, for this reason, a certain increase in rental prices is not surprising. However, as mobility normalizes for both students As for young professionals and tourists, the shortage of rental accommodation has once again become apparent, causing prices to rise even higher,” the report states.
In 20 cities the rental price rises compared to the previous quarter
In fact, in 20 of the 22 cities analyzed by the platform, the average price of rental apartments has increased in the third quarter of the year compared to the previous quarter. The highest growth was registered in Helsinki (10.9%), London, Vienna (8.2% in both cases), Berlin (7.8%) and Hamburg (7.4%). On the other side of the scale, only Frankfurt and Munich appear, where according to the HousingAnywhere International Rental Index, prices fell by 1.5% and 3.5%, respectively, compared to the second quarter of the year.
“The shortage of affordable rental supply seemed less severe in 2020 as short-term rental properties became available for the long-term rental market, coupled with global mobility restrictions. However, as As predicted, we are now seeing a reversal in this trend as both vacation rentals and mobility are picking up,” says Djordy Seelmann, CEO of HousingAnywhere.
This situation is exacerbated in Europe’s major university towns, with some universities even reporting students dropping out or postponing their studies due to difficulties finding an affordable lease. In this sense, Seelmann adds that “there is an urgent need to have more affordable housing for students and young professionals, especially in those cities that attract students internationally. Unfortunately, the construction of new housing is not a simple and , even if the proper permits are obtained, they typically take years to be finished and available to live in. This is why we urge policy makers to critically assess current housing and rental policies to find solutions that they can immediately address this issue.”
As an example, the director of HousingAnywhere points out that governments “should take measures to prevent the residential housing stock from returning to the vacation rental sector in the short term. In addition, the conversion of empty commercial buildings for residential use could be accelerated with proper permission.”
Where does it go up more?
After (known as Mietendeckel), the prices of apartments for rent in this city registered the highest year-on-year increase, 22.4%.
“The upward trend in prices confirms the need for a long-term solution to the housing crisis, especially when the current imbalance between supply and demand remains, while investors and developers are discouraged from participating. actively in the market. Given that housing and rental policies were the hottest topic of the recent German elections, it is very likely that German rental policy will undergo changes again in the coming years,” the report states.
The prices of apartments for rent in Berlin register an interannual increase of 22.4%
Hamburg and Reykjavik follow with increases of 19.9% and 14.7%, in each case. For their part, the prices of apartments for rent in the city of Milan have risen by 14.36% year-on-year. With increases that exceed 10%, places like Paris (11.5%), Lisbon (11.5%) and Frankfurt (11.1%) also appear.
Instead, six cities have experienced a cut in the rental price compared to the figures of a year ago. Thus, on this side of the table are Munich, with a decrease of 17.4%; Valencia and Vienna with falls of 7.4% and 3.6%, respectively. Amsterdam (-2.1%), Barcelona (-1.3%) and Turin (-0.5%) close this list with price decreases in the third quarter compared to the same period in 2020.
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