Berlin’s brand new rent control laws are already bringing down costs. That is the conclusion announced yesterday by Germany’s number one real estate site after tallying its latest figures.
Barely a month after the German capital introduced a new set of rules that limits rent increases within a given area, figures collected by ImmobilienScout24show that the average cost of new Berlin rental contracts has dropped 3.1 percent within a month. This can’t be written off as an example of a general countrywide downward trend. In other German cities where such laws haven’t yet been introduced, rents have remained more or less static. This is good news for the legislators of Berlin’s Senate as their new law is doing exactly what they promised the electorate that it would.