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Rent prices in Vienna are exploding: 10 percent increase to over 21 euros!
Vienna is recording a 10 percent increase in rents, especially in Hietzing. Analyzes show rising supply prices and high demand.
Rent prices in Vienna are exploding: 10 percent increase to over 21 euros!
What's going on in Vienna? The current rental prices are a lot to talk about, because the situation on the housing market is more tense than ever before. The average gross rental price for new rentals has exceeded 21 euros per square meter, which corresponds to an increase of 10 percent within a year. These alarming figures come from an analysis by ImmoScout24, which is based on around 180,000 advertisements. With an average rent of 1,471 euros per month for a 70 square meter apartment, it is clear that many apartment hunters are faced with difficult decisions. Ad hoc News reports that...
The prices are particularly noticeable in the 7th district, where the asking prices for new apartments have risen by a whopping 41 percent to an average of 26.30 euros per square meter. Things aren't looking much better in other districts either: rents in Brigittenau have risen by 25 percent, in Landstrasse by 23 percent and in Hietzing and Hernals by 22 percent each. The high demand for living space is met by a dramatic decline in supply, as experts assume a decline in housing completions of around 20 percent compared to the previous year. Immopreise.at provides further information...
Structural challenges
The circumstances are anything but easy for those looking for accommodation. Rising interest rates and stricter credit standards have pushed many people into a corner, making it almost impossible to buy condominiums. This results in additional strain on the rental market. The trend is evident not only in Vienna, but also in Upper Austria, where rents have increased by 10 percent, although at a lower level of 12.60 euros per square meter. A positive exception is Burgenland, where asking rents have fallen by 7 percent to 11.70 euros per square meter.
Unfortunately, the forecasts for the coming years are not promising. There is no short-term relief in sight as experts warn of a structural undersupply in the housing market. The pressure on housing policy in Vienna and the future federal government is increasing to guarantee “affordable housing”. Apartments are increasingly becoming a scarce commodity, and those looking for an apartment are often faced with a choice: smaller living spaces, poorer locations or higher costs have to be accepted.
It seems that there really is something in the air and a solution is needed more than ever. The question remains: How long can people continue to afford the exorbitant prices? A good hand in finding an apartment could be the key, even if the compromises are not easy to make.