Germany multi-family house rent index, new lettings
Germany multi-family house rent index, new lettings stood at 166.1 in 2025, according to Deutsche Bundesbank. It is one of the indicators in the Property market (annual) table (Value · Annual), with a complete series running from 2013 to 2025. The complete series with an interactive chart, free to download.
This indicator in the Property market (annual) table
| Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Price Indicators | |||||||||||
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for multi family houses, rents for new lettings | 166.1 | 160.1 | 151.9 | 142.9 | 136.3 | 132 | 127.9 | 122.3 | 116.9 | 113.1 | |
| Bulwiengesa AG commercial property price index, rents for office and retail core properties, 127 towns and cities - Bundesbank calculations | 104.9 | 105.3 | 107.4 | 110.7 | 112.7 | 117.5 | 120.4 | 120.3 | 118.4 | 116.5 |
Understanding germany multi-family house rent index, new lettings
Newly signed residential leases within multi-dwelling apartment blocks supply the raw inputs for this Association of German Pfandbrief Banks (vdp) indicator. The metric deliberately excludes the rental rates paid by long-term, sitting tenants, opting instead to track the immediate asking and finalized rents for newly available apartments. This tight methodological focus isolates the friction at the active edge of the residential leasing market, capturing the true cost of securing a new housing contract. It separates the recurring cash flow generation of residential real estate from the underlying asset purchase price, providing a pure view of tenant occupancy expenses.
Analyzing residential leasing trends requires benchmarking current figures against the designated 2013=100 reference standard. The annual nature of the release inherently removes seasonal relocation trends, such as summer moving spikes, mandating year-on-year analysis to uncover genuine structural shifts in tenant demand. As participating financial institutions continually process incoming loan and property data, historical figures are regularly updated to reflect late-arriving lease documentation. Users must carefully distinguish this highly reactive new-lettings measure from overall consumer housing indices, as the latter are heavily diluted by decades-old, inflation-locked legacy contracts that obscure current market realities.
Frequently asked questions
- Are single-family rental homes included in this specific index?
- Detached houses are omitted; the dataset strictly tracks lease agreements signed for individual units within larger multi-family apartment buildings.
- Does the index measure the average rent paid by all current renters?
- It exclusively monitors the rental rates of freshly signed contracts, ignoring the legacy rates paid by long-term sitting tenants.
- Are utility bills and heating costs factored into this rental measure?
- The calculation relies strictly on the net cold rent, entirely separating the cost of the space from fluctuating municipal utility expenses.