Immobilien: Kauf einer Mietwohnung – Das verdienen Vermieter tatsächlich

Investing in rental apartments, particularly in multi-family buildings, has become an attractive option for many Germans seeking to secure their income during retirement. However, recent surveys by the owner association Haus & Grund suggest that private landlords often only break even or even operate at a loss. This article explores the profitability of investing in multi-family houses in the current environment of rent regulation, high property prices, and rising interest rates. Here are three example calculations and a costly mistake to avoid when buying a rental property.

Jürgen Michael Schick, the managing director of Schick Immobilien in Berlin and honorary president of the IVD real estate brokerage association, warns that the biggest mistake when purchasing an asset as an investment is to use oneself as a benchmark for evaluating the property. He advises that a simple to medium-sized house in a moderate location usually offers a good return on investment, while top locations usually come with top prices.

Many investors focus on prestige and aesthetics rather than economic viability, warns Gerald Hörhan, an investment real estate investor who goes by the name "Investmentpunk."

When choosing a location for a rental property, buyers should consider factors such as the area's population growth, the condition of the building, and the city's prospects. However, they should not let their personal taste dictate their purchasing decision. Experts advise that a buyer should ideally be within a 100-kilometer radius of the property, as this minimizes the risk of making a poor choice.

According to Schick and Hörhan, three model calculations have been created using real estate experts to illustrate the potential profit from purchasing and renting out a multi-family house. The hypothetical property is located in a German city outside of the largest metropolitan areas, with a purchase price of one million euros.

Property taxes, including notary fees, land registry fees, and real estate agent commissions, amount to ten percent of the purchase price. The building is projected to generate an annual net rental income of 44,000, 55,000, or 61,000 euros, depending on the cost level. These rental income figures reflect three different cost scenarios: the first scenario costs 25 times the annual net rental income plus all purchase-related costs, the second scenario costs 20 times, and the third scenario costs 18 times.

For the calculation based on a 20 times factor, which experts consider applicable to most German cities, the calculations show that the owner must cover maintenance and repair costs of 11,000 euros annually in all scenarios. Additionally, in all cases, the owner must account for operational costs, bringing the total expenses to 45,000 euros in the first ten years, resulting in a loss of 5,000 euros.

Despite the loss, the value of the owner's stake in the property increases over time, potentially becoming tax-free upon sale after ten years.