Rents in European city centers/ How have prices changed since 2020?
Skyrocketing rent prices in city centres across Europe continue to rise, with only five European cities having average rents below €2,000 for a three-bedroom apartment.
The biggest cost increases over the past five years were found in Southern and Eastern Europe, according to a Deutsche Bank report, which examined 67 cities worldwide and 28 in Europe.
According to Eurostat, house prices rose by 27.3% between the first quarters of 2020 and 2025, while rents rose by 12.5% from June 2020 to June 2025. But this report shows that rent increases in city centers were significantly larger than this average.
In 2025, the monthly rent for a three-bedroom apartment in the center of 28 cities in Europe ranges from €1,080 in Athens to €5,088 in London. European cities can be grouped into three categories based on rent levels. After London, the most expensive places in Europe are Zurich, Geneva and Amsterdam, all over €3,800. Swiss cities are the most expensive, reaching figures over €4,250. Dublin, Luxembourg, Paris, Copenhagen and Munich also record rents over €3,000. These cities are major financial, political or international centers, driving strong demand for housing.
Several developed countries have average rents between €2,000 and €3,000. Milan, Edinburgh and Lisbon are at the higher end of this range. Madrid, Stockholm, Berlin, Frankfurt and Barcelona are slightly more affordable, with average rents around €2,500. Birmingham, Brussels, Vienna and Prague are closer to €2,100. These cities offer relatively lower living costs compared to the above countries.
Only five European cities have average rents below €2,000. In addition to Athens, these are Budapest (€1,225), Istanbul (€1,614), Warsaw (€1,881) and Helsinki (€1,928). The figures show that Western and Northern Europe have the highest rents. Strong economies, high living standards and a shortage of housing are the main factors. Southern and Central Europe have more mixed rent levels, while Eastern and Southeastern countries remain the most affordable.
Globally, New York stands out with an average rent of €7,676, while Cairo in Egypt is the cheapest at just €377.
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