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Rents in Milan: boom of demands and further increase of rent prices

15 June, Idealista

The Milan rental market is very active, having the demand spiked by 84.7% in the last year, according to the figures of the portal Idealista. For what concerns prices, these have increased by 3.9%.

One of the factors for this boom is connected to the recession and the rise of temporary employment, which made somewhat difficult for some people to buy a house. At the same time, people have started moving more (for study, work, family and travel reasons). Hence, the attitude towards saving has changed considerably, with the result that people prefer waiting before buying a property.

According to Vincenzo De Tommaso, from the Idealista research centre: “The current socio-economic conditions are leading towards a lifestyle increasingly based on renting. This trend started in Milan and is destined to spread soon to the other Italian cities”.

Such conclusions are based on the data referring to the user requests between the first quarter of 2017 and the first quarter of 2018.

The survey shows that, while the demand is flexible, the supply of properties for rent is somewhat limited, having gone in the last 12 months from 10,637 to 9,704, reporting a 9.6% decrease.

For what concerns prices, the latest Indealista rent index indicates a positive variation of 3.9% in the last year.

The requests have increased in all the neighbourhoods, except some suburbs. The old town (9.4%), Forlanini (6.2%) and Famagosta-Barona (5.6%) have considerably grown.

The trend to have slowed down a little in the last quarter, with an increase of only 0.3%. We must consider though that rents have been growing since 2014 by 22.4% with an exponential rise in prices per square meter in the period of the Expo 2015 till the present days.

It’s an unstoppable trend that has made of Milan the most expensive city in Italy, with a price of 17.5 euro/Sq m on average.

The most convenient prices are in Baggio (12.4 euro/Sq m), Lorenteggio-Bande Nere (13.6 euro/Sq m), and Corvetto (13.5 euro/Sq m). The most expensive areas are Navigli-Bocconi (18.4 euro/Sq m) and the old town (23 euro/Sq m). Concerning the average expense for an apartment between 40 and 80 Sq m in Milan, the cost is comprised between 700 and 1,400 euro a month.

The most popular apartments are one-bedroom apartments (34%), followed by two-bedroom flats (29%). These percentages increase as we get closer to the city centre. While requests have grown throughout the whole city, in areas such as Navigli-Bocconi, Porta Vittoria and Greco-Turro they have even doubled.

Source: Idealista

Translator: Cristina Ambrosi

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