The high rents continue, due to the “forced” demand of those who cannot buy a house. The painting in the cities
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MILAN – The tension remains strong on cost of renta market to which Italians – particularly young people – they found themselves forced to turn to it due to the difficulty in accessing the purchase of bricks.
Some recent reports have in fact once again put the spotlight on the “plus” sign shown by rents in Italy, while – as we know – the tightening of the central banks has frozen the mortgage market and hence sales.
The growth in the cost of rent: 13 euros per meter
Lastly was the portal Idealist to trace a 5.3% growth in rents during the first quarter of 2024. An increase that brings the average price per square meter to 13.2 euros per month. Compared to 2023, the increase reaches 13.9%.
Numbers not far from those recorded in the latest Rental Observatory Immobiliare.it Insightsaccording to which at the end of February we were at growth of 10.1% on an annual basis which translates into a fee of 13 euros for the average of the Bel Paese.
Vincenzo De Tommaso, head of the Idealista Research Office, remarked that it is precisely the “increasing difficulty in purchasing a house” that makes rental demand “particularly lively”. “Indeed, despite the increase in the supply of rental homes, demand continues to outpace supply during 2024. However, there are early signs of a realignment between supply, demand and prices in some of the key cities of this market, such as Milan and Turin”.
The painting in the cities
Remaining with Idealista’s survey, in the most important cities the “plus” sign prevails in any case, with 59 capitals out of the 86 monitored seeing increases in rentals in the quarter. Treviso (11%), Rome (8.8%), Bergamo (7.9%), Palermo (7.5%) and Naples (7.3%) are those indicated at the top of the ranking. Among other large cities, Turin (4.6%) and Bologna (3.4%) are rising but slightly below the national average, while Milan (1.7%) and Florence (1.6%) they are lukewarm. Alone Cremona and Cesena maintain stable prices compared to three months ago. On the contrary, a decline was recorded in 27 capitals, with the steepest rates of decrease in Agrigento (-8.2%), Sassari (-7.9%) and Avellino (-5.3%).
If we come to the price per square meter, beyond some small differences the substantial picture does not differ much from survey to survey. For Idealista, in fact, Milan is confirmed as the city with the most expensive rents, with an average price of 23.3 euros per square meter, followed by Florence (20.7 euros/m²), Bologna (17.2 euros/m²) e Venice (17 euros/m²). Immobliare.it puts Florence (22.2 euros/m2) a little higher, above all due to a +21.7% compared to February 2023, but Milan remains at the top in terms of absolute value (23.1 euros/m2) despite reducing the gap due to the decidedly lower growth compared to the city of David (+8.1% compared to February 2023). Among the cases detected, that of Bari “which among the large capitals of the South is the one that has risen the most in rents”: the costs of the Apulian capital have gained the 18% approximately in the 12 months, with average prices per square meter reaching 11.7 euros/m2 while the largest center in Campania experienced an increase in 13% approximately in the year, pushing the average rental price to 14.2 euros/m2.
The international comparison
But how do Italian cities compare to their European “colleagues”? For an international comparison, the survey by HousingAnywhere, a medium-term rental platform, which does not think in terms of square metres, but has analyzed costs for more than 65,000 rooms, studios and one to three bedroom apartments in 28 European cities.
Italy is in the top ten of the most expensive metropolises. With its capital: “Rome it is the second city in Europe for the prices of apartments (2,000 euros)even surpasses Paris, but the prices are also very high rooms (600 euros) And studio apartments (1,200 euros) – we read – For this last category, it is eighth in the entire continent”.
Milan it is eighth with 1,700 euros, while Turin grows significantly (+37.5%) but “remains among the most accessible, with “only” 1,100 euros”. Bologna – a typically university city – ranks fifth in the price ranking for studio apartments, with over 25% growth from 2023 and over 1,370 euros of spending required.
If you look at the supply as a whole, the cities that pose the most challenges for housing accessibility are Amsterdam, Paris, The Hague, Munich and Utrecht which “consistently rank among the top 10 cities with the highest prices for apartments, rooms and studios, indicating ongoing accessibility challenges in Netherlands and Germany”. Amsterdam in particular it remains the most expensive city to rent across the board.
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