Rental market trends Q1 2023

25 mei 2023

Rental transactions in the basic rental segment fell by -3.4% in the first quarter of 2023 compared to the first quarter of 2022. The difference between apartments and houses is striking. Prices are falling for apartments, but prices for houses remain stable. In this first quarter, new construction is also subject to a decrease in rentals compared to the first quarter of 2022. On an annual basis, the number of rented new homes has fallen by no less than -25%. This is the lowest number of transactions since 2019.

Dynamic mid-range

The decrease in the number of transactions in the middle segment is striking, according to Sander Groot, chairman of VGM NL. The amount of transactions for homes between €1,000 and €1,250 has increased by 38% compared to the first quarter of 2022, while rental transactions in the mid-market segment (€800 to €1,000) have decreased by 4%. We therefore see a shift in rental transactions from the lower to the higher price range.

Average rent decreased

The average rent has decreased for the third quarter in a row. In the first quarter of 2023, the rent is -0.7% lower than the average rent compared to the last quarter of 2022. People who own a new rental home in this first quarter pay an average of €14.61 per square meter.

The differences in rent between urban and rural areas are still large. In the city, tenants pay more per square meter, namely an average of €17.08 compared to €11.07 in the countryside. In Amsterdam, the rent per square meter is even higher, at €22.50.

The largest decrease took place in Friesland. Prices here fell by -5.4% (€10.95 per m2) in the first quarter. Friesland is followed by North Brabant, where a decrease of -2.8% (€12.41 per m2) has taken place. The average lowest price per square meter is measured in Drenthe at €10.49.

We see the highest price increase in Flevoland with +10.1% (€12.87 per m2), followed by Zeeland with +8.8% (€12.30 per m2). The province with the highest prices per square meter is North Holland with an average of €19.20.

Stabilization of average size houses and apartments

In recent years, the average size of rented houses and apartments has become increasingly smaller. Now we see signals of a stabilization. In the first quarter of 2023, the average living area of rented houses and apartments is an average of 80m2. With 76m2, new-build apartments are smaller than existing buildings, which have an average surface area of 81m2. However, with an average of 115m2, new-build homes are larger than existing homes, which have an average surface area of 113m2.

Source: Marc van der Lee. (11-05-2023). Minder huurtranstacties met licht dalende huurprijzen. NVM.

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