牛津经济研究院-德国家具租赁住房市场（英）-2023.6-11页_571kb

Summary of the Examination of the Furnished Rental Housing Market in Germany

This report analyzes the impact of the German rental break regulation (Mietpreisbremse) on the furnished rental housing market, using data from 2013 to 2022. It addresses five key research questions and provides policy recommendations.

Supply of Furnished Apartments

• The market share of furnished rental listings has increased dramatically, rising from about 15% to 27% between 2013 and 2022.
• Key drivers include a decline in unfurnished listings, with furnished apartments often being one-to-two-room units in urban areas.
• Private landlords dominate the furnished market, contrasting with the unfurnished market.

Demand for Furnished Apartments

• Tenants are typically young, educated, and employed; other demand drivers include savings on relocation costs, student needs, and temporary stays.
• Not all demand is intentionally seeking furnished options; many arise from rejections or lack of unfurnished alternatives.
• Correlation with supply growth is stronger for certain groups, such as new entrants to the workforce, but weaker for others like students or commuters.

Correlation Between Demand and Supply

• The number of targeted searches for furnished apartments has grown, particularly among immigrants and those starting careers.
• Supply development appears partly driven by demand rather than evasion, with little evidence of rent manipulation to circumvent regulations.

Practical Application of the Rental Break

• Market participants, including renters and landlords, lack adequate knowledge of the rental break's rules and exceptions, such as the temporary use exemption.
• The temporary use exception is applied incorrectly, with landlords failing to observe rental duration limits, leading to legal uncertainty.
• Rent determination is complicated due to unclear guidelines on indices and markups, often resulting in disputes or simplified calculations based on market data.

Evasion Strategies

• No systematic evidence of landlords converting unfurnished apartments to evaded oversight or manipulating the market through the rental break reason.

Political Recommendations

• Strengthen rent indices to incorporate furnished apartments for clearer rent calculation.
• Clarify guidelines for temporary use exceptions, including objective criteria for contract duration.
• Provide informative materials on the rental break and other measures to ease housing shortages.
• Focus on increasing overall housing supply to reduce reliance on furnished rentals.

Conclusion

The findings indicate that while the rental break policies aim to curb rent increases, practical applications and market dynamics require targeted policy adjustments to improve market transparency and efficiency.