Victoire

Rents for leases signed in 2023 have jumped by 8.6% in the Brussels rental market, which is under heavy pressure.

1,249 euros. That's the average cost of renting a property in the capital, according to Federia, the Federation of French-speaking estate agents in Belgium, in its 2023 rent barometer.

After two stable years in 2020 and 2021, with increases of around 0.8%, average rents rose by 3.9% in 2022 and 8.6% in 2023.

That's almost 100 euros/month more in one year for new leases, according to Federia, which points out that the increase has never been so high.

All housing is affected.

Flats are now renting for 1,205 euros/month (+8.1%),

Studios have passed the 800 euro mark (+9.4%) and

semi-detached houses have passed the 1,850 euro mark (+8.5%).

Faced with rising interest rates in particular, many households have had to put aside their plans to buy and (re)turn to renting, thereby increasing demand.

What's more, the various policies put in place have discouraged property investors, limiting the supply of rental properties," notes Charlotte De Thaye, Managing Director of Federia.

Median rents rose sharply in 2023, more than average prices. The rise was 10.6% in 2023, on top of the 4.7% recorded in 2022. That's a total of more than 15% over two years.

This shows just how much less affordable the Brussels rental market has become in a short space of time.

Barely one property in 4 remains below the €900 mark, but you still have to add the various charges. This is an extremely difficult situation for people on low incomes.

"In 2022, inflation was 11%. However in the property market, prices only adjust according to the rate at which properties come onto the market.

As a result, the effects of variations are always felt with a certain time lag.

We therefore knew that a catch-up would occur in 2023, but this has been exacerbated tenfold by restrictive and counter-productive political measures.

The figures in this rental barometer highlight the fundamental challenges facing the Brussels housing market," says Charlotte De Thaye.

"The government must commit to a policy that attracts investors rather than repels them.

This allows landlords to remain active in the rental market, rather than encouraging them to sell," continues Patrick Boterbergh, CEO of Korfine.

Numerous government measures have contributed to this. Between the winter moratorium, the tenant's right of preference, restrictions on rent indexation, and the abolition of the 6% VAT rate for developers' demolition/reconstruction projects, landlords and investors see no incentive to remain or become active in Brussels.

Trends by municipality at a glance

If we look at rents for flats in Brussels' communes (flats account for 90% of the rental market in the capital), we see that they all now have an average rent in excess of €900.

Only one commune in 3 still offers rental properties with an average price of less than €1,000.

The 4 most expensive districts remain Woluwe-Saint-Pierre (€1,413 for a flat), Uccle (€1,376), Ixelles (€1,351) and Woluwe-Saint-Lambert (€1,301).

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Rental barometer 2023 - Federia

Rental barometer 2023 - Federia

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