Vonovia Annual Report 2024

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 1.7% and 6.3% 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, 2024	Residential units	Living area (in thou. m²)	Dec. 31, 2023 (p. a. in € million)	Dec. 31, 2024 (p. a. in € million)	Change (in %)

Strategic	432,885	26,538	2,438.6	2,522.6	3.4
Urban Quarters	333,583	20,226	1,834.5	1,898.5	3.5
Urban Clusters	99,302	6,312	604.1	624.1	3.3
Recurring Sales	23,782	1,633	147.4	152.2	3.3
Non Core	12,812	715	58.0	59.7	2.9
Vonovia Germany	469,479	28,886	2,644.1	2,734.6	3.4
Vonovia Sweden	38,001	2,704	320.1	340.1	6.3
Vonovia Austria	19,461	1,441	95.0	98.5	3.7
Total	526,941	33,031	3,059.1	3,173.2	3.7

*The underlying portfolio has a fair value of € 73,173.0 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, 2023 (p. a. in € million)	Dec. 31, 2024 (p. a. in € million)	Change (in %)

Berlin	141,389	8,457	771.3	802.0	4.0
Rhine Main area	34,906	2,212	247.8	258.0	4.1
Southern Ruhr area	41,751	2,581	220.1	227.2	3.2
Rhineland	30,690	2,018	198.1	202.9	2.5
Dresden	42,222	2,443	200.6	203.9	1.7
Hamburg	19,592	1,231	118.7	123.4	4.0
Hanover	21,494	1,353	120.6	124.5	3.2
Kiel	24,462	1,407	124.8	129.5	3.7
Munich	10,224	662	75.6	77.8	2.9
Stuttgart	12,862	813	86.8	88.8	2.3
Northern Ruhr area	23,600	1,455	112.8	116.6	3.4
Leipzig	13,781	905	72.2	73.9	2.4
Bremen	11,406	694	55.5	58.1	4.6
Westphalia	9,164	599	51.5	53.3	3.5
Freiburg	3,826	265	27.2	28.0	3.1
Other strategic locations	25,852	1,637	147.2	152.9	3.9
Total strategic locations Germany	467,221	28,733	2,630.8	2,720.9	3.4
Non-strategic locations	2,258	153	13.3	13.6	2.9
Vonovia Germany	469,479	28,886	2,644.1	2,734.6	3.4
Vonovia Sweden	38,001	2,704	320.1	340.1	6.3
Vonovia Austria	19,461	1,441	95.0	98.5	3.7
Total	526,941	33,031	3,059.1	3,173.2	3.7

*The underlying portfolio has a fair value of € 73,173.0 million.