In February’s rental market update for London, Amsterdam, and Paris, recent trends have been shaping the cost and availability of rental properties. In London, rents have been on a downward trend, with larger apartments becoming more expensive while smaller properties have decreased in cost. Amsterdam has seen substantial rent rises, especially in the suburbs, making it more expensive to rent one- and three-bedroom apartments. Paris, on the other hand, is preparing for changes that may affect professional relocators, such as increased parking fees for SUVs and heavy vehicles. Additionally, Paris has experienced a mix of rental reductions and increases across different property types.
London Rental Market Latest
The trend for decreasing rents in London continues. After reporting a 2.2% fall in December 2023, HomeLet also noted weakening rental values at the start of 2024. Its latest Rental Index showed London’s average monthly rent for new lets was £2,081 in January, another fall of 2.2%. For context, this value is still 4.6% higher than the average rent seen in January 2023. Homelet’s figures are reflected in the latest analysis by Zoopla. It found London’s average rent in February was £2,119, a figure achieved thanks to 6.4% growth in the last 12 months. It says rents in the London Borough of Bexley are currently the cheapest in the capital at £1,520 pcm (per calendar month), while Kensington & Chelsea is the most expensive at £3,460 pcm.
Average Monthly Rents in London
After two months of rental increases attached to every property Klippa tracks, there has been a distinct split in February. Larger apartments across London have become more expensive to rent, while the cost attached to smaller properties has decreased. More expensive now is a three-bedroom apartment in the suburbs, up from €3,201.02 pcm to €3,211.92 pcm. It’s also costlier to rent three bedrooms in the city centre, where rents are now €4,871.68 pcm, up from €4,867.95 pcm. Better value for money can be found in Central London, where a one-bedroom apartment is down from €2,613.05 pcm to €2,577.92 pcm. A one-bedroom apartment in the suburbs has also dropped in cost, decreasing from €1,915.10 pcm to €1,898.79 pcm.
Amsterdam Rental Market Latest
The result of a recent court case may have an effect on Amsterdam’s rental market. Earlier this month, a tenant took her landlord to court for failing to fit double glazing to the entirety of her city-centre rental property. The court declared that the lack of double glazing could be classed as a ‘defect’ in the same way mould is, with the landlord required to take action to rectify the issue within four months. Dutchnews.nl claims there are around 100,000 dwellings in Amsterdam with single glazing and this new precedent may encourage more tenants to challenge their landlords on the matter. If exercised, this new right to replace single glazing in Amsterdam’s rentals may see hundreds of properties taken out of circulation for remedial work, or taken off the market entirely as installing double glazing, especially in the city’s period properties, is an expensive exercise.
Average Monthly Rents in Amsterdam
The month of February brought some substantial rent rises to Amsterdam when compared to the previous month, illustrating that some of the more negative aspects of the market are having a greater impact. The biggest increases have been noted in Amsterdam’s suburbs. Here, the cost to rent a one-bedroom apartment has risen almost €90 in the last four weeks, up from €1,456.86 pcm to €1,544.19 pcm. An even bigger hike in cost is attached to renting a three-bedroom apartment in the suburbs, with a rise from €2,155.32 pcm to €2,311.90 pcm. More modest rises were seen in the city centre, with a one-bedroom apartment rising from €1,800.38 pcm to €1,859.85 pcm. It now costs €3,025.86 pcm to rent a centrally located three-bedroom apartment, up from €2,894.95 pcm in January.
Paris Rental Market Latest
White not rental value news, there has been a change in Paris that may affect some professional relocators later this year. It’s no secret that Paris’s Mayor, Anne Hidalgo, wants to create a greener, more sustainable city so the intention to increase parking fees for SUVs and other heavy vehicles comes as no surprise. Paris voters have already approved the plan, with Paris City Council, where Ms. Hidalgo’s Socialist Party and Green allies have a majority, voting in May. The new higher fees are expected to pass without challenge for an implementation in September 2024.
Average Monthly Rents in Paris
What goes up must come down? It’s certainly been true in Paris over the last four weeks. After reporting that every property type that Klippa tracks increased in value at the end of January, February has seen a reversal of fortunes. It’s almost a clean sweep of rental reductions, starting in the suburbs. A one-bedroom apartment in Paris’s outskirts has dropped in cost from €963.78 pcm to €955.83 pcm, while a three-bedroom apartment out of town has become €20 less expensive, down from €2,150.96 pcm to €2,130.21 pcm. A three-bedroom apartment in the city centre has also dipped in value, decreasing from €2,987.07 pcm to €2,967.59 pcm. Only a one-bedroom apartment in central Paris has increased, up from €1,361.78 pcm to €1,406.70 pcm.
Need to Secure a Rental 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, 26th February 2024
