Mietpreisentwicklung in deutschen Großstädten: Ein Blick auf Chancen und Herausforderungen

Inconsistent Rental Price Development in German Metropolises

The offered rents in German major cities have recently developed very differently, presenting both risks and opportunities for investors. While cities like Cologne, Hamburg, and Düsseldorf report remarkable year-on-year increases of 6.0 percent, 5.1 percent, and 4.1 percent respectively, Berlin shows a decline of 0.8 percent. This divergence is particularly relevant as it indicates varying economic conditions and location attractiveness.

In the second quarter of 2026, the offered rents in the 37 examined cities and regions increased overall by 0.8 percent compared to the previous quarter and by 3.0 percent year-on-year. However, it is important to note that general inflation also rose during this period, which reduces real rental growth to just 0.3 percent. This poses a challenge for investors, as rising living costs can impair tenants‘ purchasing power and thus burden the rental market.

Rental prices in Munich remain the highest in Germany at an average of 23.70 euros per square meter, followed by Frankfurt (17.80 euros), Hamburg (16.50 euros), and Stuttgart (16.30 euros). Cologne and Berlin are at a lower level with 16.00 euros and 15.30 euros, while Düsseldorf at 14.90 euros also lags behind the leaders. Leipzig, as the cheapest city among the eight metropolises, offers rental prices of only 10.50 euros per square meter. The weighted average of all 37 analyzed cities stands at 14.30 euros per square meter.

According to the Kiel Institute for the World Economy (IfW), a high price level does not necessarily have to be accompanied by strong price dynamics. For example, Stuttgart remains one of the most expensive rental markets in Germany despite stagnant rental prices. This insight is significant for investors as it underscores the necessity to pay attention not only to the level of rental prices but also to their development in order to make informed investment decisions.

Overall, the current rental price trends highlight the importance of analyzing regional differences and economic conditions. For investors seeking growth and stability, it may be prudent to invest in cities with positive rental price development. At the same time, the challenges posed by rising living costs and inflationary pressure must be kept in mind to sustainably secure shareholder value.