Vienna’s rental apartment market is experiencing a 11 percent increase in prices within a year, according to real estate platform Immoscout24. This trend was evident in the first quarter of 2024, with rental apartments being offered for 11 percent more than in the same period last year. The median average price for these apartments is currently 18.7 euros per square meter, with landlords experiencing a 26 percent increase in demand.
However, there are significant differences depending on the district. In Brigittenau, Ottakring, and Simmering, rental apartments have only increased by up to 3 percent compared to the previous year. On the other hand, Hietzing saw an increase of around a quarter to 19.5 euros per square meter while Favoriten increased to 19.8 euros per square meter.
Other districts such as Josefstadt, Donaustadt, Margareten, and Penzing also experienced price increases of around a fifth compared to the same period last year. The lowest price increases were recorded in Brigittenau, Ottakring, Simmering, Liesing, and Floridsdorf. The cheapest offers for rental apartments were found in Rudolfsheim at 14.5 euros per square meter followed by Ottakring and Hernals.
The demand for rental properties has increased by 26 percent compared to the previous year with Mariahilf seeing an over 50 percent increase while Floridsdorf and Hernals also experienced significant growths in demand. However, rental apartments in Brigittenau and Wieden were less sought after while Neubau and Hietzing were among the least popular districts with lower demand levels than others.
Overall, despite some variations across different districts of Vienna’s rental market shows that prices are generally rising due to high demand from renters looking for affordable housing options within one of Europe’s most vibrant cities.
The rise in prices can be attributed to several factors including increased population growth due to immigration into Austria’s capital city as well as low-interest rates that make it easier for investors to secure financing for new developments or purchase existing properties.
In conclusion, while some districts may see higher or lower percentage increases than others within Vienna’s rental market overall rents are continuing their upward trend due to strong demand from renters looking for affordable housing options within Europe’s most vibrant city