High Demand for Cooperative Apartments in Hamburg: Study Reveals 88 Applicants Per Unit
Hamburg, February 10 – Cooperative apartments in Hamburg are in extremely high demand, with an average of 88 applications for each vacant unit. This is according to an exclusive study by the software company Empro, obtained by NDR 90.3. The study highlights the significant challenge in securing affordable housing in the city, where the average cold rent for cooperative apartments is 8.02 euros per square meter.
The Empro study, which analyzed over 1,200 apartment listings in the past year, found that a vacant cooperative apartment is typically filled within 13 days. Empro, which works with half of Hamburg’s cooperatives, noted that the average cold rent for the evaluated apartments was 9.80 euros per square meter.
Small Apartments Most Sought After
The study further revealed that some of the most coveted apartments attract more than 2,000 applicants. The top three most sought-after units were all small apartments, measuring under 46 square meters. The highest demand was for a 44-square-meter apartment in Barmbek, priced at 435 euros in rent, which drew 2,300 interested individuals. Similarly small apartments in Langenhorn (500 euros rent) and Alsterdorf (480 euros rent) each received 2,100 applications.
“Our analysis shows the true extent of the demand for affordable housing in Hamburg,” stated Alexander Köth, CEO of Empro.
Limited Availability for Non-Members
Hamburg’s cooperatives manage a total of 130,000 apartments, with approximately 10,000 becoming vacant each year. A significant majority, nearly 90 percent, are allocated to existing cooperative members. Only about 10 percent, or 1,000 apartments annually, are available to non-members. Individuals can register on waiting lists with the 30 cooperatives, but this registration must be renewed every six months due to data protection regulations.
Broader Housing Market Trends in Hamburg
The high demand for cooperative apartments stands in contrast to other segments of Hamburg’s housing market. Last year, there was a 12 percent increase in the sale of luxury owner-occupied apartments, indicated by an analysis of purchase prices. Meanwhile, the city’s social housing construction presented a mixed picture, falling short of its target of 3,000 new subsidized apartments. Despite this, Senator Pein described the outcome as a “record result.”
This development underscores the ongoing housing challenges in Hamburg, particularly for those seeking affordable options. The strong preference for cooperative housing highlights a critical need for accessible and reasonably priced living spaces in the city.
