The HousingAnywhere International Rent Index by City for Q2 2023 has revealed that the year-on-year (y-o-y) rent increase across European cities has finally fallen into single digits after five quarters, showing an average increase of 9.6% compared to 11.9% in Q1 2023.

The Rent Index analyses around 64,000 properties, predominantly furnished, including one-bedroom apartments, private rooms and studios that are mainly geared towards mobile talents, including young professionals and students.

Quarter-over-quarter (q-o-q) European rental price increases started to temper last quarter, followed by a mere 1.5% average increase across all property types in Q2.

“Young professionals and students are still facing major challenges in finding available, affordable and accessible rental housing,” said Djordy Seelmann, CEO at HousingAnywhere. “The slowdown in rent increases is minor, and citizens are unlikely to see a tangible change for the better when looking for a new home. Finding alternative ways to expand the supply of residential rental housing, especially those projects allowing a more flexible use of space, should be the highest priority at this time to take pressure off housing markets. Affordability may only follow in a balanced housing market where supply and demand are at par.”