德国第三季度大城市租金明显上涨

Core Insights - The report from the German Economic Institute (IW) indicates a significant increase in rental prices in major German cities, particularly in Düsseldorf and Cologne, with a year-on-year increase of 3.8% in new rental agreements [1][2] - The report highlights that while rental prices are rising, the increase in residential property prices is lagging behind, suggesting a continued upward trend in the housing market [1] Rental Market Summary - In Q3 2025, new rental agreements in Germany saw a month-on-month increase of 1% and a year-on-year increase of 3.8% [1] - Düsseldorf (+5.6%), Cologne (+5.1%), and Hamburg (+4.4%) experienced the most significant year-on-year rental price increases [1] - Berlin's rental prices slightly decreased by 0.2% year-on-year, attributed to a market adjustment following the invalidation of the "rent cap" policy [1] Housing Price Summary - Residential property prices in Germany increased at a slower rate than rental prices, with detached and semi-detached homes rising by 0.9% month-on-month and 3.5% year-on-year, while apartment prices increased by 0.6% month-on-month and 2.6% year-on-year [1] - The upward trend in housing prices has been consistent, with prices rising for three consecutive quarters [1] Supply and Demand Analysis - The IW economist Pekka Sagner attributes the rising rental and housing prices to a long-standing shortage in housing construction [1] - The report indicates that Germany needs approximately 372,000 new housing units annually, but only about 235,000 units are expected to be completed this year, leading to continued market pressure [1][2]