European Rent Increases Cool Slightly, But Most of These Cities Remain Hot
European Rent
Increases Cool Slightly, But Most of These Cities Remain Hot
The town of Avigliana is part of the metro area of Turin,
Italy, where the most affordable apartment rents in the
latest International Rent Index can be found.
Photo courtesy of ENIT – Italian National Tourist Board
Open Library
Rotterdam-based HousingAnywhere in July released its Q2 2023
International Rent Index, a practical tool for
professionals and students looking for a place to live in
Europe.
The index’s headline tries to put a positive spin on the
housing trend: “European Yearly Rent Increase Falls Below
Double Digits.” “Young professionals and students are still
facing major challenges in finding available, affordable and
accessible rental housing,” said Djordy Seelmann, CEO of
HousingAnywhere.
Median rental prices for a 1BR were highest in Lisbon,
Portugal (€2,500); Amsterdam, Netherlands; and Utrecht,
Netherlands. The highest year-over-year increase was in
Budapest, Hungary (42.9%), a metro that looked to be a
relative bargain in this exercise one
year ago and honestly still is at €1,100.
The 20th quarterly edition of the index analyzed 64,004
single rooms, studios and one-bedroom apartments across 23
cities in continental Europe that received interest from
potential tenants on the HousingAnywhere platform in the
past year. (That’s up from 57,104 properties analyzed one
year ago, which is presumably a good sign for
HousingAnywhere’s own fortunes.) “About 95.8% of the listed
properties were fully furnished and 58% included bills in
their rent,” says the organization, with listings mainly
geared toward mobile talent, i.e. young professionals and
students.
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Here are the Top 10 by average 1BR rental price:
Four of the 10 most expensive are in HousingAnywhere’s home
country of the Netherlands. No. 1 Lisbon’s median rent has
risen by 29% from €1,940 last July. The rent in Paris,
though still high at €1,802, has actually dropped from its
Q2 2022 price of €1,908. The only other city in the Top 10
to show a year-over-year decrease in rent is Milan (down
from €1,833).
This graph (interactive at HousingAnywhere’s site) shows each
city’s color-coded rent trend:
Graph courtesy of
HousingAnywhere
Which of these 23 cities are attracting the most corporate
facility investments? The Conway Projects Database shows 251
qualifying projects (at least $1 million invested, 20 new
jobs or 20,000 new sq. ft. of space) across the 23 metro
areas since January 2020, with Spain and Portugal leading
the way:
City
No. of Projects
Barcelona
48
Lisbon
41
Porto
19
Amsterdam
16
Madrid
16
Among the projects landing in Barcelona: a $200 million
project from Schneider Electric, a Google office investment
of $50 million and a 1,000-job distribution center from
sporting goods equipment company Decathlon. The most
affordable of those top project attractors? Madrid, with a
monthly rent of €1,295.
Turin, Italy, the most affordable city on HousingAnywhere’s
list, has welcomed six major projects in the past few years,
including a $200 million, 161-job expansion by automotive
company FPT Industrial SPA, a $400 million headquarters
investment from Luxoft and a 32-job R&D expansion from
Marelli Corp.
The chart below shows year-over-year comparisons for all 23
markets. — Adam Bruns
An electronics component firm that serves the automotive and medical device sectors is rapidly making a bid to be a top employer in Western Michigan, thanks to new contracts that are allowing the company to reshore jobs and offshore product.
June 2010 “Talk of the Town” piece by New Yorker journalist Lauren Collins described how the One World Trade Center building had reached the 20th floor in May, and how its builders hoped to rise by a floor every 10 days until they reached the planned 104 stories. She also mentioned that her parent company was looking the place over.
