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Rostock's Wiro: 700 new apartments to combat the housing shortage!
Rostock is planning to build 700 apartments to ease the market by 2025. Wiro shows a positive balance, despite challenges.
Rostock's Wiro: 700 new apartments to combat the housing shortage!
A lot is happening on the housing market in Rostock! The largest housing company in Mecklenburg-Western Pomerania, Wiro, has ambitious plans to ease the tense housing situation. The plan is to build around 700 new apartments, with the start of external development of the Werftdreieck quarter, which is scheduled for 2025. This is reported by the South German newspaper.
But the company has more in the pipeline. In addition to the 700 new units, another 500 new construction projects are being planned. These initiatives are necessary because the challenges posed by rising construction and energy prices as well as higher interest rates are not making the situation any easier. It remains to be seen how future social housing subsidies will develop.
Positive balance despite challenges
Over 70,000 tenants live in around 35,000 Wiro apartments, which corresponds to around a third of Rostock's entire population. Despite the tense situation on the market, the vacancy rate is manageable at less than one percent. The average basic rent is 6.54 euros per square meter and has increased by 3.5 percent compared to the previous year - a fact that poses challenges for many Rostock households. According to the census survey, the average rent in Rostock was 6.70 euros per square meter in mid-2022.
New construction projects: A look at the future
One of the largest new construction projects is on Möllner Straße, where a total of 318 barrier-free apartments are to be completed by autumn 2023. This initiative is funded by the KfW program 153. Another example of active housing construction is the planned residential building at Warnowallee 23a with 67 apartments, 63 of which are to receive social support and are expected to be ready for occupancy in autumn 2025.
As Ralf Zimlich, Chairman of the Wiro Management Board, emphasizes, building new, privately financed projects at affordable prices is difficult. The required monthly net rent per square meter is not affordable for many households. Wiro is therefore also planning to buy completed residential buildings from other project developers in order to close the gap in the housing stock.
Support offers and social housing provision
The challenges that the housing market currently poses are also being actively addressed by the state of Mecklenburg-Western Pomerania. The State government promotes quality housing provision and tries to keep social housing costs stable. Interest-free loans with repayment discounts are provided to promote the creation of rent- and occupancy-controlled apartments. These measures are intended to help reduce the pressure on the housing markets in central locations.
The funding is particularly important because subsidized apartments have an occupancy period of 40 years and are therefore available to holders of a housing entitlement certificate (WBS). Here, too, there are requirements regarding income limits that must not be exceeded. The city administration issues the required WBS upon application.
In summary, it can be said that the housing market in Rostock is on the move. Despite the challenges, Wiro shows with its committed new construction program and subsidized housing projects that it is sending a positive signal to the population. The coming years will show how housing construction can help ease the situation.