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Munich (dpa / lby) - Rents in Germany's most densely populated city have continued to rise despite Corona: In Munich, a good new apartment now costs an average of 20 euros per square meter, said Professor Stephan Kippes, head of market research at the German Real Estate Association - IVD South on Thursday.
Munich residents would have to spend an average of 30 percent of their household income on housing costs.
For years there has been “a very gruesome red trend line downwards” for building permits and completions in the state capital.
However, real estate experts expect “a certain setback” soon.
This is partly due to the recession and rising unemployment, and partly to the trend towards home offices.
The home office allows much greater distances for commuters: "If I only have to go to Munich once a week, I have almost the rest of Bavaria available to live," explained Kippes.
That is a glimmer of hope for rural regions that are struggling with emigration while “Munich is boiling over”.
On average in Bavaria, rents for apartments and houses have risen by 3 percent since spring.
A good existing apartment can be had in Munich for 17.40 euros per square meter, in Augsburg, Nuremberg and Würzburg for a good 10 euros, in Ingolstadt and in Fürth, Bayreuth, Bamberg and Schweinfurt usually even less.
Nationwide, an average of EUR 12.40 is due in major cities.
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In Ingolstadt, rents are continuing to decline.
“The main reason is the hiring freeze at Audi,” said IVD market researcher Michael Specht.
Private landlords still demanded prices that are now unrealistic, but searched for a long time.
The rents "will go down significantly," he said.
"The high-price segment has completely disappeared."
In Nuremberg, too, tenants now have a lot more choice.
"The number of visits to completion increases, the marketing times are longer," said IVD expert Markus Kestler.