European countries with the most expensive apartment rentals in April 2023
The European countries with the highest prices for one-bedroom apartment rentals as of April 2023 are Switzerland, Luxembourg, Ireland, Iceland, and Guernsey. So why did these countries become leaders in the list of expensive rental housing?
The first country on the list is Switzerland, where the average cost of renting a one-bedroom apartment in the city center is around $1,829 USD per month. The high prices for housing in Switzerland are explained by the high standard of living in the country, large expenses, a stable economy, low unemployment, high levels of income for the population, and quality of life. There is also a high demand for housing and a shortage of living space here.
TOP 15 European countries with the most expensive rentals as of April 2023
Table: Apartment (1 bedroom) in the city center, rent per month, as of April 2023.
|Country||Rent per Month for 1-Bedroom Apartment in City Centre (April 2023)|
|United Kingdom||1,129 $|
The ranking is based on data from the Numbeo service.
Luxembourg takes second place on the list, where renting a one-bedroom apartment in the city center costs $1715 USD. Luxembourg is one of the most prosperous and wealthy countries in Europe. There is a high level of income for the population, favorable conditions for business and investments, which leads to an increase in demand for housing and, consequently, high rental prices.
Ireland takes third place on the list, where renting a one-bedroom apartment costs around $1570 USD. High housing prices in Ireland are explained by the country’s economic growth and attractiveness to numerous foreign investors. In addition, high land prices and expensive construction activity also contribute to the rise in housing prices.
Iceland and Guernsey take fourth and fifth place, respectively, on the list of the most expensive countries for renting a one-bedroom apartment. Renting in Iceland costs around $1569 USD, while in Guernsey it costs $1493 USD. High housing prices in Iceland are due to a shortage of living space and a low unemployment rate. In Guernsey, high housing prices are due to an increase in the number of tourists and the country’s attractiveness for investment.
All of the above suggests that high rental prices in Europe are due to a multitude of factors such as a high standard of living, economic stability, attractiveness for investment, high living expenses, and a shortage of living space, which leads to increased demand for housing and rising prices.