- Rent prices in Milan: a short answer in numbers
- 2020: the year rents actually fell
- 2021 to 2024: the squeeze
- The slowdown: where rent prices in Milan stand now
- Rent prices in Milan: What this means in euros per month
- District by district: where the increases landed
- What it means for tenants
- What it means for landlords
- Rent prices in Milan: Looking for a home in Milan
- FAQ Frequently asked questions
Rent prices in Milan are the highest in Italy, and the gap with the rest of the country keeps widening. The short version: average asking rents stood at 18,3 euros per square metre in December 2020 and reached 22,4 euros in the third quarter of 2026. idealista
That is a rise of roughly 22% in six years. But the story is more interesting than a single percentage, because the market fell first, then overshot, and has only recently started to slow down.
Here is what actually happened, district by district, and what it means if you are looking for a home in Milan today.
Rent prices in Milan: a short answer in numbers
| Indicator | December 2020 | Q3 2026 |
|---|---|---|
| Average asking rent | 18,3 €/m² | 22,4 €/m² |
| Historic centre | 25,3 €/m² | around 35 €/m² |
| Garibaldi-Porta Venezia | 20 €/m² | around 27 €/m² |
| Navigli-Bocconi | 19,8 €/m² | around 25 €/m² |
All figures for rent prices in Milan come from the research department of idealista. The 2026 district values refer to the first quarter of the year, the most recent published breakdown.
One caveat worth stating plainly: idealista revised the methodology of its rent index during 2026, excluding seasonal and tourist lets and applying the change to the whole historical series. Comparisons across several years are therefore indicative rather than exact.
2020: the year rents actually fell
It is easy to forget now, but the pandemic briefly pushed rents down.
Over 2020 the average asking rent in the city dropped by 6,4%, settling at 18,3 euros per square metre, while the number of homes available to rent tripled. Students went home, short-term lets emptied out and their owners moved them to the long-term market.
For a few months, Milan was a tenant’s market. It did not last.
2021 to 2024: the squeeze
As universities, offices and tourism came back, the extra supply disappeared and demand returned all at once.
By early 2024 Milan had reached what was then its highest level since idealista began tracking rents: the highest price since 2012, when the average was 13,7 euros per square metre, with tenants needing on average 23,3 euros per square metre.
Three forces drove it, and they still shape the market. Analysts pointed to too much demand and too little supply, many transitory lets and a very large number of short lets removing homes from the traditional residential market.
The slowdown: where rent prices in Milan stand now
The most recent data tells a different story from the previous three years.
In the third quarter of 2026 Milan averaged 22,4 euros per square metre, up just 0,9% on the previous quarter. Nationally, rents rose 1,8% year on year, below inflation, which stood at 3,3% in August.
Milan is now one of the slowest-growing major Italian cities. Genoa rose 7,3% in the same quarter and Turin 5,6%, while Milan barely moved.
Agents in the city have described a market shifting from one dominated by landlords to one more favourable to tenants, with rental enquiries down 64% over three years and available homes up 38%. Milan remains the most expensive city in Italy, but the direction of travel has changed.
Rent prices in Milan: What this means in euros per month
Square metre figures are useful for comparing areas. Monthly totals are what you actually pay.
| Home | Approximate monthly rent |
|---|---|
| 45 m² one-bedroom, average area | around €1,000 |
| 70 m² two-bedroom, average area | around €1,570 |
| Room in a shared flat | around €700 |
The first two are calculated at the city average of 22,4 euros per square metre, before service charges. The room figure comes from Immobiliare.it Insights, which put the average single room in Milan at 704 euros a month in August 2026, against an Italian average of 575 euros.
District by district: where the increases landed
Not every area moved at the same speed.
The historic centre remains in a category of its own. It is clearly the most expensive district, at around 35 euros per square metre, well above the city average. It was already the priciest area in 2020, at 25,3 euros, so the gap has widened rather than closed.
Garibaldi-Porta Venezia and Navigli-Bocconi sit in the next tier, at roughly 27 and 25 euros per square metre, both several euros higher than in 2020. Porta Nuova’s transformation and the pull of the Bocconi area explain much of the demand.
Outer districts remain considerably cheaper. Quarto Oggiaro-Vialba-Cascina Merlata is the most affordable part of the city, at around 20 euros per square metre.
The practical conclusion for tenants has not changed since 2020, but it matters more now: moving two or three metro stops out saves real money, and Milan’s public transport makes that trade-off easy. You can compare current listings on our Milan rentals page.
What it means for tenants
- Start early. Demand peaks in August and September, when the academic year begins
- Compare on price per square metre, not just the monthly figure, so you can tell a fair asking price from an optimistic one
- Ask what is included. Service charges, heating and utilities are often quoted separately
- Look beyond the obvious areas. The districts around the main university campuses are not always the best value
- Consider sharing. A room averages roughly 700 euros against 1,000 for a small flat
What it means for landlords
The slowdown changes the calculation. With enquiries falling and supply rising, flats priced above the local average are taking longer to let: agents report that owners asking more than 1,000 euros a month are having the greatest difficulty, regardless of area or size.
Pricing close to the district average, rather than to last year’s peak, is now the difference between a let flat and an empty one. Furnishing, condition and energy performance matter more than they did when tenants had no alternatives.
Rent prices in Milan: Looking for a home in Milan
The market has shifted enough that it is worth comparing carefully rather than accepting the first offer. Prices are high, but the pressure that made 2022 and 2023 so brutal has eased.
Browse verified apartments and rooms for rent in Milan on Spacest, where you can book online before arriving in the city.
For a closer look at where to live, read our guide to the best neighborhoods in Milan for professionals, and if you are renting from abroad, the safest way to rent an apartment without visiting.
FAQ Frequently asked questions
How much does it cost to rent in Milan?
Around 22,4 euros per square metre on average, which works out at roughly 1,000 euros a month for a small one-bedroom and 1,570 euros for a 70 square metre flat, before service charges.
How much have rents risen since the pandemic?
From 18,3 euros per square metre in December 2020 to 22,4 euros in the third quarter of 2026, roughly 22%. Note that the index methodology was revised in 2026.
Is Milan still the most expensive city in Italy?
Are rents finally falling?
Yes. Milan leads the national ranking, ahead of Florence, Venice and Rome.
Not falling, but slowing sharply. Growth in Milan was 0,9% in the third quarter of 2026, and nationally rents are rising more slowly than inflation.
Which areas are cheapest?
The outer districts, with the north-west of the city among the most affordable, at roughly 20 euros per square metre against 35 in the historic centre.
How much is a room in a shared flat?
About 704 euros a month on average, the highest figure in Italy.
