Living for rent in Frankfurt: The Financial Hub
Frankfurt stands as the quintessential German financial center. If you're considering a move to rent a place in Frankfurt, you should be aware that this city's real estate market is deemed dynamic: this implies that property prices tend to fluctuate rapidly, corresponding to shifts in demand and supply. The rental market in this German city is equally competitive, but with a bit of research and preparation, you can find a quality apartment at a reasonable price. In this guide, the Spacest Team will assist you in successfully navigating the real estate landscape and finding the best rental home in Frankfurt for you.
Living in Frankfurt, the City on the Main
Frankfurt offers numerous opportunities, spanning from employment opportunities to university experiences and lifestyle choices. Living in Frankfurt can be costly: being a fairly large city, rents in central areas like Innenstadt or Bahnhofsviertel are generally quite high. However, there are also suburban areas that offer cost-effective options without compromising access to public transportation, such as Gallus or Bockenheim. Overall, the cost of living is relatively high, but the services provided are of exceptional quality.
How much does it cost to live in Frankfurt?
Major German cities like Frankfurt or Berlin aren't particularly budget-friendly, yet they compensate with highly efficient services. The German real estate market is generally stable, but over the past year, rental prices have increased by about 10%. The average cost of living in Frankfurt is also relatively high compared to other European cities: a student would need around 800 euros per month to live in Frankfurt, excluding rent.
Rental costs in Frankfurt: what to expect
The average cost of a private room for rent in Frankfurt hovers around 800 euros per month, while a one-bedroom apartment could reach up to 1,700 euros per month. Additionally, you should consider supplementary costs like condominium fees that could impact your monthly budget. In some cases, rentals may already include these fees, but generally, you should treat them as an additional expense.
Best neighborhoods for living in Frankfurt
If you're on the hunt for the best neighborhood to live in Frankfurt, rest assured that there are numerous apartments for rent in Frankfurt. Some neighborhoods cater especially to the needs of young professionals and students. Each of these areas has its own characteristics, and your choice will depend on your preferences:
- Sachsenhausen, located on the south bank of the Main River, is one of the trendiest neighborhoods in Frankfurt. It offers a plethora of restaurants, bars, shops, and historical authenticity with its cobbled streets and timber-framed houses. While rents can be high, if you're seeking a lively and central district, Sachsenhausen is an excellent choice;
- Bockenheim is a popular zone for university students and young individuals, situated northwest of the historical center. Most of the faculties of the University of Frankfurt are found here. The area features bars, restaurants, green parks, and open spaces. Rents in this area are generally more affordable than in Sachsenhausen, making it an ideal option for students and young professionals;
- Nordend is an excellent choice if you're looking for a peaceful residential area in Frankfurt. Located to the north of the city center, this neighborhood offers ample parks and green spaces, alongside a variety of restaurants, bars, and shops. Rents here are more accessible, suitable for both university students and young workers;
- Ostend is a thriving and growing neighborhood, perfect if you're searching for an up-and-coming area. Situated to the east of the center, Ostend has undergone recent renovations and now boasts numerous services such as bars, restaurants, and shops. Rents are higher compared to other parts of the city, but if you want to rent a place in a popular area in Frankfurt, Ostend is an option worth considering.
Renting an home in Frankfurt: how to do it
If you're considering moving to Germany for studies or work, you're likely wondering how to go about finding an apartment or room for rent in Frankfurt. The Spacest Team will guide you through the necessary documents, deposits, and references:
- Required Documents for Renting: Once you've identified the right home, having all the necessary documents is crucial. German agents or landlords typically request:
- Schufa-Auskunft: a document attesting to your financial reliability;
- Einkommensnachweis: proof of income, usually the last three pay slips;
- Personalausweis oder Reisepass: a copy of your ID card or passport;
- Mieterselbstauskunft: a form providing personal information, including profession, income, and whether you have pets.
- Lease Agreement (Mietvertrag): if your application is accepted, you'll be presented with a lease agreement. It's essential to carefully read every clause. In Germany, lease agreements come in two types:
Security Deposit (Kaution): in Germany, it's common to pay a security deposit, which can amount to up to three months' rent. This serves to protect the owner against potential damages or unpaid rent.
- Zeitunbefristet: open-ended contract;
- Zeitbefristet: fixed-term contract.
Explore our rental accommodation listings in Frankfurt and select the right solution for you. Compare costs and areas with the help of the interactive map.