The German Property Association IVD Region Nord e. V. (IVD Nord) has published a current analysis of the Hamburg rental housing market as part of its semi-annual property barometer. The survey of the association's member companies paints a clear picture of a persistently tight market, characterised by significant excess demand. All surveyed stakeholders currently confirm that demand exceeds the available supply. At the time of the survey at the beginning of 2026, this figure was 94 per cent; it is now 100 per cent. A state of equilibrium between supply and demand is not observed by any of the participating companies.
Anika Schönfeldt-Schulz, Chairwoman of IVD Nord, commented on the development by noting that the Hamburg rental market is not moving towards equilibrium, but is developing in the opposite direction. This assessment is underpinned by the observation of rising rental prices: 68 per cent of the surveyed IVD members are currently registering increasing rents. 29 per cent report constant rents, while only 4 per cent report a falling trend. Expectations for the coming six months show no reversal of the trend; 61 per cent of market participants continue to anticipate rising rental prices, while 39 per cent expect stagnation. None of the respondents expressed an expectation of falling rents.
The pronounced demand is also reflected in the short marketing times for rental flats. In normal and good locations, 70 per cent of respondents state that rental properties are let within a maximum of three weeks. In simple locations, this proportion is 56 per cent, while in very good or top locations, it is 50 per cent. The segment of medium-sized flats, approximately 50 to 90 square metres, remains the most sought-after with 71 per cent of mentions. Smaller flats under 50 square metres show an increase in importance from 9 to 21 per cent compared to the survey from early 2026. Large flats over 90 square metres play a subordinate role with a share of 7 per cent.
A shift is also noticeable in preferred locations. Although good and popular districts continue to show a high preference at 61 per cent, this value decreased compared to 80 per cent in January. At the same time, the proportion of normal locations rose from 20 to 32 per cent. Very good or top locations, however, are only mentioned by 7 per cent of respondents as particularly in demand. In terms of actual tenancy agreements, normal and good locations are on par at 46 per cent each. Ms Schönfeldt-Schulz interprets this development as an indication that flat seekers are expanding their search to various districts due to the scarce supply.
The energy efficiency and renovation status of a rental flat plays a role in decision-making, but a lesser one than when acquiring owner-occupied residential property. 44 per cent of the surveyed market experts consider the renovation and energy status to be crucial, regardless of the building's age. For owner-occupied flats, this figure is 71 per cent, and for houses for sale, it is 74 per cent. For the coming six months, 68 per cent of respondents expect a constant or stable market situation in the rental segment. 14 per cent each predict a worse development or assess the outlook critically, while only 4 per cent expect an improvement.
Finally, Anika Schönfeldt-Schulz emphasised that Hamburg still requires a significantly increased level of housing construction. She pointed out that demand is evident, but there is a lack of sufficient supply. As long as a significantly higher number of flats do not come onto the market, an improvement in the situation for flat seekers is hardly to be expected.
