Get all the data you need about the real estate market in Hamburg
We update this blog post regularly so the figures you see always reflect the latest available data for the Hamburg rental market.
Hamburg is one of Germany's most competitive rental markets, with some of the tightest vacancy rates among major German cities.
Whether you are looking at a studio in Harburg or a two-bed in Winterhude, the gap between neighborhoods is wide enough to make a real difference to your returns.
And if you're planning to buy a property in Hamburg, you may want to download our real estate pack about Hamburg.
A quick summary of the Hamburg rental market in 2026
| Metric | Value |
|---|---|
| Hamburg neighborhood with the highest rental yield | Harburg (studio apartment, 4.3% gross) |
| Hamburg neighborhoods with the lowest rental yields | HafenCity and Winterhude (as low as 2.4% gross) |
| Average gross yield across Hamburg | ~3.1% |
| Average net yield across Hamburg | ~2.4% |
| Median purchase price in Hamburg (this dataset) | ~€410,000 |
| Average monthly rent across Hamburg | ~€1,150 |
| Average occupancy rate across Hamburg | ~96% |
| Fastest Hamburg letting market | Ottensen and Winterhude (around 10 days) |
| Slowest Hamburg letting market | Wilhelmsburg row house and Wandsbek three-bed (19 to 22 days) |
| Highest occupancy in Hamburg | Ottensen and Winterhude (98%) |
| Best value high-yield segment in Hamburg | Harburg studios and Wandsbek one-beds |
| Yield spread across Hamburg neighborhoods | From 2.4% to 4.3% gross (about 1.9 percentage points) |
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Hamburg neighborhoods and property types in 2026 ranked by rental yield
This table ranks Hamburg neighborhoods and property types by gross rental yield, from highest to lowest.
For each neighborhood and property type, the table includes average purchase price, average monthly rent, gross rental yield, net rental yield, annual ownership fees, average occupancy, average time to rent, main rental demand, main risk, and investment profile.
By the way, you'll find much more detailed data in our real estate pack about Hamburg.
| # | Neighborhood | Property type | Gross rental yield | Net rental yield | Average purchase price | Average monthly rent | Ownership annual fees | Average occupancy | Average time to rent | Main rental demand | Main risk | Rental Investment Profile |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harburg | Studio apartment | 4.3% | 3.4% | €125,000 | €445 | €1,070 | 95% | 16 days | Students and trainees | Tenant income sensitivity | Top Pick |
| 2 | Harburg | One-bed apartment | 4.0% | 3.3% | €197,000 | €661 | €1,510 | 94% | 18 days | TU-affiliated renters | Higher turnover risk | Strong Potential |
| 3 | Harburg | Two-bed apartment | 3.8% | 3.1% | €284,000 | €910 | €2,070 | 94% | 18 days | Budget families | Station-area perception | Strong Potential |
| 4 | St. Georg | Studio apartment | 3.5% | 2.6% | €255,000 | €735 | €2,200 | 96% | 13 days | Central city renters | Block-by-block volatility | Strong Potential |
| 5 | St. Georg | One-bed apartment | 3.3% | 2.5% | €367,000 | €996 | €2,870 | 95% | 15 days | Station-area professionals | Noise and nightlife | Good Potential |
| 6 | St. Georg | Two-bed apartment | 3.1% | 2.4% | €540,000 | €1,396 | €4,020 | 95% | 15 days | International tenants | Tenant profile volatility | Good Potential |
| 7 | Wandsbek | One-bed apartment | 3.5% | 2.8% | €263,000 | €777 | €1,860 | 95% | 17 days | Budget commuters | Slower rent growth | Strong Potential |
| 8 | Wandsbek | Two-bed apartment | 3.4% | 2.7% | €374,000 | €1,066 | €2,560 | 95% | 17 days | Young couples | More local supply | Strong Potential |
