New homes are so much more expensive than existing homes

Anyone who decides to buy a new apartment has a modern place to live, but usually pays more rent than for an existing property. However, there are big differences between the individual cities in terms of the amount of the surcharge, as a study by the Internet portal Immowelt shows.

In Berlin, the price difference is particularly large afterwards. An 80 square meter new apartment with three rooms is offered in the federal capital for an average rent of 1050 euros cold. Newly built accommodation thus costs 260 euros more than existing apartments of the same size, which are offered for an average of 790 euros.

Tenants in Frankfurt am Main pay the highest additional costs for an exemplary new apartment with three rooms and 80 square meters. The asking rent for a new apartment there is currently 1330 euros, while a comparable existing apartment costs 1050 euros – a difference of 280 euros.

Offers from 14 German cities were evaluated

The study included rental offers from 14 German cities with more than half a million inhabitants that were advertised on Immowelt in the second quarter. It is not clear at what price the apartments were rented out in the end. Deviations are possible. Immowelt counts all apartments that have been completed in the past four years as new buildings, i.e. since 2019.

In addition to Frankfurt am Main, the cost differences between the two apartment classes are greatest in Munich. Tenants there pay 1,610 euros a month for a new apartment with 80 square meters. A comparable existing apartment, on the other hand, costs 1340 euros, which results in a price difference of 270 euros. In other cities, too, those looking for an apartment have to reckon with significant additional costs. The monthly rent for a new apartment in Hamburg is 250 euros higher than for an existing apartment.

If you look at the percentage difference in rent between existing and new apartments, Berlin is in second place with 33 percent. The percentage difference is only higher in Dresden, where tenants have to pay 38 percent more for a new apartment. The price level there is also significantly lower than in the expensive cities.

Rent brake does not apply to new buildings

The fact that new buildings are often very expensive is partly due to the fact that newly built apartments are exempt from the rental price brake – and to the high property and construction costs. Important for those looking for an apartment: The higher energy standards of new buildings can offset the surcharges for cold rent due to lower ancillary costs. For example, tenants of new apartments save on heating costs thanks to often better insulation, which can mean a major financial advantage in view of the rapidly increasing energy prices.

In several large cities, the surcharges for new apartments are comparatively moderate anyway, according to Immowelt. Tenants in Dortmund pay only 160 euros more for a 80 square meter new apartment than for a comparable existing apartment. This is the lowest surcharge of all the cities examined. In Düsseldorf, looking at new buildings can also be worthwhile for those looking for an apartment: the additional costs in the North Rhine-Westphalian state capital are 170 euros. Tenants in Essen and Leipzig pay the same surcharge. And also in Hanover and Nuremberg (each +180 euros) the surcharge for newly built apartments is rather moderate.

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