As housing costs and rents rise due to inflation, it is only logical that young professionals, families, and senior citizens move to Europe, where the cost of living is lower.
In case you are considering a long-term relocation to the Old Continent and are concerned about rent costs, Deluxe Homes, a vacation management firm, suggests narrowing down your search to four markets: Stockholm, Vienna, Helsinki, and Lisbon.
After calculating the average rent per square meter in a few of the most popular locations worldwide, the company created a list of the most and least expensive locations for apartment rentals.
Lisbon emerges as the clear winner, with a price of $1,125 per month (or $21 per square meter) for a one-bedroom apartment of around 577 square feet. Portugal was named the best place to retire earlier this year. Despite the rising costs in the Portuguese capital, housing remains significantly more affordable compared to other Western European cities.
Lisbon also enjoys beautiful beaches that are only a short train or city bus ride from the city center, year-round sunshine, a remarkably diverse cultural scene, and excellent cuisine. Due to its growing popularity among remote workers, particularly those in the tech and startup industries, the city also boasts a sizable expat population.
When it comes to rental costs, Helsinki is the second most economical city. Situated on a peninsula in the Gulf of Finland, the capital of Finland boasts a thriving food and design scene and is made up of over 300 islands. A 466-square-foot one-bedroom apartment will typically set you back $911 per month, according to Deluxe Homes.
Global Property Guide conducted a survey on Helsinki’s real estate and rental market in September and found that, although an apartment in the city center cost, on average, about $1,440, you could find comparable properties for about $1,176 and a studio apartment for $961 in the neighborhoods of Alpilla and Kallio, north of downtown.
In terms of the lowest rental costs, Vienna and Stockholm are tied for third place. Deluxe Homes notes that while the average rent per square meter in the capital cities of Swedish and Austria is roughly the same, Vienna’s average apartment is significantly smaller than Stockholm’s ($1,124 for 539 square feet), at $862 for 413 square feet.
Vienna has been named the world’s most livable city eight times in the last ten years, largely due to its world-class cultural scene, first-rate infrastructure, and first-rate healthcare and education systems. In the same report, Stockholm came in at number 43.
The most expensive rental markets are in the United States. New York and San Francisco are at the top of the list, with monthly rental costs of $3,325 and $2,987, respectively. London comes in third place ($2,208), followed by Boston, Washington, DC, Miami, and Los Angeles.