Rent in Europe could be more expensive for int’l students

Increase in rental property prices across Europe
Across Europe, international students are feeling the pinch of rental property prices in recent years. Source: Lindsey Parnaby/AFP

International students face the prospect of forking out more for their accommodation amid rising rental property prices.

According to HousingAnywhere, rental prices in Europe have soared to 14.5% in the past year, according to their recently published International Rent Index Report for Q1 2022.

Private rooms, studios and apartments reflected an increase in rental rates of 12%, 16.2% and 15.2% respectively. The recent spike in rental property prices exceeds that from pre-pandemic days.

Among the cities analysed, Paris is the most expensive city with an average rental property price of 1,978 euros per month, followed closely by London which averaged €1,940 a month. Both a private room and a one-bedroom apartment were used as indicators to measure the rental property prices.

Among the 22 European cities that were analysed in the report, only two cities reported a drop in rental property prices. Prices for private rooms in Helsinki showed a decrease of 5.9% in the past year, while Brussels recorded a 1.1% drop in rental prices.

Rise in rental property prices: Paris

Paris is the most expensive city for renters, based on the Q1 2022 International Rent Index by HousingAnywhere. Source: Lucas Barioulet/AFP

Rising rental property costs in Europe spurred by easing travel restrictions

HousingAnywhere CEO Djordy Seelmann said rental property prices have skyrocketed in the past year as the demand has been rising fast, surpassing what can be supplied to prospective renters, resulting in an overstrained rental market. The issue heightened with the easing of travel restrictions.

”As cities struggle to develop and implement long-term strategies that combat the imbalance of supply and demand, the lack of available, affordable and accessible rentals is likely to continue,” said Seelmann.

Seelmann added that the war in Ukraine has not only caused the fuel and gas prices to rise, but has also added challenges to the housing market as there is an increase in the number of people displaced by the war to other European countries.

The relaxation of travel restrictions has caused talent relocation to increase again, contributing to the shortage of affordable rental options and rising prices due to higher demand.

The rise in rental property prices is a familiar sight among Europeans and international students alike. One in 10 Europeans spend 40% of their income on housing even before the pandemic.

Separately, international students have been subjected to abysmal living conditions, exacerbated by cramped living conditions as a result of overcrowding and poorly insulated properties. Not much has been done by landlords to resolve the situation despite complaints.

Hannah Jones shares a similar view. Speaking to The PIE News, jones said some rental properties are cramped despite offering a more affordable rate for students. The international student from Edinburgh moved to Paris, France to pursue a master’s degree in Education Sciences.

Although Jones is one of the lucky students who struck a good deal on her student accommodation with a monthly rental of €550 a month. She maintains that Paris is more expensive than other cities in France.

The findings International Rent Index Report by HousingAnywhere were the result of an analysis of 133,736 properties listed on the platform between March 2021 and March 2022.