Hamburg’s Rental Market Under Pressure: Demand Outstrips Supply
Hamburg, September 12 – The pressure on Hamburg’s rental housing market continues to intensify, with growing demand significantly outpacing the availability of vacant apartments. This was the key finding of a recent survey conducted among North German real estate brokers by the German Real Estate Association (IVD Nord).
The IVD Nord, a regional branch of the German Real Estate Association, surveyed several hundred North German brokers for its latest real estate barometer. The results paint a concerning picture for prospective tenants: not a single brokerage firm reported a balanced relationship between supply and demand in the housing market. This marks a significant shift from early 2026, when 94 percent of respondents reported an excess of demand. Now, that figure stands at a unanimous 100 percent.
Rising Rents and Bleak Outlook for Improvement
Furthermore, 68 percent of the surveyed brokers, who are members of the association, observed rising rental prices. Twenty-nine percent reported stable rents, while only 4 percent noted a downward trend. Looking ahead, a substantial 61 percent anticipate that rental prices will continue to climb.
Anika Schönfeldt-Schulz, chairperson of IVD Nord, stated, “The Hamburg rental market is not moving towards equilibrium, but in the opposite direction. Unless more apartments become available on the market, the situation for those seeking housing is unlikely to improve.”
Quick Turnaround for Vacant Apartments
The high demand is also reflected in the speed at which vacant apartments are rented out. In normal and good locations, it typically takes only one to three weeks for a rental agreement to be signed. Even in less desirable or top-tier locations, the process is swift. The strongest demand is for medium-sized apartments ranging from 50 to 90 square meters.
The IVD Nord conducts its real estate barometer survey twice a year, polling its member companies on current market conditions.
Broader Context: Housing Development in Hamburg
The report comes amidst ongoing discussions about housing development in Hamburg. While a separate association believes the trough in housing construction has been passed, with more new construction projects expected this year due to simplified regulations, the current market situation remains challenging.
The popularity of cooperative apartments in Hamburg further underscores the demand, with an average of 88 applications for each vacant cooperative apartment. Small apartments are particularly sought after.
In 2025, approximately 6,000 new apartments were completed in Hamburg, a 28 percent decrease compared to 2024. Urban Development Senator Pein attributed this decline to the delayed effects of the construction crisis.
This topic was also featured on NDR 90.3 | NDR 90.3 Aktuell | September 12, 2026 | 08:00 AM.
Source: IVD Nord, NDR.de
