Vonovia Annual Report 2023

Like-for-like Rent Increases

The in-place rent increase on a like-for-like basis refers to the in-place rent increase for the residential portfolio that was already held by Vonovia twelve months previously and let on the reporting date. Portfolio changes during this period are not included in the calculation of the in-place rent increase on a like-for-like basis.

A marked like-for-like rent increase was achieved in all portfolio clusters. The like-for-like rent increases were between 2.0% and 4.5% in the regional markets, too.

The following tables provide an overview of the like-for-like rent increases in the company’s residential property portfolio:

Like-for-like Rent Increases by category

			Residential in-place rent like-for-like*
Dec. 31, 2023	Residential units	Living area (in thou. m²)	Dec. 31, 2022 (p. a. in € million)	Dec. 31, 2023 (p. a. in € million)	Change (in %)

Strategic	412,436	25,230	2,218.8	2,291.3	3.3
Urban Quarters	333,658	20,220	1,774.1	1,832.6	3.3
Urban Clusters	78,778	5,010	444.8	458.6	3.1
Recurring Sales	26,290	1,802	158.4	162.6	2.6
MFH Sales	22,147	1,403	152.6	156.3	2.4
Non Core	14,344	803	62.6	64.4	2.8
Vonovia Germany	475,217	29,238	2,592.4	2,674.6	3.2
Vonovia Sweden	37,959	2,707	316.2	330.1	4.4
Vonovia Austria	19,735	1,461	90.8	94.0	3.5
Total	532,911	33,406	2,999.5	3,098.6	3.3

* The underlying portfolio has a fair value of € 74,482.5 million.

Like-for-like Rent Increases by region

			Residential in-place rent like-for-like*
Regional Market	Residential units	Living area (in thou. m²)	Dec. 31, 2022 (p. a. in € million)	Dec. 31, 2023 (p. a. in € million)	Change (in %)

Berlin	141,530	8,466	744.8	770.6	3.5
Rhine Main area	35,516	2,248	246.0	252.0	2.4
Southern Ruhr area	41,736	2,577	211.8	219.9	3.8
Rhineland	30,937	2,034	194.8	199.9	2.6
Dresden	43,846	2,540	202.3	208.0	2.8
Hamburg	19,731	1,243	117.3	120.6	2.8
Hanover	21,634	1,363	117.9	121.5	3.1
Kiel	24,693	1,421	120.9	126.3	4.5
Munich	10,263	665	72.6	75.7	4.2
Stuttgart	12,976	817	84.6	87.1	3.0
Northern Ruhr area	23,821	1,469	111.0	113.9	2.6
Leipzig	13,847	912	70.6	72.5	2.6
Bremen	11,523	701	54.7	56.3	2.9
Westphalia	9,248	605	50.2	52.2	4.0
Freiburg	4,011	273	26.9	27.7	2.9
Other strategic locations	26,645	1,689	148.0	152.2	2.9
Total strategic locations Germany	471,957	29,023	2,574.6	2,656.3	3.2
Non-strategic locations	3,260	215	17.9	18.2	2.0
Vonovia Germany	475,217	29,238	2,592.4	2,674.6	3.2
Vonovia Sweden	37,959	2,707	316.2	330.1	4.4
Vonovia Austria	19,735	1,461	90.8	94.0	3.5
Total	532,911	33,406	2,999.5	3,098.6	3.3

* The underlying portfolio has a fair value of € 74,482.5 million.