Munich Is Now the Most Expensive City to Study in Germany, As Rent Increases by 6% Country-Wide
According to the report called MLP student accommodation report, which covers 38 cities with students in the country, the overall increase in rent prices for students in Germany was marked at 5.9 in 2022, compared to 2021. Whereas last year, the increase was quite lower, at 1.5 per cent.
Though Munich is the most expensive city to study in, the increase in rent prices this year in this city was just a little above the average, at 6.7 per cent.
In fact, the highest increase in rent was marked in Berlin, where a model student apartment now costs €718, 18.5 per cent more than in 2021. This makes Berlin the third most expensive city for rent, while second is listed Stuttgart, with one model apartment there costing €786, AtoZSerwisPlus.de reports.
The cheapest cities to live for students are the eastern German cities of Chemnitz (€224), Magdeburg (€303) and Leipzig (€383).
According to Professor Michael Voigtländer, a real estate expert at the German Economic Institute, the increase in energy prices has pushed renters to look into smaller and cheaper apartments instead of bigger ones, what has increased the demand for student-convenient apartments, and thus, their prices.
“In addition, many people who previously wanted to buy condominiums are now looking for rental apartments due to sharp rises in interest rates. As a result, the competition in the market for student housing is becoming even more intense – with corresponding consequences for rental costs and the supply,” Voigtländer explains.
Whereas the CEO of MLP SE, Dr Uwe Schroeder-Wildberg, says that the rapid increase in rent for students marked last year has aggravated the situation in rental prices for students, which for some time now, have been rapidly increasing.
“Many are just getting back on their feet financially after the Corona crisis and the loss of numerous student jobs,” he says, adding that selective relief, such as the heating cost subsidy for BAföG recipients or special payments as part of the third relief package, are not really helping these students.
Previously,atozserwisplus.com had reported that the €360 BAföG housing allowance was not enough for international students across 59 college towns to cover housing expenses with the spike up in the price of rent, as found by a report called “University City Scoring 2022”.
