Cities for rent

"Cities for Rent" is a collaborative project involving over 25 investigative and data journalists from 16 European countries, initiated under the Arena for Journalism in Europe. The project investigates the growing influence of corporate landlords in the housing market across Europe, particularly in the wake of increased rental demand during the pandemic. The investigation aims to uncover the financial flows and practices of these landlords, highlighting the critical issues surrounding housing affordability.

The demand for rental flats in European cities has surged, making housing an increasingly attractive investment. The total investment in residential real estate in Europe has skyrocketed over 700% from 2009 to 2020, rising from 7.9 billion euros to 66.9 billion euros. This meteoric rise is seen alongside reports of many individuals struggling to find affordable housing, leading to numerous stories of abusive practices by corporate landlords.

The investigation reveals that since the financial crisis, international investment funds and housing corporations have been acquiring homes across Europe. A significant concern raised is the lack of transparency among corporate landlords, which hampers efforts to gather relevant data on their practices. The project aspires to foster an open collaborative effort for more cross-border research into the crisis of housing affordability affecting European cities.

In Madrid, for instance, authorities sold over 4,800 homes designated for affordable housing to American investment funds with little public awareness. Following these sales, rents increased significantly, with some tenants experiencing a doubling of their rent within three years, resulting in numerous evictions. Similar patterns have been reported in Dublin, where tenants faced harassment and intimidation from corporate landlords, and in Lisbon, where properties are being sold at inflated prices despite existing tenants.

In cities like Paris, London, Copenhagen, and Berlin, tenants have reported ongoing abusive practices by the Swedish company Akelius, which has drawn criticism from international bodies like the UN for infringing on tenants' human rights. The COVID-19 pandemic has exacerbated the housing crisis, with studies indicating a correlation between overcrowded living conditions and higher mortality rates from the virus.

The investigation also highlights the lack of accessible data on housing markets, with many local governments unaware of the extent of corporate landlord acquisitions in their cities. This lack of transparency makes it difficult to understand the overall impact of these investments on housing affordability and tenant rights.

"Cities for Rent" serves as a foundational step for more comprehensive cross-border research into housing affordability and corporate landlord practices in Europe. The project aims to share its research methodology, data visualizations, and catalogs to encourage further investigation and public discourse on the pressing issue of sustainable housing.

The project involves a diverse team of contributors from various European countries, all working towards shedding light on the complexities of housing markets influenced by corporate entities. The collaboration promises to provide valuable insights into the ongoing housing crisis and its implications for society.