09/04/2024 - Short-term rentals are close to sold out and prices have more than tripled (+214%). The average cost for one week is €3,855, with peaks in Via della Moscova (€7,350). Prices are also soaring in Monza and the Milan Hinterland.
A business that is pushing more and more homeowners to rent out the homes they usually live in (for those who have an alternative solution such as a second home or by staying with friends or relatives), or by renting out an extra room.
The average increase in prices compared to 2023 is 5.3%, with once again the highest values in Lambrate (+10.8%), despite the neighborhood no longer being part of the Fuorisalone circuit for two years.
This year, for the first time, Fuorisalone will debut in Monza: average rents are up by 290%. Weekly prices are also increasing in the Milan Hinterland: +255% in Rho, +213% in Sesto San Giovanni, +207% in San Donato Milanese, +110% in Corsico and +104% in Segrate (€1,610).
Milan Design Week is just around the corner, the international event that every year, with its exhibitions, shows, events and presentations, transforms the entire city into the capital of design. Last year the event recorded over 400,000 attendees, a figure that has a strong impact on short‑term rentals in Milan, especially in the areas most involved in the event: this year the occupancy level of available apartments, just days before the event begins, has reached 89% of the total. Compared to a regular week with no international events, the average weekly rent has more than tripled, going from €1,207 to €3,855 (+214%), with an average increase of +5.3% compared to 2023. The impact on rents has extended to the Hinterland and particularly to Monza, since for the first time Fuorisalone will move beyond the metropolitan area and expand into the province of Monza and Brianza.
In the Brianza capital, the average weekly rent has increased by +289% (€2,590), more than in Milan; in Rho weekly prices rose by +255% (€2.310), in Sesto San Giovanni by +213% (€1,750), in San Donato Milanese by +207% (€1,890), in Corsico by +110% (€1,190) and in Segrate by +104% (€1,610).
This is a business that has for several years been encouraging many owners to rent out their primary homes for a week (for those who have an alternative solution), or to rent out an extra room that is used for other purposes during the rest of the year.
This is the photograph captured by the Abitare Co. Research Center, which analyzed the short‑term rental market in several areas of Milan (Tortona, Brera, Garibaldi/Porta Volta, Isola, Porta Romana and Lambrate), in some municipalities of the Hinterland and in Monza during Design Week, considering a furnished two‑room apartment and including all accessory costs, from taxes to property management.
Which are the most expensive areas in Milan?
Once again, Brera tops the list, where renting an apartment for a week costs on average more than €5,740, with a maximum value recorded in Via della Moscova (€7,350). Moving to the other design districts traditionally linked to the event: in Garibaldi / Porta Volta the weekly cost is €4,820, while prices become more “affordable” in Tortona (€3,070), Lambrate (€2,890) and Isola (€2,840).
As for specific Milan streets, those who want to enjoy Design Week without budget limitations can choose, besides Via della Moscova (€7,350), Via Solferino (€6,930 per week) or Via San Marco (€6,510). Those who want to attend the event with a smaller budget can opt for streets in Lambrate, such as Via Oslavia (€2,520), or in Tortona, such as Via Voghera (€2,530), or Via della Pergola in the Isola district (€2,730).
And compared to 2023?
This year, in the Milan districts analyzed, price increases are much more moderate compared to what happened in 2023 versus 2022. Lambrate, although no longer part of the Milano Design Week districts, is once again at the top among all Milan neighborhoods in terms of rent increases: prices here rose by +10.8%, although in 2023 the increase over the previous year was 26%.
In the Tortona district the increase was +6.6%, in Brera +5.0%, in Garibaldi/Porta Volta +4.5%, in Porta Romana +2.6% and in Isola +2.4%.
Contact information:
Abitare Co. | Tel. +39 02 48.95.84.16
Via Savona, 52 20144 Milan (MI)
info@abitareco.it | www.abitareco.it
