Germany multi-family rent index, new lettings (Pfandbrief)
Germany multi-family rent index, new lettings (Pfandbrief) stood at 170.8 in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the Property market (quarterly) table (Value · Quarterly), with a complete series running from Q1 2013 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Property market (quarterly) table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Price Indicators | |||||||||||
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for multi family houses, rents for new lettings | 170.8 | 169.3 | 168.3 | 167 | 165.5 | 164.4 | 162.5 | 161 | 159.8 | 157.7 | |
| Commercial property price index, total | 168.6 | 169.3 | 169.3 | 168.8 | 167.9 | 167.1 | 165.9 | 164.4 | 163.5 | 163.5 |
Understanding germany multi-family rent index, new lettings (Pfandbrief)
Derived directly from the portfolios of the Association of German Pfandbrief Banks, this indicator monitors the leasing rates agreed upon for newly signed tenant contracts in apartment buildings. It strictly covers fresh rental agreements, deliberately separating the current marginal market pricing from the heavily regulated, long-term tenancy contracts that otherwise dominate the broader housing stock. Unlike general national rent averages that blend all housing varieties, this measure restricts its scope solely to multi-family structures utilized as collateral by these specialized mortgage lenders, filtering out individual private landlord activities.
Analysts examining this indicator must acknowledge its heightened sensitivity to immediate shifts in housing demand. This responsiveness makes quarter-on-quarter comparisons highly informative for spotting turning points in the property leasing cycle. Because the dataset only captures properties associated with a specific type of specialized mortgage financing, the trajectory of this series will frequently diverge from broad consumer price indices for rent. Users must also watch for occasional rebasing events that shift the reference period, as these adjustments can introduce artificial technical breaks in the long-term index level. Furthermore, distinct seasonal leasing patterns often emerge around standard corporate relocation windows, necessitating careful contextualization when analyzing unadjusted short-term movements.
Frequently asked questions
- Does this rent index cover existing, long-term tenancy agreements?
- No, it exclusively measures the leasing rates agreed upon for brand-new lettings. Legacy contracts are completely excluded to highlight current marginal market pricing.
- Are properties financed by standard commercial retail banks included in the sample?
- The dataset is restricted solely to multi-family structures utilized as collateral by specialized Pfandbrief mortgage banks. Properties outside this specific financing ecosystem do not enter the calculation.
- How do seasonal relocation trends affect these new letting figures?
- New tenant agreements tend to cluster around standard corporate and academic moving windows, creating distinct seasonal peaks. Unadjusted short-term analysis can misinterpret these recurring seasonal spikes as fundamental shifts in leasing demand.