Life

Real Estate Market

Since only 41.6% of all Germans are homeowners, paying rent is a fact of life for a significant number of the country's inhabitants. According to the Federal Statistics Office's Yearbook 2008, the average monthly rent in Germany is 684 Euros and includes rent, electricity and maintenance.  To find out what rent looks like in your new German home town, you may consult the German index of rental costs or ''Mietspiegelindex'' published yearly by F + B GmbH. In 2009, the German metropolises Munich and Frankfurt ranked 1st and 22nd respectively among the 30 most expensive cities surveyed. In order to find an appropriate new home you have a variety of options available:

• The local newspapers publish a large number of advertisements
• A number of real estate websites advertise housing
• A realtor/broker can help you find accommodations for a commission of about 2 months rent

As soon as you have moved into your new abode, be sure to register with the Residents' Registration Office (Einwohnermeldeamt) within one week. Registration is compulsory but free of charge, and you should bring an ID card as well as proof of your new address (a rental/purchasing agreement).

Additionally, if you plan to stay in Germany for a longer period of time, it is advisable to open a bank account. This will allow you to simplify your financial transactions (i.e. rental payments) as well as to reduce bank transfer and currency exchange costs. Banks may differ extensively in services, interest rates and fees but require only a few formalities to open an account. Tip: be sure to bring along a piece of identification (i.e. passport) and proof of your registration with the local authorities at the Residents' Registration Office ''Einwohnermeldeamt'' when you open your account.