Immobilien: Kauf einer Mietwohnung – Das verdienen Vermieter tatsächlich

Many Germans are concerned about receiving insufficient pensions in their later years, prompting them to seek alternative ways to secure their income during retirement. One lucrative option that appears attractive to many wealthy individuals and family offices is the rental of apartments in multi-family houses. Recent surveys conducted by the Owner Association Haus & Grund indicate that many private landlords only break even or even incur losses with their properties.

So, how lucrative is it, really, to rent a multi-family house in the current environment of rental regulations, high property prices, and rising interest rates? The following three example calculations and an expensive mistake to avoid provide a clearer picture.

Avoid the greatest mistake when purchasing an investment property as a financial asset, advises Jürgen Michael Schick, Managing Director of Schick Immobilien in Berlin and honorary president of the real estate brokerage IVD. "If a man or woman wonders whether they would personally live there, take in their children, or feel comfortable in the area, they have made a costly mistake," he warns.

Instead, choose a neighborhood that is moderately priced and offers a solid return on investment, rather than a highly desirable location that comes at a premium cost. Many investors focus more on aesthetics and luxury than on economic viability, warns Gerald Hörhan, an investment-driven real estate investor.

Small, functional apartments in practical locations offer exactly what investors need: predictable rental income, solid demand, and manageable risks. Schick advises prospective buyers to consider the location's feasibility, ensure the building is in good condition, and verify that the city has a positive outlook on population growth.

However, buyers should not let their personal preferences dictate their purchasing decision. Newcomers to real estate investing should seek a property in a location that is not too far from their primary residence, Schick advises, suggesting a maximum distance of 100 kilometers. This minimizes the risk of making a poor purchasing decision.

According to the experts Schick and Hörhan, a hand calculation has been created by the Handelsblatt for three different scenarios of purchasing and subsequently renting a multi-family house. A theoretical property is located in a German city outside of major metropolitan areas, with a purchase price of one million euros and property management costs representing ten percent of the property's annual net rent.

The property generates a net annual rent of 44,000, 55,000, or 61,000 euros, reflecting three different cost levels. The first scenario incurs a cost of 25 times the annual net rent, while the second and third scenarios have a factor of 20 and 18, respectively.

In this particular example, the calculation considers 11,000 euros in maintenance and repair costs, which are not passed on to tenants. The calculations also account for potential appreciation in property value due to rising rent, but do not consider tax benefits, as they only apply to new constructions. The time frame for the assessment is set at ten years, after which the property has not yet been fully repaid, but any profit from its sale is tax-free.

Of course, the investor retains the value of their stake in the property, which may only be realized upon sale.