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“The increase is mainly due to inflation-related rent increases due to value retention clauses in the rental agreement and the increase in the reference rents,” explained Statistics Austria General Director Tobias Thomas.
The average monthly rent excluding operating costs was EUR 7.0 per square meter in the second quarter of 2023, an increase of 11.1 percent year-on-year. The average operating costs in the 2nd quarter of this year were 158.6 euros per apartment or 2.4 euros per square meter. The rent without operating costs (net rent) was 467.5 euros per main rented apartment. The rental costs are extrapolated to 1.75 million main rental apartments in Austria, according to data published by Statistics Austria on Thursday.
Highest net rent for private rental apartments in new buildings
Of the 1.75 million main rental apartments, one in four is privately rented in new buildings. The rent for these apartments is determined freely by the market and is usually linked to value retention clauses. Private rental apartments in new buildings have the highest net rent at EUR 9.4 per square meter and the strongest increase compared to the same quarter of the previous year. The net rent in this segment has risen by 11.9 percent.
There was a slightly lower increase of 11.6 percent for private main rental apartments in old buildings. Every fifth main rental apartment is a privately rented apartment in an old building. Category and benchmark rents also fall into this category. The average net rent there in the second quarter of 2023 was EUR 7.7 per square meter.
Almost 40 percent of the main rental apartments are cooperative apartments. The average net rent per square meter for cooperative apartments was 5.8 euros in the second quarter of 2023 and increased by 7.4 percent compared to the same quarter of the previous year. Households in municipal housing had the lowest net rent and the lowest increase compared to the same quarter of the previous year. The rent rose from 4.8 euros to 5.1 euros, i.e. by 6.3 percent in the second quarter of 2023.
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