| 9 | Wandsbek | Three-bed apartment | 3.2% | 2.5% | €504,000 | €1,336 | €3,370 | 94% | 20 days | Family households | Longer letting time | Good Potential |
| 10 | Barmbek-Süd | Studio apartment | 3.3% | 2.5% | €252,000 | €690 | €1,900 | 97% | 12 days | Young renters | Competition from newbuilds | Good Potential |
| 11 | Barmbek-Süd | One-bed apartment | 3.1% | 2.4% | €364,000 | €943 | €2,490 | 96% | 14 days | Single commuters | Micro-location dispersion | Good Potential |
| 12 | Barmbek-Süd | Two-bed apartment | 2.9% | 2.3% | €533,000 | €1,304 | €3,440 | 96% | 14 days | Couples near U-Bahn | Capex on 1950s stock | Good Potential |
| 13 | Wilhelmsburg | One-bed apartment | 3.3% | 2.6% | €250,000 | €689 | €1,740 | 94% | 19 days | Value-seeking workers | Micro-location unevenness | Strong Potential |
| 14 | Wilhelmsburg | Two-bed apartment | 3.1% | 2.5% | €360,000 | €936 | €2,360 | 94% | 19 days | Budget-conscious couples | Flood resilience perception | Good Potential |
| 15 | Wilhelmsburg | Row house | 3.0% | 2.4% | €576,000 | €1,451 | €3,830 | 93% | 22 days | Family renters | Slower exit liquidity | Good Potential |
| 16 | Ottensen | Studio apartment | 3.1% | 2.3% | €300,000 | €766 | €2,210 | 98% | 10 days | Creative professionals | Noise complaints risk | Good Potential |
| 17 | Ottensen | One-bed apartment | 2.9% | 2.3% | €422,000 | €1,030 | €2,840 | 97% | 12 days | Young couples | Limited parking stock | Good Potential |
| 18 | Ottensen | Two-bed apartment | 2.8% | 2.1% | €608,000 | €1,411 | €3,890 | 97% | 12 days | Established couples | Low initial yield | Moderate Appeal |
| 19 | Eppendorf | One-bed apartment | 2.9% | 2.2% | €417,000 | €1,007 | €2,900 | 97% | 11 days | Hospital staff | Strict tenant expectations | Good Potential |
| 20 | Eppendorf | Two-bed apartment | 2.8% | 2.1% | €632,000 | €1,482 | €4,270 | 97% | 11 days | Affluent professionals | Altbau maintenance costs | Moderate Appeal |
| 21 | Eppendorf | Family apartment | 2.6% | 1.9% | €868,000 | €1,875 | €5,620 | 96% | 14 days | Medical families | Premium pricing risk | Moderate Appeal |
| 22 | Eimsbüttel | Studio apartment | 2.8% | 2.2% | €289,000 | €683 | €1,890 | 98% | 11 days | Students and graduates | Older stock capex | Good Potential |
| 23 | Eimsbüttel | One-bed apartment | 2.7% | 2.1% | €410,000 | €917 | €2,420 | 97% | 13 days | Young professionals | Tenant turnover spikes | Moderate Appeal |
| 24 | Eimsbüttel | Two-bed apartment | 2.5% | 2.0% | €608,000 | €1,284 | €3,390 | 97% | 13 days | Small families | Balcony scarcity | Moderate Appeal |
| 25 | HafenCity | One-bed apartment | 2.7% | 1.9% | €601,000 | €1,347 | €4,690 | 96% | 13 days | Expat professionals | High service charges | Moderate Appeal |
| 26 | HafenCity | Two-bed apartment | 2.6% | 1.9% | €840,000 | €1,848 | €6,430 | 96% | 13 days | Dual-income couples | Luxury demand swings | Moderate Appeal |
| 27 | HafenCity | Three-bed apartment | 2.4% | 1.7% | €1,190,000 | €2,414 | €8,690 | 95% | 16 days | Executive families | High entry price | Limited Appeal |
| 28 | Winterhude | Studio apartment | 2.9% | 2.2% | €332,000 | €800 | €2,300 | 98% | 10 days | Young professionals | Tight parking supply | Good Potential |
| 29 | Winterhude | One-bed apartment | 2.8% | 2.1% | €471,000 | €1,086 | €3,000 | 97% | 12 days | Single professionals | Older building upkeep | Moderate Appeal |
| 30 | Winterhude | Two-bed apartment | 2.6% | 2.0% | €672,000 | €1,474 | €4,070 | 97% | 12 days | Well-paid couples | Rent regulation pressure | Moderate Appeal |
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Key insights about rental yields in Hamburg
Insights
- Harburg studios offer the highest gross yield in Hamburg at 4.3%, which is nearly double the 2.4% you get from a three-bed in HafenCity. The entry price difference is also enormous: €125,000 versus €1,190,000.
