Prices explode – all of Vienna becomes a “luxury mile” for tenants

It is common knowledge that Vienna’s city center is Austria’s most expensive place to live, currently €20.9 per square metre. But this is a luxury problem in the true sense of the word. Above all, price increases outside the posh neighborhoods have a dramatic effect on the majority of the population.

Only in three districts of Vienna – Hernals, Ottakring and Rudolfsheim-Fünfhaus (see graph) – are apartments available for less than 14 euros per square meter according to the current rent index.

Prices are rising faster and faster
Prices are rising faster and faster in many areas: in Brigittenau you have to pay 14.2 percent more per square meter than last year, and in Leopoldstadt even 15.2 percent more. For a statistically average Viennese single room of 38 square meters, this means an additional monthly payment of 83.6 euros. Even in classic residential areas such as Favoriten and Simmering, rents are already around 15 euros per square meter.

According to real estate expert Judith Kössner, the average asking price per square meter across Austria is in the low double digits. Compared to the rest of the country, the Vienna pay about 50 percent more rent than everyone else. The problem is that wages are far from being kept up.

Vienna has the highest average income of all nine federal states, namely about 2580 euros net per month. However, this is only about six percent above the Austrian average, while rents are a third higher than almost everywhere else.