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German Asking Rents Cool Further in Q3 as Greix Index Shows Weakest Annual Gain Since 2021

Kiel researchers say tenants may have hit affordability limits, with demand drifting to furnished flats and shared housing.

Overview

  • National listing rents for unfurnished apartments rose 0.5% quarter over quarter in July–September, down from 0.7% in Q2, and were flat in real terms.
  • Compared with a year earlier, asking rents were up about 4%, which project lead Jonas Zdrzalek called the smallest annual increase since late 2021.
  • City patterns diverged, with Leipzig up 1.1% and Düsseldorf up 0.7%, while Hamburg fell 0.2% and Berlin slipped 0.3% versus the previous quarter.
  • In North Rhine-Westphalia, portal rents increased 0.7% on the quarter after a 0.9% rise in Q2, with gains in Hamm (+1.8%), Mönchengladbach and Wuppertal (both +1.6%) and declines in Bielefeld (-1.3%), Bocholt (-0.6%) and Münster (-0.4%).
  • The Greix-Mietpreisindex compiles listings from property platforms and realtor sites across 37 cities and regions, and it may miss some cheaper privately brokered rentals.