The average rent for a property in Flanders now totals 868 euros a month. According to the rent barometer of the estate agents’ federation CIB the figure is up 11.3 percent compared to only two years ago.
“The figures are unprecedented” says the CIB that analysed the data of 60,000 new tenancy contracts in Flanders and Brussels. “Prices are rising and they are rising fast” is the conclusion.
Last year’s average rent of 868 euros is 90 euros up on the 2021 figure. The rise is most pronounced for detached premises. As a result of the increase it’s near impossible to rent cheaply. "Only 8.4 percent of all properties cost less than 600 euros a month” says CIB director Kristophe Thijs.
Estate agents speak of 'murderous competition', especially for cheaper properties. A couple of years ago a property would attract 15 visits. Today its 25 or more.
A perfect storm
Estate agents say higher inflation is certainly an element but they believe it is only a matter of time before rents soar even higher. To blame is the imbalance between demand and supply: “Supply needs to be increased, in social housing but private investors also need to be encouraged to invest in property for rent".
Flemish Brabant’s proximity to Brussels makes it the most expensive province for renters. The average rent now stands at 1,042 euros. In Flanders proper Leuven is now the dearest city for renters and has dethroned Antwerp.
But rents in the Flemish capital have risen even more quickly. In Brussels the average renter now needs to fork out 1,249 euros a month i.e. 14% up in only two years’ time. 9 out of 10 tenancy agreements involve flats in Brussels. The average rent now stands at 1,205 euros though there are big variations from borough to borough.
In Flanders 70 percent of the population own their own property. Last year demand on the house buying market cooled down but prises were still on the up.