Top 7 German cities vdp multi-family new-contract rents
Top 7 German cities vdp multi-family new-contract rents stood at 117.5 in Q2 2026. It is one of the indicators in the vdp property price indices table (Value · Quarterly), with a complete series running from Q1 2003 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the vdp property price indices table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Top seven cities | |||||||||||
| Multi-family new-contract rents | 117.5 | 117.2 | 116.5 | 115.8 | 115.8 | 114.5 | 112.6 | 111.6 | 111 | 109.7 | |
| Multi-family capitalisation rate | 118 | 117.6 | 117.6 | 117.4 | 118.8 | 117.4 | 117.7 | 119 | 119.4 | 118.3 |
Understanding top 7 German cities vdp multi-family new-contract rents
Newly executed residential tenancy agreements signed for apartments in multi-unit buildings across the seven core German cities generate the pricing observations tracked here. The series records effective contractual rents per square meter agreed upon re-letting or initial occupancy of multi-family dwellings. It excludes existing in-place tenancies that remain unchanged from prior years, as well as rental contracts for single-family homes and commercial premises. While capital value indices measure the total purchase price of residential buildings, this series focuses exclusively on the ongoing cash flow generated by newly signed residential leases.
This measure isolates newly concluded leases and must not be confused with consumer price index rent components, which track the broad universe of longstanding existing leases. Existing lease portfolios adjust slowly due to tenancy law and legal rent caps, whereas new-contract rents react promptly to shifts in tenant demand and apartment availability. Year-on-year comparisons are preferred to filter out seasonal patterns associated with peak moving periods in summer and autumn. The underlying data incorporates hedonic standardization to adjust for apartment size, fittings, and location, preventing changes in the quality of re-let apartments from skewing the index. Recent quarterly entries may be updated in subsequent releases as mortgage bank rent databases receive finalized contract records.
Frequently asked questions
- Why do new-contract rents differ from overall rental figures in national consumer price statistics?
- Consumer price indices measure both new and longstanding in-place leases across the entire population, meaning legal protections dampen overall changes. This series monitors only newly signed rental contracts, which immediately reflect current market terms.
- Does this rent index include utility and heating costs?
- No, the series measures basic net cold rent excluding utilities, heating, and ancillary service charges. This isolates the core cost of space from fluctuations in energy prices or communal operating fees.
- How are variations in the quality of newly leased apartments handled?
- Hedonic models account for unit floor area, building renovation state, and neighborhood attributes. This adjustment prevents modern newly constructed apartments from distorting the general price trend of rental contracts.