Introduction to the Munich rental market
Munich, the Bavarian metropolis, is famous for its high quality of life, its cultural offerings and its economic strength. These factors make Munich a sought-after place to live, which is also reflected in the rental prices. For those looking to rent a flat in Munich, the search for accommodation can be a challenge due to the high demand and correspondingly high rents. In this article, we take a look at the rental price situation in Munich and provide an overview of the current situation on the housing market.
Current rental price situation in Munich
Munich is known for having one of the most expensive housing markets in Germany. Rental prices vary depending on the neighbourhood, facilities and size of the flats. In particular, a 2-room flat in a good location can require a considerable budget. The high prices are partly due to the strong economy, the limited supply of available housing and the high quality of life in the city.
Of all the major cities in Germany, Munich clearly has the highest average price per square metre at €23.31/m². The most expensive areas here are Maxvorstadt, Au-Haidhausen and Schwabing, all with an average price per square metre of around €25/m². Altstadt-Lehel is an outlier here due to the low supply. Anyone looking for a more affordable flat quickly should look around Bogenhausen. This is where there is the greatest supply with an average price per square metre of around €23/m². If you want to find something under €20/m², you should look in neighbourhoods such as Berg am Laim, even if the supply there is rather limited.
Factors influencing rents in Munich
Various factors influence the level of rents in Munich. These include the city's economic strength, the high demand and the limited supply of housing. Munich attracts many skilled workers and students, which leads to a constantly growing population and a correspondingly high demand for housing. In addition, the high quality of life, property speculation and the attractiveness of the city help to keep rents at a high level.
If you want to save money and are single, you should consider finding a shared flat. Three-room flats in particular have the best prices per square metre in Munich at around €20/m². 1-room studios cost a whopping €27.50/m² on average.
Challenges when looking for accommodation in Munich
Finding an affordable flat in Munich can be a major challenge for many people. Especially for people with lower incomes or students, it is often difficult to find a suitable and affordable "flat to rent in Munich". The high level of competition and the rapid allocation of flats require a proactive and well-organised search.
Tips for a successful flat search in Munich
To successfully find a flat in Munich, it is important to be well prepared. An early and regular search on various property platforms is crucial. In addition, all the necessary documents for applying for a flat should be prepared and quickly available, such as Schufa information, proof of income, CV and a certificate of no rental debts from the previous landlord. Personal contacts and networks can also be helpful, as many flats are placed by word of mouth.
Future prospects for rents in Munich
Experts assume that rental prices in Munich will remain high due to the persistently high demand and limited supply. The city administration is endeavouring to take measures to ease the housing market, for example by buying back land and flats. However, it is expected that the changes will take time. In the long term, this could lead to a slight easing of the situation.
Is it worth looking for a flat in Munich with a high energy efficiency rating to save costs?
As in other cities, flats with a high energy efficiency grade also have higher prices per square metre, although the difference of €5/m² is not as great as in a city like Berlin, where the difference between high and low energy efficiency can be up to €10/m². However, prices appear to be rising again considerably for G and H grades, as these are often popular older buildings.
Conclusion
Munich's housing market remains a challenge, especially for those looking for a flat to rent in Munich or specifically a 2-room flat. Despite the high rental prices, Munich remains an attractive place to live due to its many advantages. However, with the right strategy and preparation, it is possible to find a suitable flat in this vibrant and beautiful city. The future of Munich's housing market is closely linked to the city's economic and social development, and stabilising rental prices remains an important goal.