Immobilien: Kauf einer Mietwohnung – Das verdienen Vermieter tatsächlich

Many Germans fear retiring with an insufficient pension, leading them to explore alternative ways to secure income in their later years. Investing in apartment buildings in a multi-family housing complex appears lucrative, as many affluent individuals and family offices have been investing in real estate for years. However, a survey conducted by the Owner's Association House & Ground recently showed that many private renters only break even or even make a loss with their properties.

So, exactly how lucrative is it to rent out a multi-family house in the current environment of rent regulation, high property prices, and rising interest rates? The following three example calculations and a costly mistake to avoid are presented below.

According to Jürgen Michael Schick, Business Manager of Schick Immobilien in Berlin and honorary president of the Real Estate Agency IVD, the biggest mistake when purchasing a property as an investment is using oneself as a benchmark for evaluating the property. "If one wonders whether they would like to live there, allow their children to live there, or even if the location appeals to them personally, that is already a costly mistake," he says.

"A simple to medium-sized house in a moderate location is sufficient for a good yield – for prestige and aesthetics, one generally pays top prices." Immobilieninvestor Gerald Hörhan warns that many investors focus on luxury and aesthetics instead of focusing on economic viability.

Small, simple apartments in functional areas offer exactly what is important: predictable rental income, solid demand, and manageable risks. Käufer should ask themselves if the location is right, if the building is in good condition, and if the city has population growth prospects. However, they should not base their purchasing decision solely on their personal taste, Schick advises.

He recommends buying a property at a location not too far from one's private residence – ideally within 100 kilometers, as he suggests. This minimizes the risk of making a wrong decision when buying.

The experts Schick and Hörhan calculated three model calculations for the purchase and subsequent renting of a multi-family house. The theoretical house is located in a German large city outside the largest metropolises. The purchase price is one million euros, and the costs for notary, land registry, and realtor amount to ten percent.

In the example calculation, the yearly net cold rent is 44,000, 55,000, or 61,000 euros, reflecting three different cost levels. In the first scenario, the cost to rent the house, including all purchase-related costs, is 25 times the yearly net cold rent. In the second scenario, this factor is 20, and in the third scenario, it is 18. The calculations for the other two factors are shown in the accompanying chart.