On June 15, 2023, the long-awaited new rent index for Berlin 2023 was puplished by the Senate. The local comprehensive rent has now risen to €7.14 net cold per square meter, marking an increase of 5.4% compared to the 2021 rent index. This change applies to apartments of all construction years, sizes and locations. But what does this mean for tenants and landlords in the capital?
Rent prices in the city have been continously rising for several years. In 2005, the net cold rent per square meter was only €4.49, but since then, it has steadily increased. The largest jump occcurred from 2015 to 2017, with an increase of 9.4%. Now, with the new rent index, we are witnessing another upward trend.
Simple rent index vs. qualified rent index: It is important to note that the current rent index for Berlin is only a "simple" rent index. It is based on the consumer price index from the Office of Statistics and not on newly collected data from tenants and property owners. This means that the 2023 rent index may not last long.
In May 2024, a qualified rent index is expected to be released, which will be based on up-to-date data and should more accurately reflect the actual rent prices. It remains to be seen how the qualified rent index will impact the rental price development in Berlin. It remains to be seen how the qualified rent index will affect the rental price development in Berlin