- Wandsbek beats Winterhude on net yield by about 0.6 percentage points, yet it costs roughly 30% less to buy into. For a yield-focused landlord, that gap is significant.
- Hamburg's overall gross yields sit between 2.4% and 4.3%, a spread of about 1.9 percentage points across the city. That is a meaningful range that entirely depends on which neighborhood and property type you choose.
- In Hamburg, studio and one-bed apartments consistently outperform larger flats on yield within the same neighborhood. Going from a one-bed to a three-bed typically costs you 0.3 to 0.5 percentage points of gross yield.
- HafenCity looks attractive on paper because of its new construction and waterfront setting, but its service charges are the highest in the dataset. That is a big part of why net yield there drops to 1.7% to 1.9%.
- Barmbek-Süd offers something rare in Hamburg: good occupancy rates of around 96 to 97%, a short letting time of 12 to 14 days, and yields that are meaningfully higher than Eppendorf or Winterhude. It is one of the most balanced submarkets in the city.
- St. Georg gives you centrality combined with yields between 3.1% and 3.5% gross, which is stronger than most inner-city Hamburg districts. The trade-off is that tenant profiles can vary a lot from block to block.
- Ottensen rents extremely fast, around 10 to 12 days, and maintains 97 to 98% occupancy. But purchase prices are high enough that yields fall in the 2.8% to 3.1% range, roughly in line with more expensive neighborhoods.
- Hamburg saw the strongest rent growth among Germany's eight largest cities in the second half of 2025, with median asking rents reaching around €18 per square meter. That momentum supports the tight occupancy assumptions used across most of these neighborhoods.
- The four clearest entry points for a first Hamburg rental investment are Harburg, Wandsbek, St. Georg, and Barmbek-Süd. They share broad tenant demand, reasonable occupancy, and yields that are noticeably above the city premium districts.
- Wilhelmsburg can work for yield at 3.0% to 3.3% gross, but it comes with the slowest exit liquidity in this dataset, between 19 and 22 days to rent. That is worth factoring in if you ever need to sell quickly.
- Family-sized apartments across Hamburg almost always produce lower yields than compact units. Even in Harburg, moving from a one-bed to a two-bed brings the gross yield down from 4.0% to 3.8%.
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About our methodology
We also believe it is important to show our reasoning. It is one of the ways we make our work solid, transparent, and rigorous, just as you will see in our real estate pack about Hamburg.
First, please note that this data is updated regularly, so what you see here reflects the current values as of today.
In order to get reliable data, we applied a strict source filter. For Hamburg specifically, this means anchoring everything to official city sources first: the Hamburger Mietenspiegel 2025 for rents and the Immobilienmarktbericht Hamburg 2025 for transaction prices. We then cross-referenced those anchors with data from established real estate firms and major German property portals. We only used authoritative, verifiable sources, not random listings or unsupported figures. More on that point below.
For each Hamburg neighborhood and property type, we aggregated the freshest purchase price and monthly rent data available. When possible, we cross-checked multiple sources to confirm the same range.
This allowed us to estimate rental yield before costs. That is the gross yield, based on annual rent versus purchase price.
