City living is back on the radar, especially as many European countries are beginning to relax
international travel, workplace and hospitality restrictions. It was inevitable that rental values
would start to rise in line with a return to city activity, but in the cases of London, Paris and
Amsterdam, the majority of monthly rental costs have started to rise very early in the year –
Klippa Relocation rounds up February’s rental news from across London, Paris and Amsterdam,
and combines it with the latest average rental price*.
London Rental Market Latest
In Klippa’s January report, we spoke about momentum returning to London’s rental market,
and this has been borne out in February’s property news. Data from one of the capital’s leading
estate agents, Chestertons, confirms that London’s rents now exceed pre-pandemic values, with its
average weekly rent standing at £751. Renters returning to the city for work and the
reappearance of corporate tenants are cited as reasons for a 21% rise in rental values,
measured between 2020 and 2022. The agent has also noted a drop in new rental properties
coming onto the market in the last six weeks.
Average Monthly Rents in London
The monthly cost for a one-bedroom city centre apartment in London is now €2,083.41 – an
almost identical rate to that seen in January. The cost of renting a three-bedroom apartment in
London’s city centre has dropped a little – by almost €100 – and now stands at an average of
€4,093.85 per month. London’s outlying areas reflect inner-city trends, with small subtle shifts
in value. Expect to pay an average of €1,556.16 for a one-bedroom apartment outside of the
centre, and €2,536.42 for three bedrooms.
Amsterdam Rental Market Latest
Hot on the heels of January’s new law – stating any new property bought in Amsterdam for less
than €512,000 must be lived in by its new owner for at least four years before being rented out – is intent from the city’s council to crack down on vacant lets. It is estimated that some 4,000
homes in Amsterdam are currently empty as the landlords won’t accept low rental offers. The
proposed plan, announced in February, involves giving the city powers to apply ‘market rents’
to empty rentals, so they can be let as quickly as possible.
Average Monthly Rents in Amsterdam
Demand for rental homes in Amsterdam is already rising early in 2022, with rents becoming
incrementally more expensive. A one-bedroom apartment in Amsterdam’s heart now costs an
average of €1,571.59 per month, while three bedrooms in the city centre will set you back
€2,766.36, on average. It’s a similar story in Amsterdam’s outskirts. Values are gently rising,
with a one-bedroom apartment outside of the city centre now costing an average of €1,269.44,
while three bedrooms can be secured for €2,021.29.
Paris Rental Market Latest
February 2022 saw a landmark legal ruling that will shape the state of the city’s lettings market.
Authorities won a final court challenge this month, with officials agreeing that rules to restrict
the use of residential properties as short-term holiday lets was ‘proportionate’. It is hoped the
move will boost the number of rental properties in the long-term, traditional rental market by
making it more challenging – both logistically and financially – for homeowners to rent their
dwellings to holidaymakers.
Average Monthly Rents in Paris
When comparing Paris’s February rental values to those registered in January, there is evidence
of a small rent rises for most inner and outer city properties. A one-bedroom apartment in Paris
city centre will cost an average of €1,257.09 per month, rising to €2,701.02 per month for a
three-bedroom apartment. Value for money continues to be found outside of Paris’s city
centre. A one-bedroom apartment in an outlying city location costs €878.46 per month on average, while three bedrooms cost €1,855.94.
Need to Secure a Property?
Klippa Relocation has established agents working across London, Amsterdam and Paris. We have enviable relationships with each city’s leading real estate agents and property finders, so please get in touch if you need help with the local rental market.
* Average monthly rental figures, expressed in Euros & taken from Numbeo, February 23rd 2022