Milan Rental Prices [costs, trends, tips]

Alright, let's get straight to the point: renting in Milan is expensive. I've been living here for over 20 years, and as a real estate agent, I keep a daily pulse on the market, chatting with landlords, tenants, and investors while keeping up with the latest trends.

My goal? To navigate through hard data, market trends, and actual figures without falling into the usual clichés.

Lately, newspapers and talk shows have been sounding the alarm: “Rental prices In Milan are out of control!” they cry. Scandalous! Outrageous! But reality is a little more... predictable. Milan simply follows the good old rules of market economics: “High demand + limited supply = rising prices”.

And yet, the city isn't emptying out. Quite the opposite—rental properties are getting snatched up, and international investors can’t seem to get enough of Milan.

But let’s get down to business: how much does it really cost to rent a home in Milan? What’s the difference between traditional and short-term leases? And, the million-dollar question: are rents truly too high… or are Italian salaries just too low?

If you're thinking of renting out your place or looking for a place to rent, stick around. This article is packed with numbers, facts, and a few uncomfortable—but necessary—truths.

Menu:

•  Average Rent Prices in Milan
•  Where to Rent in Milan
•  Luxury Rentals for Foreigners
•  Renting vs. Owning in Europe
•  The Tourist Rental Boom
•  Final Thoughts

Average Rent Prices in Milan

Let’s not sugarcoat it: renting in Milan is no joke. Today, the average monthly rent for an apartment in the city is a cool €1,850, a studio will set you back €1,300, and if you’re a student? Well, brace yourself—you’ll need €730 just for a room. That’s right, a single room.

Milan proudly holds the bronze medal for the most expensive rental markets in Europe, trailing just behind Munich and Amsterdam. Quite the achievement, don’t you think? But here’s the catch: when you compare these figures to Italy’s notoriously low wages (among the lowest in Europe, in fact), it’s easy to see why people are up in arms.

Let’s be real: a single office worker can forget about affording a studio apartment in Milan. But before we grab the pitchforks, let’s ask the right question:

👉 Are rents in Milan outrageously high compared to what the city offers in terms of services and quality of life, or is the real problem that wages have been stagnant for decades?

Because if you listen to certain TV shows, paying €1,300 for a studio sounds insane, yet nobody blinks when a teacher earns just €1,200 a month.

If rents were truly unaffordable, people would be fleeing Milan in droves, opting for the more budget-friendly surrounding towns.

Makes sense, right?

Wrong.

In 2022 alone, there were 73,800 new rental contracts, marking a 7% increase from 2021 and a staggering 25% jump compared to 2019.

Clearly, despite the sky-high prices, people keep moving in, not out.

And the numbers don’t lie:

• 9,000+ apartments are being built by international real estate funds, expected to be ready by 2026.
• 91% absorption rate in 2022 (translation: rentals get snapped up fast).
• 35 days—the average time between listing a property and signing a lease.
• 8,000+ out-of-town students hunting for a place to live.
• Rental yields: 3.7% for B2R, 5% for traditional leases.
• €560 million (+19%) in foreign investments in Milan’s rental market.
• Several neighborhoods undergoing major redevelopment, with more to come.

Table of Rental Prices in Milan by Contract Type

Rental Type	Average Monthly Rent (€ per sqm)
Discounted lease contracts	12,91 € per sqm
Student rentals	19,19 € per sqm
Short-term (18 months)	19,89 € per sqm
Standard lease (4+4 years)	20,83 € per sqm
B2R lease	23,33 € per sqm
Renovated apartment	25,00 € per sqm
Brand-new apartment	29,17 € per sqm

So, is Milan expensive? Absolutely.

Is it overpriced? That depends.

One thing’s for sure—people aren’t running away. If anything, they’re queuing up to pay the price of admission.

Own property in Milan? Maximize your rental income with expert insights and market data. Contact us now!

Where to Rent in Milan: Neighborhoods on the Rise (and Decline)

Now that we’ve established that renting in Milan isn’t for the faint-hearted, let’s talk about where to get the best bang for your buck. Prices aren’t rising everywhere, and if you know where to look, you might just land a deal—well, a Milan-style “deal,” at least.

Neighborhoods on the Rise

If you're looking for areas where rental demand is growing, here’s where the action is happening:

• Nigra & Jenner – Rental contracts are up by 7%, thanks to the ongoing redevelopment of the Farini railway yard, one of the biggest urban transformation projects in the city. More services, more green spaces, more demand.
• Lorenteggio & Porta Ticinese – The big winner? The brand-new M4 metro line, set to open at the end of 2024, is already pushing rental prices up in these areas. Better connectivity = higher demand. Simple math.

