Introduction to the Hamburg housing market
Hamburg, Germany's charming port city, is famous for its vibrant culture, architectural beauty and thriving economy. This attractiveness is also reflected in the housing market. Renting an apartment in Hamburg can be an exciting but also challenging experience for many. In this article we take a look at the current prices per square meter in Hamburg as of August 2023 and provide insights into what apartment hunters can expect in this vibrant city.
The current state of rental prices in Hamburg
Hamburg's rental prices are characterized by the high demand in a city that is considered one of the best places to live with a high quality of life in Germany. Demand for a "2 room apartment" is particularly high in popular districts. These apartments are ideal for individuals or couples who want to enjoy urban life in Hamburg. Rental prices vary depending on the location, condition and size of the apartment, with central and sought-after locations recording higher prices.
The districts of Eimsbüttel, Nord, Altona and Mitte are particularly popular and correspondingly expensive, with average prices per square meter between 15-17 €/m². You can get away much cheaper in areas like Wandsbek, Bergedorf or Harburg. However, these are geographically somewhat remote and are not very popular. Overall, Hamburg has a fairly stable price difference in prices per square meter and is far more attractive in terms of price than cities like Munich or Berlin.
Factors that influence rental prices in Hamburg
Various factors influence the prices per square meter in Hamburg. These include the city's economic strength, high quality of life, limited supply of available housing and housing type. The strong demand for living space in Hamburg is partly due to the influx of skilled workers, students and young families. Added to this are the attractive job opportunities and the high quality of life, which make Hamburg a popular destination for those looking for accommodation.
As in other cities, you pay a hefty premium for 1-room apartments in Hamburg. On average, these cost a full €5/m² more than 2-room apartments or more. So if you want to save money, you should consider a shared apartment.
Challenges when looking for an apartment in Hamburg
Finding an affordable apartment in Hamburg can be a challenge, especially in popular parts of the city. Competition for attractive apartments is high, and interested parties often have to act quickly to secure a suitable apartment. The high demand means that rents in popular areas continue to rise, making it difficult for certain population groups to find suitable accommodation. Attractive apartment offers in particular are offline again after just a few rents, which requires interested parties to react quickly.
Tips for finding accommodation in Hamburg
A successful apartment search in Hamburg requires patience, flexibility and good preparation. It is advisable to regularly check real estate portals for new offers and to react quickly when a suitable apartment is found. HOMEBOY can also help you here so that you are always one of the first applicants. It is also helpful to have prepared all the necessary documents for the application and to build a network that can support you in your search for accommodation. Documents such as Schufa proof or a certificate of freedom from rent debt should not be missing. Putting effort into your application letter is always very important.
Is it worth looking for an apartment with high energy efficiency to save costs?
Unfortunately, it is common practice to always pay a premium for new buildings with high levels of energy efficiency. In Hamburg it is on average 3-4 €/m² more. There is a big difference from energy efficiency level C onwards. It is always worth adding up the expected rental price including the expected consumption in order to arrive at a reliable final rental price.
Future forecasts for rental prices in Hamburg
Rental prices in Hamburg are expected to continue to rise, although the extent of this increase depends on various factors, including economic development and political conditions. In the long term, an increase in the supply of housing through new buildings and renovations could lead to a stabilization of rental prices. Unfortunately, none of the scenarios can be predicted exactly.
Conclusion
Hamburg remains a desirable place to live, and rental prices reflect the high demand and attractiveness of the city. Despite the challenges, there are ways to find a suitable "rent an apartment in Hamburg" or "2 room apartment". With the right strategy, patience and flexibility, apartment seekers can find suitable accommodation in this beautiful city. The future of the Hamburg housing market depends heavily on economic and political developments, with the goal of a balanced and fair housing situation for everyone being the main focus.