Buy-to-Let Properties in Erlangen: Figures, Locations, and an Honest Calculation
Michael Pauker · 2026-10-13
University, Siemens, and more single-person households than families. We have compiled the official figures for Erlangen and honestly calculate a used and a new-build apartment.
Erlangen is one of the most stable and at the same time most expensive locations in northern Bavaria. As part of the Nuremberg metropolitan region, the city benefits from a high density of jobs in the technology sector and a large university. For investors, this means low risk, but also a very tight yield.
Here you will find the official figures, the development of population and demand, the rules for landlords, and an honest calculation for two sample apartments.
01Erlangen in figures
| Key figure | Value | Source, Status |
|---|---|---|
| Inhabitants | 118,500 | City of Erlangen, Dec 31, 2025 |
| Development since 2015 | +7.5 % | City of Erlangen, 2015 to 2025 |
| Forecast to 2044 | +4.7 % | Bavarian State Office for Statistics, 2024–2044 |
| Single-person households | 53.0 % | City of Erlangen, 2025 |
| Vacancy rate | 1.5 % | 2022 Census, May 15, 2022 |
| Unemployment rate | 4.9 % | Nuremberg Employment Agency, Sept 2026 |
| Students (FAU Erlangen-Nuremberg) | approx. 38,600 | University data, 2025/26 |
| Purchase price used apartment (2025) | €3,700/sqm | Upper Expert Committee Bavaria, Ø 2025 |
| Purchase price new-build (2025) | €7,000/sqm | Upper Expert Committee Bavaria, Ø 2025 |
| Rent index (average base) | €9.67/sqm | 2025–2027 Rent Index |
| Property transfer tax (Bavaria) | 3.5 % | since 1983 |
02Population and demand
Erlangen is a growing city. The population has increased by 7.5% since 2015, and the official forecast expects further growth to over 122,000 inhabitants by 2044.
The demand for small apartments is particularly high: 53% of all households are single-person households. The university with its approx. 38,600 students and large employers such as Siemens ensure a constant influx of young people.
03Economy and labor market
The economy is dominated by the university and the Siemens Campus. Many people commute to Erlangen: the city has a high surplus of commuters. The unemployment rate of 4.9% is low, reflecting the high quality of jobs.
04Mieten, Kaufpreise und Mietrendite
Erlangen is expensive. Used apartments cost an average of €3,700/sqm, and new builds are at €7,000/sqm. Rents are also high but limited by the rent index and rent control.
05Rules for landlords in Erlangen
- Rent Control (Mietpreisbremse): Applies until 2029. New lease rent max 10% above index.
- Rent Increase Cap (Kappungsgrenze): 15% in three years.
06Sample calculation: Erlangen
We calculate a used apartment (1960s) for €3,700/sqm. 60 sqm, 20% equity.
| Item | Used Apartment (60 sqm) |
|---|---|
| Purchase price | €222,000 |
| Closing costs (approx. 5.2%) | €11,600 |
| Total investment | €233,600 |
| Equity (20%) | €46,720 |
| Loan amount | €186,880 |
| Net cold rent | €580 (€9.67/sqm) |
| Annual rent (net cold) | €6,960 |
| Interest (3.5%) | −€6,541 |
| Repayment (2.0%) | −€3,738 |
| Non-recoverable costs | −€900 |
| Cash flow before tax | −€4,219 (approx. −€352/month) |
FAQHäufige Fragen
Is an apartment in Erlangen worth it as an investment?
It primarily depends on the year of construction, purchase price, and your financing. Erlangen is growing and has many single-person households, students, and commuters. However, at €3,700/sqm and rents according to the index, the gross rental yield for used apartments is only around 3%. With financing, you will pay extra monthly in most cases, even after taxes.
How high is the rental yield in Erlangen?
For an average used condominium, gross between approx. 2.7 and 3.3%, depending on the rent. New-build apartments achieve around 3.1% with the index value for the newest age group.
How much does a condominium cost in Erlangen?
According to the Upper Expert Committee, used condominiums over 45 sqm cost an average of €3,700/sqm in 2025, and new-builds €7,000/sqm.
How high is the rent according to the Erlangen rent index?
The 2025–2027 rent index cites an average base rent of €9.67/sqm. Depending on size and age, the base ranges from around €7.40/sqm for 60-sqm apartments from 1949–1965 to over €15/sqm for small new-builds. Surcharges apply for equipment, modernization, and location.
Is there rent control in Erlangen?
Yes. Erlangen is in the Bavarian Tenant Protection Ordinance, valid until Dec 31, 2029. For a new lease, the rent may be at most 10% above the local comparative rent. In current contracts, increases are limited to 15% in three years. New builds first rented after Oct 1, 2014, are exempt.
Which districts in Erlangen are interesting for investors?
For students, the city center around the university; for professionals, the Südstadt with the Siemens Campus and Bruck; for families, Büchenbach or Sieglitzhof. The rent index gives surcharges based on distance to the center, shopping, and green spaces.
How high are the closing costs in Erlangen?
In Bavaria, there is a 3.5% property transfer tax. Notary and land registry cost approx. 1.6 to 1.7% of the purchase price with financing. Without a broker, for a €222,000 purchase price, it is around €11,600, or approx. 5.2%.