Stable Rental Prices

Not everywhere is experiencing price hikes. If you prefer stability (or at least, as much as you can expect in Milan), consider these areas:

• Bruzzano
• Pacini (Città Studi / Politecnico di Milano / Università Statale)
• De Angeli

These neighborhoods have held steady, meaning you won’t wake up one morning to find your rent has mysteriously jumped by 20%.

Neighborhoods with Falling Prices

Looking for a slight reprieve from Milan’s rental madness? These areas have seen rents drop by an average of 5%:

• Olmi
• Bagarotti
• Parri
• Ponte Lambro

Less demand means slightly better deals, though these areas may lack some of the buzz (and the convenience) of Milan’s most sought-after districts.

What Do Renters Actually Want?

Regardless of location, recent rental contracts all have one thing in common:

• Metro station within 500 meters – Because no one wants to spend their life stuck in Milanese traffic.
• Outdoor space – A balcony, terrace, or garden is now a must-have. No terrace? No deal.
• Energy efficiency – Apartments with minimal heat loss are winning the rental game.
• A dedicated smart-working space – If your place has an extra room for remote work, congratulations, you’ve just hit Milan’s renter jackpot.

So, whether you’re looking for value, convenience, or simply a place where your paycheck won’t evaporate instantly, knowing Milan’s rental landscape is the key to making a smart move.

Luxury Rentals for Foreigners: Milan’s High-End Rental Madness

As I was saying earlier, if someone is willing to drop €1,300 a month on a tiny studio in Milan, it’s because the city commands those prices right now. And when it comes to larger, more luxurious apartments, finding eager tenants is even easier.

If there’s one area in Milan that screams modern luxury, it’s CityLife—a district where foreign investors are snatching up real estate like there’s no tomorrow. In fact, I’ve sold properties here myself, and trust me, the demand is off the charts.

Let’s talk numbers:

• 300-400 sqm apartments in CityLife can rent for a jaw-dropping €30,000 per month.
• These homes come with every imaginable comfort, wrapped in a level of architectural and interior design perfection that makes even the most seasoned luxury buyers swoon.

You’d think such astronomical prices would limit the market. Instead, CityLife is a magnet for wealthy international investors, rushing to Milan like bees to honey.

But why Milan? Why not a beachfront villa in the Caribbean?

Excellent question! If you had a bank account big enough to fund a permanent mojito-fueled retirement on a private island, why on earth would you choose Milan?

Simple: Milan is Europe’s ultimate gateway.

The foreigners who can afford a CityLife rental are not just rich—they’re mobile. These are the kind of high-flying professionals who spend their lives bouncing from one boardroom to another, hopping across European capitals.

And Milan makes that ridiculously easy. With its top-tier connectivity, the city isn’t just a beautiful place to live—it’s a strategic hub for those who frequent executive meetings more than their own kitchens.

Looking for a luxury rental in Milan? Discover exclusive properties and premium locations. Find your dream home today!

Luxury, convenience, and a first-class ticket to the rest of Europe? That’s why Milan is the address of choice for the global elite.

But Wait, There's More!

Enter the Flat Tax, aka Milan’s golden ticket for the ultra-rich.

• €200,000 flat tax on all foreign income—no matter how many millions (or billions) you rake in abroad.
• Zero headaches about complex tax structures or double taxation.
• Luxury living in one of Europe’s most dynamic cities—without the tax burden that usually comes with it.

Basically, if you’re a wealthy foreigner who wants to keep your offshore earnings untouched, while enjoying a penthouse in CityLife with a skyline view, Milan is practically rolling out the red carpet for you.

So, welcome, HNWIs! Enjoy your designer apartments, rooftop terraces, and five-star concierge services—and don’t worry, your tax bill won’t ruin your aperitivo.

Renting vs. Owning in Europe: The Great Property Obsession

Owning a home has always been the ultimate Italian dream-a passion so deeply ingrained that it rivals love for our favorite football teams. And guess what? This obsession is now spreading across Europe like a wildfire, even in countries where renting was once the norm and getting a mortgage was considered a life sentence.

But let’s be clear: this isn’t some grand cultural shift. Europeans aren’t suddenly having an existential crisis about homeownership. No, the real reason? Ridiculously low interest rates made buying more attractive than renting. And when money is cheap, the dream of owning a home suddenly seems a whole lot sweeter.

Renting vs. Owning in Europe: The Great Property Obsession

Country	Homeowners	Renters
Germany	49,5%	50,5%
France	64,7%	35,3%
UK	65,2%	34,8%
Greece	73,3%	26,7%
Italy	73,7%	26,3%
Spain	75,8%	24,2%
UE Average	69,9%	30,1%

With 74% of Italians owning their homes, we’re leading the pack alongside Spain (76%), the UK (65%), and France (65%).

