Monday, March 15, 2021

Conti-Rental: The Home Rental Capital of Europe

 


By the Mashroom Team

Palmerston House, 51 Palmerston Street, Bollington, Macclesfield, Cheshire, SK10 5PW.-- Culture impacts everything in day-to-day life, from food to housing choices. 

Despite being in one continent, European countries differ significantly – and this includes their views on housing habits. In the UK, renting is often seen as less favourable with every resident seemingly in a rush to get onto the property ladder. 

However, in many European countries, renting is seen as a better option than buying. 

Tenants embrace the ‘no-ties’ attitude and the safety net of the landlord’s responsibility to fix any problems. There are many positives to renting a property instead of buying, including the lack of bank loans, so why do some countries turn their nose up at it?

Here at Mashroom, we’ve dug into the data to reveal which European countries lead the way for embracing the rental movement. 

Best European Country for Renting

When scored overall based on rankings across all three categories, Germany rose through the ranks to steal the crown with first place in two out of three categories. We looked at; the cost of rent, the laws protecting tenants and the number of people who rent, to determine who took the top spot. 

Conti Hot Spots

Germany’s neighbours, Austria and Belgium, came second and third respectively. Austria is famed for its extended summer vacations, long lunch breaks and short workdays, so it’s easy to see why people are drawn to living there without ties. 

The graphic shows the top 10 countries for renting, but who came bottom? With expensive rent, and less robust tenant laws than other countries, Spain comes in last. Although in the last 12 months they have moved to increase legal protection for renters.

Best European Country for Renting

When scored overall based on rankings across all three categories, Germany rose through the ranks to steal the crown with first place in two out of three categories. We looked at; the cost of rent, the laws protecting tenants and the number of people who rent, to determine who took the top spot. 

Germany’s neighbours, Austria and Belgium, came second and third respectively. Austria is famed for its extended summer vacations, long lunch breaks and short workdays, so it’s easy to see why people are drawn to living there without ties. 

Conti Most Expensive

The graphic shows the top 10 countries for renting, but who came bottom? With expensive rent, and less robust tenant laws than other countries, Spain comes in last. Although in the last 12 months they have moved to increase legal protection for renters.

Top 18 Rental Hotspots

Germany takes the lead with the highest percentage of renters which make up over half of the country’s population. Germany is well known for its open-minded attitude to renting, with tenants enjoying the no-ties lifestyle. 

Slovenia came in the last place with a tiny 2.4% of the population renting property. Yet with stunning scenery, skiing and beautiful beaches, it’s easy to see why people want to stay put in the country. 

Conti Rental Laws

Surprisingly, the UK came 8th, with almost a quarter of the population renting. As the average age of renters in the UK is 40, compared with 57 for owner-occupiers, this is a trend we could expect to see an increase over the coming years.

Cities with the Most Expensive Rent

Berlin was determined to be the least expensive for average monthly rent per square meter with only £6.58, this is a far cry from £25.08 in the French capital city, Paris. 

London is known as one of the most expensive capitals in the world, the city sits on the expensive side of the scale with £18.13 in rent per month. 

In the midpoint of the table, we see Warsaw, Rome and Prague. These are all popular tourist destinations which could impact rental prices due to the increase in local amenities.

Rental Laws across Europe

A very important factor when renting properties is the laws protecting tenants and landlords. 

Using the Global Property Guide, the countries were scored from 1 – strongly pro-landlord to 5 – strongly pro-tenant. 

From this, we discovered that Denmark was the only country that scored 5/5 due to having strongly pro-tenant laws. The UK, however, came joint last and gained the description of pro-landlord.

Conti Best Rentals

Hungary and Poland appear to strike the balance of protecting both parties. In Hungary, they have a system wherein some rental contracts, you can sign a tenancy without even mentioning the rent amount. The proposed rental amount is sent to the tenant 8 days before moving, at which point they can dispute it.

Methodology:

Using Statista we found which countries are renting the most, and at what proportion of the population. Using Deloitte’s Property Index 2019 we found European city’s rent per m2 and used this to calculate the most and least expensive. 

Using data from the Global Property Guide we have ranked each country by renting laws from 1-5, with 1 as strongly pro-landlord and 5 as strongly pro-tenant. 

The overall top cities to rent was calculated by using a ranking system based on costs, laws and number of renters to determine the best country to rent.

 

 CONTACTS:


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Chatham Lodging Announces the Passing of Jack P. DeBoer, Board Member and Pioneer of the “Extended-Stay and All-Suite” Hotel Concepts

 

Jack P. DeBoer

 WEST PALM BEACH, FL,  March 15, 2021—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced the passing of Jack P. DeBoer, who served as a board member for Chatham since its initial public offering in 2010, as well as board member of Innkeepers USA Trust for approximately 10 years.

 “Jack was a great friend, mentor and inspiration for me over the last 27 years, and I know he will be missed dearly by all who had the good fortune to know him,” stated Jeffrey H. Fisher, Chatham’s president and chief executive officer.

 

Jeffrey H. Fisher

“He was not only a great businessman and advisor, but also an amazing human being. He was a wonderful patriarch for his family and a great humanitarian, dedicating much time and resources to those in need around the world. Our Board will never be the same.”

 With the founding of Residence Inn, followed by Summerfield Suites and Candlewood Suites, Jack is recognized as the pioneer of the extended-stay and all-suite hotel concepts.

Residence Inn, Scottsdale, AZ
 

He designed and built the first Residence Inn, an all-suite hotel, in downtown Wichita, Kans., in 1975, and built or franchised 103 more properties before selling The Residence Inn Company to Marriott Corporation in 1987.

 In 1988, he co-founded Summerfield Hotel Corporation, a second-generation, upscale, all-suite hotel chain, which was sold to Hyatt. In 1995, he founded the Candlewood Hotel Company.

WoodSpring Suites, Orlando, FL

 After developing 130 hotels, Candlewood was purchased by InterContinental Hotels Group in December 2003. In June 2002,

 DeBoer used his extended-stay hotel model to create Value Place, an extended-stay hotel that he built to approximately 200 locations before it was rebranded into WoodSpring Suites and sold to Choice Hotels in 2015.

  In 2014, Jack created WaterWalk, a unique concept that provides a mix of all-inclusive apartments and oversized hotel suites.

 

WaterWalk hotel and residence, Dallas, TX

“To say that Jack is a legend in hospitality is a massive understatement," Fisher added.  

 "His contributions will be appreciated forever, and he has been awarded every lodging achievement award possible. “He certainly belongs on the Mt. Rushmore of hospitality alongside J. Willard Marriott and Conrad Hilton.”

 CONTACTS:

PATRICK DALY

MANAGER OF OPERATIONS

DG PUBLIC RELATIONS, LLC.

Mobile: 703-300-8289

 patrick@dalygray.com | www.dalygray.com

 

  Chris Daly 

 703 435 6293

chris@dalygray.com                                                               (

Daly Gray Public Relations     

 

 Dennis Craven

Chatham Lodging Trust

dcraven@cl-trust.com

 (561) 227-1386          

 

chathamlodgingtrust.com