A new survey of 20,000 city dwellers caught our eye, with the responses resulting in Time Out’s 2022 World’s Best Cities Index. Read on to discover how London, Amsterdam and Paris ranked, along with Klippa Relocation’s snapshot of each city’s rental market, with news and ‘per month’ rental values. *
London Rental Market Latest
London could only manage a lacklustre 17th spot in Time Out’s 2022 World’s Best Cities Index, but the metropolis still wins hands down as a luxe place to live. Apparently, 94% of Londoners rate the city’s variety of attractions and events, which is the highest endorsement figure for any country. The capital city’s allure continues to impact rental levels. Hamptons is the latest London letting agent to have crunched the numbers, discovering the average rent in the city has now hit €3142.87. This new figure means rents in London have grown faster than anywhere else in the country for the second month in a row.
Average Monthly Rents in London
Hamptons’ research is reflected in the average monthly rent for four key apartment types in London, with month-on-month rent rises across the board. The cost of renting a one-bedroom city-centre apartment in London has risen for the third month in a row, with a new per calendar month price of €2,098.51 – €20 more than in June. The same-sized apartment outside of London’s centre is also more expensive to rent in July – €1,536.92 – up by almost €20. The jump in rents is more marked when looking at three-bedroom city centre apartments. July’s new figure of €3,932.29 is €60 more than in June, while a three-bedroom apartment outside of the city centre has risen from €2,529.18 per month to €2,586.65.
Amsterdam Rental Market Latest
Although it couldn’t pip four others to the winners’ post (Time Out’s top slots were taken by Edinburgh, Chicago, Medellín and Glasgow), Amsterdam was the best ranked city out of Klippa’s three benchmark destinations. In fifth place out of 53 world cities, it was praised for its social scene, diversity, tolerance, and navigability on foot or by cycle. In rental news, all new and existing residential buildings are required to have at least one smoke detector on each floor as of July, while the supply of new-build rental properties in Amsterdam is forecast to slow if the Dutch housing minister follows through on his plan to regulate rents for up to 90% of the country’s residential property.
Average Monthly Rents in Amsterdam
The trend of rising rents continues in Amsterdam, and it has become more expensive to rent all four of the featured properties in July. A one-bedroom apartment in Amsterdam’s city centre is €9 more per month to rent, with a new value of €1,649.32, while a one-bedroom apartment in the suburbs is now €1,362.19 per month – a rise of €32. A modest value uplift was also recorded against three-bedroom city centre properties, up from €2,718.74 per month to €2,734.91. A three-bedroom property away from the city centre now costs €2,066.76 per month – a €15 increase.
Paris Rental Market Latest
Paris fared less well in the Best Cities Index, taking 32nd spot and being beaten in the rankings by Lyon. That doesn’t mean that the city is a bad place to live. The Time Out survey did name Paris as the best city in the world for art, culture, and museums, and renters keen to enjoy these aspects are helping uphold rental values.
The Paris lettings industry is digesting news of a recent court case that may shape how rents in the city are set. A landlord was fined €9,700 for overcharging his new tenant, with the revised rent of €2,700 amounting to €645 more than what the previous tenant was paying. The court case highlighted a law that states rent cannot be set at a higher rate for a new tenant in certain French locations with over 50,000 inhabitants and where the housing market is considered strained – a category in which Paris falls. There are exceptions, such as properties where the landlord has carried out considerable renovations within the six months prior to the new tenant moving in.
Average Monthly Rents in Paris
Not to be outdone by London, rental values for all four property types tracked by Klippa are on the rise. One-bedroom apartments outside of the city centre were €928.11 per month in June but have a new rental value of €945.43 in July. A similar rise in rents was noted for one-bedroom apartments in the city centre – rising from €1,262.95 per month to €1,288.84. More expensive increases were noted for larger apartments. A three-bedroom city centre apartment jumps to €2,788.95 from €2,709.22 per month, while a three-bedroom property in the city suburbs rises from €1,845.38 to €1,930.34.
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, 20th July 2022