Rental Market State of Play: November 2023

As we approach the end of 2023, the rental markets in London, Paris, and Amsterdam continue to evolve, presenting unique opportunities and challenges for those looking to relocate. London maintains its global appeal, ranking first in Resonance Consultancy’s list of the best cities on the planet, with Paris following in second place. Meanwhile, Amsterdam’s recent changes in rental legislation are reshaping its property market. For those seeking expert guidance in navigating their relocation journey, Klippa Relocation is here to provide valuable insights and support, backed by data-driven rental market analysis and a dedication to customer satisfaction.

London Rental Market Latest

London cityscape view across the Thames
London, UK

London heads towards the end of 2023 with its reputation as a global force intact. It topped the list of the ‘best cities on the planet’, ranked by Resonance Consultancy. The results were based on three key aspects – livability, lovability and prosperity, including GDP per capita. London beat Amsterdam into 9th place, with Paris taking 2nd spot. London’s allure remains a driver of private rental market property. Competition remains hot, with a recent survey by Cornerstone Tax discovering 26% of tenants in the city had missed out on their chosen rental property.

Average Monthly Rents in London

Rent trends in London are a carbon copy of those seen in October, with three of the property types that Klippa monitors becoming more expensive again in November. Living in the very heart of the capital has seen the biggest jump in costs, with monthly rents for a one-bedroom city centre apartment rising from €2,440.28 pcm to €2,600.99 pcm. Moving outside of the city centre, a one-bedroom apartment in the suburbs has increased almost €75 pcm to €1,859.46 pcm. Also more expensive is a three-bedroom apartment in London’s suburbs, up from €2,942.44 pcm to €3,023.49 pcm. Only a three-bedroom apartment in the city centre has dropped in cost, decreasing from €4,779.78 pcm to €4,751.13.

Amsterdam Rental Market Latest

Amsterdam street view along canal with parked bicycles
Amsterdam, Netherlands

There was big news for Dutch landlords in November. The senate voted in favour of banning landlords from offering tenants two-year ‘temporary’ contracts. The new rules will only apply to new contracts and there are some exceptions to the law, which include if a landlord needs to move a close family member into the property or if they are returning to their property after time spent abroad. Temporary contracts will also remain an option for student lets but the details are unclear in regards to landlords housing relocated professionals. Speaking to The Telegraph, one property investor and rental manager said the ban on two-year contracts, together with rent controls, is behind 30% of investors selling apartments.

Average Monthly Rents in Amsterdam

Those looking to secure a city centre apartment will need to adjust their budgets as there have been rent increases over the last four weeks. The cost of a one-bedroom apartment in the city’s centre has risen by €30 pcm to €1,738.55 pcm. A centrally located three-bedroom apartment is also more expensive, rising from €2,745.91 pcm to €2,788.76 pcm. It’s a mixed bag in Amsterdam’s suburbs. A one-bedroom apartment in the city outskirts has increased in cost from €1,342.14 pcm to €1,387.46 pcm. There has been a slight fall in price for a three-bedroom apartment in the suburbs, down from €2,086.44 pcm to €2,075.69 pcm.

Paris Rental Market Latest

Street in Paris at night with cafes and a guests at tables
Paris, France

The supply of rental property in Paris is an ongoing concern, especially with the Olympics less than a year away. France as a whole is beginning to count the cost of more stringent energy efficiency standards in the private rental sector. The revised legislation, according to the President of the National Federation of Real Estate Agents, has discouraged many landlords, who do not want to keep their properties. In comparison to sales data from six months ago, the outcome reveals a 40% increase in sales for apartments with G-rated energy efficiency ratings. Supply may be affected further as energy efficiency standards are set to tighten again from 1st January 2025, when landlords will no longer be able to rent out G-rated properties in Paris.

Average Monthly Rents in Paris

After three properties in our metrics fell in rental value in October, Paris registered cost increases across the board in November. The biggest increase in value is attached to a three-bedroom apartment in the city’s heart, rising from €2,888.28 pcm to €2,968.75 pcm. Staying in the centre, a one-bedroom apartment in the centre of Paris is now €17 more to rent a month, at €1,307.74. It’s also costlier to rent in the Paris suburbs. A one-bedroom apartment in the outskirts is now €940.66 pcm, while a three-bedroom apartment in the suburbs has risen from €2,009.03 pcm to €2,059.62 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, 23rd November 2023

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