And then, there’s Germany—sticking out like a sore thumb, with a perfect 50/50 split between renters and homeowners.

Why do Germans rent so much?

It’s not because they love renting. It’s because buying in Germany has become outrageously expensive.

+97% house price increase in Germany over the last 10 years—meaning that the same house now costs DOUBLE what it did a decade ago. Ouch.

Meanwhile, other countries have seen more "reasonable" price hikes:

• +34% in France
• +7% in Spain (yes, really)

And then there’s Italy, where house prices have actually dropped by 9.4% over the last decade. That’s right—while the rest of Europe saw real estate values skyrocket, Italy went in reverse.

So, while the rest of the continent scrambles to buy homes before prices climb any higher, Italians are still sitting pretty, waiting for the perfect property at the perfect price—because that’s just how we roll.

Europe’s Latest Real Estate Craze: The Multifamily Boom

Germany, oh Germany. A country where housing prices have skyrocketed, yet purchasing power remains among the highest in Europe. This unique combo has given birth to a real estate revolution: enter multifamily housing.

So, what’s the deal? Multifamily refers to entire residential complexes built by international real estate funds—not for sale, but exclusively for rent. Think standard rentals, not social housing. We’re talking high-quality apartments with rent prices that actually match what they offer (for once).

This business model is nothing new—in fact, it’s already a major investment trend worldwide:

• 20% of global real estate investments are now in multifamily housing.
• Germany leads the way, with 140 million square meters of multifamily space.
• Sweden, Denmark, and the UK follow, with a “mere” 52 million square meters.

And Italy? Well, as usual, we’re fashionably late to the party.

But guess where the trend is finally picking up?

You guessed it—Milan.

The 9,000 rental units planned for Milan by 2026? Multifamily projects. Investors are finally realizing that Milan is the perfect testing ground for a rental-based housing model.

Who Benefits from Multifamily?

Right now? Pretty much everyone.

• With rising interest rates, mortgages are getting painfully expensive.
• Inflation is through the roof, making homeownership less attractive.
• Careers are becoming more flexible—people move around more, delaying the decision to buy.

Think about it: if today you’re working in Berlin, but next year you’re in Madrid, does it really make sense to buy? Probably not.

So, while some still dream of owning (and bless them for it), many others are embracing the rental lifestyle. And in Milan, multifamily housing is about to make that lifestyle even more attractive.

Invest in Milan’s luxury rental market! Maximize your returns with expert insights on high-end properties. Start now!

The Tourist Rental Boom: How Vacation Homes Became Office Spaces

Before we wrap things up, let’s talk about tourist rentals-because when it comes to rising rental prices, it’s not just about supply and demand. Sometimes, small cultural revolutions play a role too.

When people think of tourist rentals, they usually picture:

• A cozy apartment rented for 3-4 nights on Airbnb.
• A beachfront house in August for the summer holidays.

But post-COVID reality has added a new twist: workation rentals.

Yes, I know—working while on vacation sounds like an oxymoron. But if you work remotely, you get it. Why stare at your apartment walls in the city when you could set up your laptop on a sunny balcony overlooking the sea?

This has led to the rise of South Working—the great seasonal exodus of remote workers who flee northern offices for southern beach towns.

But here’s the real surprise: It’s not just Italians making this move.

35% of these remote workers are actually foreigners who, thanks to work-from-anywhere policies, now spend the warmer months in Italy.

How Much Does a Tourist Rental Cost?

• July: €900 - €1,700 per week
• August: €1,200 - €2,200 per week

Given everything we’ve said about stagnant Italian wages, it’s no surprise that most of these rentals go to wealthy foreigners who can afford to blend work and dolce vita.

Final Thoughts: Renting Isn’t the Enemy

I’ll admit—I wrote this article with a mission.

• First, to bust the myth that Milan’s rental prices are outrageous. They’re not a result of evil speculation; they’re simply the byproduct of a competitive real estate market.
• Second, to subtly highlight that renting—whether through multifamily housing or South Working—isn’t necessarily a bad thing. In today’s world, it often makes more sense than buying.

Sure, real estate is still Italy’s favorite investment, but renting isn’t the villain many make it out to be. Sometimes, flexibility is the real luxury.

Elena Manzhos: Mother of two beautiful children, wife, and real estate agent for over 15 years. More than 20 years ago,  I moved to Italy from Eastern Europe. I have always had a deep-seated passion for houses; as a child for the Barbie house, and now as a real estate professional, my love for luxurious properties is unwavering.
Fiaip, Linkedin, Instagram, Facebook.