Rentals in Northern Italy: an overview from 2020 to 2023 in Piedmont and Lombardy

Como, in Northern Italy

As the housing market remains a focal point of economic discussion and societal concern, examining the trajectory of rental prices across prominent regions in Italy offers valuable insights into the dynamics shaping the real estate landscape.

Over the span of four years, from 2020 to 2023, regions such as Piemonte, Toscana, Lazio, and Lombardia have witnessed notable fluctuations in rental prices for apartments. By delving into the highest and lowest rental prices observed in these regions over this period, a comprehensive understanding emerges, shedding light on the evolving affordability and accessibility of rental accommodations in key Italian territories. 

Let’s see the conclusions found and how it can help your clients make informed decisions.

Verbano-Cusio-Ossola, Novara and Turin solid among the most expensive regions in Piedmont

Turin, in Piedmont, Italy
Photo by Andreas Patsalides on Unsplash

Between 2020 and 2023, the rental landscape for apartments in the Piemonte region of Italy experienced fluctuations in pricing across different bedroom sizes and regions. In 2020, the highest prices per square metre for one-bedroom apartments stood at €11, with the most expensive areas including Verbano-Cusio-Ossola, Torino, and Novara.

Two-bedroom apartments commanded €9 per square metre, with Novara, Cuneo, and Verbano-Cusio-Ossola as the priciest locations. Three-bedroom apartments saw highest prices in Verbano-Cusio-Ossola, while four-bedroom apartments were relatively consistent across Torino, Verbano-Cusio-Ossola, and Novara.

Moving into 2021, there was a slight decrease in rental prices, particularly noticeable in three and four-bedroom apartments where prices dropped to €7 per square metre in some areas. Verbano-Cusio-Ossola remained one of the most expensive regions for one and two-bedroom apartments, while Novara and Cuneo saw slight shifts in pricing dynamics.

In 2022, rental prices experienced further adjustments with decreases in some areas for one-bedroom apartments, while two, three, and four-bedroom apartments remained relatively stable. Verbano-Cusio-Ossola continued to be one of the priciest regions for all apartment sizes, followed by Torino and Novara.

By 2023, rental prices rebounded, particularly for one-bedroom apartments which saw an increase to €12 per square metre in Verbano-Cusio-Ossola. Torino and Novara also experienced upticks in pricing across different apartment sizes, reflecting a resurgence in demand or changes in the local housing market dynamics.

Average asking price per sq.m. Piemonte 2020 to 2024, from one to four bedrooms
Average asking price per sq.m. Piemonte 2020 to 2024, from one to four bedrooms

As per the lowest prices per square metre, in 2020 apartments cost €8 for one-bedroom, €6 for two-bedroom, €5 for three-bedroom, and €6 for four-bedroom apartments. The least expensive areas included Vercelli, Alessandria, and Biella, with Asti emerging as one of the more affordable regions.

In 2021, there was a notable increase in rental prices across most categories, with the lowest prices per square metre rising to €10 for one-bedroom, €8 for two-bedroom, €7 for three-bedroom, and maintaining at €6 for four-bedroom apartments. Alessandria, Biella, and Asti remained among the least expensive areas, though there were slight shifts in pricing dynamics.

Moving into 2022, rental prices continued to rise steadily, with the lowest prices per square metre staying relatively consistent at €10 for one-bedroom, €7 for two-bedroom, €7 for three-bedroom, and €5 for four-bedroom apartments. Alessandria, Biella, and Asti retained their positions as the least expensive areas, demonstrating some stability in affordability despite overall market trends.

By 2023, rental prices remained elevated, with the lowest prices per square metre maintaining at €10 for one-bedroom, €8 for two-bedroom, €7 for three-bedroom, and rising slightly to €7 for four-bedroom apartments. Alessandria continued to offer some of the most affordable rental options, alongside Biella and Asti, suggesting a consistent pattern of affordability in these regions despite the broader market trends. 

Overall, while there were fluctuations, the Piedmont region maintained its attractiveness for renters, with certain areas consistently commanding higher prices and others remaining relatively affordable for renters seeking apartments.

Lombardy: Lodi, Mantova and Cremona are the top contenders for inexpensive rentals

Como, province in the North of Italy
Photo by Eugeniya Belova on Unsplash

From 2020 to 2023, the rental market for apartments in Lombardy, Italy, underwent significant shifts. At the outset, in 2020, Lombardy experienced its highest rental prices, with one-bedroom apartments commanding up to €21 per square metre in areas such as Milano, setting a precedent for the subsequent years. Two, three, and four-bedroom apartments also saw considerable demand and pricing in the region, particularly in Milano, which consistently emerged as the most expensive area across all categories.

In 2021, while rental prices slightly decreased compared to the previous year, Lombardy remained one of Italy’s priciest regions for renting apartments. Milano continued to lead the market, with rental prices remaining relatively high across different apartment sizes. The rental landscape in areas like Como and Brescia also reflected a premium on accommodation, indicative of the region’s overall desirability and economic activity.

As 2022 dawned, Lombardy saw a resurgence in rental prices, particularly notable in Milano, where one-bedroom apartments reached an astonishing €29 per square metre. This surge in pricing reaffirmed Milano’s status as one of Europe’s most expensive cities for housing. The trend extended to other areas in Lombardy, such as Sondrio and Monza e della Brianza, albeit to a lesser extent.

By 2023, rental prices in Lombardy reached unprecedented heights, with Milano standing out as the pinnacle of desirable living, with one-bedroom apartments commanding a staggering €24 per square metre. Sondrio and Como also witnessed significant increases in rental prices, indicating a regional trend of escalating housing costs that posed challenges for residents seeking affordable accommodations.

Average asking price per sq.m. Lombardia 2020 to 2024, from one to four bedrooms
Average asking price per sq.m. Lombardia 2020 to 2024, from one to four bedrooms

Now talking about the most affordable areas in Lombardy, in 2020, the lowest prices per square metre for apartments in Lombardy ranged from €12 to €15, depending on the number of bedrooms. The most expensive areas for one-bedroom apartments included Pavia, Mantova, and Cremona, while Lodi emerged as the least costly region for two, three, and four-bedroom apartments, showcasing a diverse spectrum of pricing across different locales within the region.

As the years progressed, rental prices in Lombardy exhibited varying trends. In 2021, there was a slight decrease in prices across certain categories, with the lowest prices per square metre ranging from €12 to €13. However, Lodi maintained its position as one of the least expensive areas for all apartment sizes, underscoring its prominence in the regional rental market.

During 2022, one-bedroom apartments cost up to €9 per square metre in Lodi and Mantova, and two-bedroom apartments averaging €7 per square metre in the same areas. Even in larger units, such as three and four-bedroom apartments, these regions remained at the forefront of the affordable rentals.

By 2023, rental prices reached their peak in the most inexpensive areas, with one-bedroom apartments commanding as much as €21 per square metre, two-bedroom units costing €16/m2, three and four-bedrooms accounting for €14 and €16 respectively. Lodi, Mantova and Cremona continued to feature prominently as the most affordable areas for rental accommodations across all apartment sizes.

Overall, from 2020 to 2023, Lombardy’s rental market showcased a dynamic landscape characterised by fluctuating prices and persistent demand, particularly in key urban hubs like Milano. Despite occasional dips, the region maintained its reputation as a sought-after destination for renters, albeit with escalating costs posing challenges for affordability and access to housing.

Interested in this kind of content? Subscribe to CASAFARI, the largest real estate database in Europe, and have limitless access to all the analyses about the Italian property market you need!

We track daily over 310M listings across Europe

Be the first one to know about price changes, new and sold listings.