We then estimated rental yield after costs. That is the net yield, after recurring ownership and operating expenses.
These expenses vary across Hamburg's neighborhoods. That is why two areas with similar rents can still produce different net returns.
For example, newer HafenCity buildings carry high monthly service charges that significantly reduce net yield. Older Altbau stock in areas like Eppendorf and Barmbek-Süd may carry lower service charges but higher maintenance reserves due to building age. In higher-turnover areas, vacancy and tenant-related costs can also be higher.
We also estimated ownership annual fees by combining the main recurring costs linked to each property type. This includes items such as non-apportionable service charges, maintenance reserve, building insurance, small repairs, and a vacancy and reletting allowance.
These estimates were not applied as one flat number across Hamburg. They were adjusted by neighborhood and property type to better reflect local ownership conditions.
This table should therefore be read as a structured market estimate, not as an exact guarantee of future performance. Honesty, quality, and rigor are at the core of our work, and they are also what you will find in our real estate pack about Hamburg.
What sources did we use to write this article about Hamburg rental yields?
Whether it's in our blog articles or the market analyses included in our real estate pack about Hamburg, we rely on verifiable sources and a transparent methodology.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it is authoritative | How we used it |
|---|---|---|
| Hamburger Mietenspiegel 2025 | This is Hamburg's official qualified rent reference, produced by the city's own housing authority and based on rents actually paid on 1 April 2025. | We used it as the primary anchor for cold-rent levels across the city and by property size. We also used it to avoid overstating rents for standard long-term rentals. |
| Immobilienmarktbericht Hamburg 2025 | This is the official Hamburg property transaction report, compiled from notarized sales data for the full calendar year 2024. | We used it as the core anchor for actual purchase prices, not just asking prices. We also used it to keep neighborhood estimates aligned with what buyers and sellers actually agreed on. |
| JLL Germany Living Market Perspectives | JLL is one of the world's largest real estate advisory firms and publishes regularly updated market research for all major German cities. | We used it to refresh the direction of travel in the Hamburg market through H2 2025, particularly on rent growth trends. We also used it to cross-check that our citywide rent and price assumptions stayed consistent with current market momentum. |
| Colliers Residential Hamburg Report | Colliers is a major global real estate consultancy with a consistent and structured market-reporting framework used across comparable cities. | We used it for Hamburg location bands and broad rent and pricing ranges by area quality. We also used it to sanity-check neighborhood positioning from prime districts down to more affordable submarkets. |
| Engel and Voelkers Hamburg Price Pages | Engel and Voelkers is an established brokerage brand that publishes neighborhood-level price tracking across Hamburg's main districts. | We used it as a neighborhood-sensitive asking-price layer to refine district-by-district pricing around the official transaction anchors. We also used the Eppendorf and Winterhude pages specifically to calibrate prime-district rents against the official Mietenspiegel. |
| ImmoScout24 Hamburg Neighborhood Pages | ImmoScout24 is one of Germany's largest property portals and publishes large-scale local price atlas data based on a high volume of real listings. | We used it as a second neighborhood-level rent layer alongside brokerage data to reduce reliance on any single private-sector series. We also used specific pages for Barmbek-Süd and St. Georg to calibrate rents in areas where the official Mietenspiegel is the most useful but still needs supplementing. |
| HypoVereinsbank Hamburg Housing Market Report | HypoVereinsbank is a major German bank whose regional housing briefs are widely used as practical market snapshots for buyers and investors. | We used it to cross-check citywide 2025 rent and price corridors for Hamburg. We also used it to keep our neighborhood estimates inside plausible Hamburg market bands. |
| Statistik Nord Housing Stock Data | Statistik Nord is the official statistical office for Hamburg and Schleswig-Holstein, publishing authoritative data on the city's housing supply. | We used it to understand the supply side of Hamburg's rental market and assess whether tight occupancy assumptions were realistic. We also used it to sense whether neighborhood liquidity estimates held up given the overall stock in each area. |
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