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 1.4% and 5.4% 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, 2025 | Residential units | Living area (in thou. m²) | Dec. 31, 2024 (p. a. in € million) | Dec. 31, 2025 (p. a. in € million) | Change (in %) | |||||
Strategic | 422,617 | 25,909 | 2,468.8 | 2,556.1 | 3.5 | |||||
Urban Quarters | 327,314 | 19,841 | 1,868.3 | 1,933.8 | 3.5 | |||||
Urban Clusters | 95,303 | 6,068 | 600.5 | 622.3 | 3.6 | |||||
Recurring Sales | 21,244 | 1,432 | 136.8 | 141.0 | 3.0 | |||||
Non Core | 15,758 | 949 | 77.6 | 79.8 | 2.9 | |||||
Vonovia Germany | 459,619 | 28,290 | 2,683.1 | 2,776.9 | 3.5 | |||||
Vonovia Sweden | 37,899 | 2,698 | 359.0 | 378.3 | 5.4 | |||||
Vonovia Austria | 19,057 | 1,411 | 96.8 | 98.2 | 1.4 | |||||
Total | 516,575 | 32,400 | 3,139.0 | 3,253.5 | 3.6 | |||||
- * The underlying portfolio has a fair value of € 74,702.6 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, 2024 (p. a. in € million) | Dec. 31, 2025 (p. a. in € million) | Change (in %) | |||||
Berlin | 136,753 | 8,168 | 777.7 | 799.1 | 2.8 | |||||
Rhine Main area | 33,874 | 2,140 | 250.4 | 259.2 | 3.5 | |||||
Southern Ruhr area | 41,587 | 2,570 | 225.9 | 235.3 | 4.1 | |||||
Rhineland | 30,437 | 2,001 | 201.2 | 209.1 | 3.9 | |||||
Dresden | 40,557 | 2,354 | 198.0 | 207.7 | 4.9 | |||||
Hamburg | 18,362 | 1,157 | 116.3 | 119.0 | 2.3 | |||||
Hanover | 21,339 | 1,342 | 123.3 | 128.0 | 3.8 | |||||
Kiel | 24,169 | 1,391 | 127.7 | 134.2 | 5.0 | |||||
Munich | 10,127 | 656 | 77.3 | 80.1 | 3.6 | |||||
Stuttgart | 12,706 | 802 | 87.7 | 91.0 | 3.8 | |||||
Northern Ruhr area | 22,274 | 1,373 | 109.9 | 113.1 | 3.0 | |||||
Leipzig | 13,911 | 914 | 75.5 | 79.0 | 4.7 | |||||
Bremen | 11,317 | 688 | 57.3 | 59.2 | 3.3 | |||||
Westphalia | 8,849 | 577 | 51.7 | 53.0 | 2.6 | |||||
Freiburg | 3,736 | 260 | 27.4 | 28.5 | 3.8 | |||||
Other strategic locations | 25,682 | 1,627 | 151.6 | 156.5 | 3.3 | |||||
Total strategic locations Germany | 455,680 | 28,021 | 2,658.9 | 2,752.0 | 3.5 | |||||
Non-strategic locations | 3,939 | 269 | 24.2 | 24.9 | 2.9 | |||||
Vonovia Germany | 459,619 | 28,290 | 2,683.1 | 2,776.9 | 3.5 | |||||
Vonovia Sweden | 37,899 | 2,698 | 359.0 | 378.3 | 5.4 | |||||
Vonovia Austria | 19,057 | 1,411 | 96.8 | 98.2 | 1.4 | |||||
Total | 516,575 | 32,400 | 3,139.0 | 3,253.5 | 3.6 | |||||
- * The underlying portfolio has a fair value of € 74,702.6 million.