GLOPRAGlobal Property Radar

Germany rents up 1.9% in September 2026, below 3.3% inflation

German net rents rose 1.9% in the year to September 2026 while consumer prices rose 3.3%, so rent income trailed inflation by 1.4 percentage points.

The facts

  • Net rents excluding utilities rose +1.9% over twelve months in September 2026, while overall consumer prices rose 3.3%.
  • Actual net rents, the series covering homes that are let, rose 2.3% over twelve months and 0.2% on the month, at an index of 113.0.
  • Imputed net rents, the statistical stand-in for owner-occupied housing, rose 1.8% over twelve months and 0.1% on the month, at an index of 111.3.
  • The housing, water, electricity and gas division as a whole rose 1.9% over twelve months and 0.3% on the month, at an index of 120.0.
  • Household energy rose 0.5% over twelve months, with district heating at -1.0% and electricity at -5.5%, while light heating oil rose 74.9% and all energy products 14.9%.
  • Asking rents for existing apartments averaged about 10.40 dollars per square metre a month in the second quarter of 2026, with asking prices 1.4% higher over twelve months, on ImmoScout24 data.

What it means for your money

  • Rent income is rising but by less than prices: 1.9% against 3.3% inflation is a real cut of 1.4 percentage points.
  • Entry prices are moving almost as slowly as rents, with asking prices for existing apartments 1.4% higher over twelve months, so the nominal relationship between rent and purchase price has barely shifted.
  • The volatility has moved out of the rent line and into the energy items: light heating oil is 74.9% dearer over twelve months while electricity is 5.5% cheaper.

What to watch

  • The actual net rent series at 2.3% is the one to follow, because it covers homes that are genuinely let; the imputed series at 1.8% is a statistical construct for owner-occupiers.
  • Energy is the swing factor: all energy products were 14.9% dearer over twelve months, and that decides how much room tenants have to absorb a rent rise.

Sources: Statistisches Bundesamt, Pressemitteilung Nr. 364, 13 October 2026, consumer prices September 2026 https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/10/PD26_364_611.html

Market data: Germany