Vienna’s rental market is booming, with prices increasing by 11 percent in the first quarter of 2024 compared to the same period last year, according to real estate platform Immoscout24. The median average price is currently 18.7 euros per square meter, with demand rising by a significant 26 percent within a year.
ImmoScout24 notes that demand for rental properties has increased across the city, with some districts seeing demand rise by more than 50 percent. However, there are significant differences in price increases depending on the district. While districts like Hietzing, Favoriten, Josefstadt, Donaustadt, Margareten, and Penzing saw significant price increases compared to the previous year, with prices ranging from 19.3 to 20.5 euros per square meter. In contrast, areas like Brigittenau and Ottakring experienced minimal price increases of up to 3 percent while Simmering was relatively stable at a range of 15.8 to 18.7 euros per square meter.
In addition to high demand and price increases, landlords have a good chance of finding tenants due to the growing popularity of Vienna as a place to live and work. Despite this growth, however, some districts are less in demand for rental apartments than others – Mariahilf and Hernals saw demand rise by over 50%, while Wieden and Neubau were less popular among renters.
Overall, the rental market in Vienna is experiencing significant growth and price increases thanks to its popularity as a destination for students and young professionals alike – making it an attractive investment opportunity for landlords looking to capitalize on this trend.
