Rents in Milan exploded with Design Week

As the Milan Design Week approaches, the atmosphere of anticipation in the city is also reflected in short-term rental prices, which in the days leading up to the 2024 edition have already seen a significant increase compared to previous years. According to the recent report by Abitare Co., a company active in real estate brokerage, the effect of the Design Week is felt not only in the center of Milan but also in the surrounding areas, with a surge in prices reaching unprecedented levels. The data highlight a significant increase in short-term rental prices, with an average increase of 214% compared to other times of the year. The average cost for a week of rental during the Design Week has soared to €3,855, with dizzying peaks reaching €7,350 in some areas, such as Via della Moscova. This phenomenon is not limited solely to Milan: even in neighboring cities like Monza and in the Milan hinterland, a similar trend is observed, with price increases exceeding 200%.

One of the reasons behind this exponential increase is the high absorption rate of available apartments, which reached 89% of the total just a few days before the start of the event. The strong demand during the Design Week prompts many owners to make their homes available, either by renting out the entire house or by renting out a room. This phenomenon is not new, but in recent years it has gained increasing relevance, leading to a real transformation of the short-term rental market during the event. The most expensive areas of Milan during the Design Week confirm their prestigious positions: Brera, with an average cost of over €5,740 per week to rent an apartment, confirms itself as the most exclusive area, followed by Garibaldi/Porta Volta and other areas traditionally linked to the event. However, even areas like Lambrate, no longer included in the official Design Week circuit, record significant price increases, with an increase of 10.8% compared to the previous year.

The analysis of the data compared to the previous year shows a less pronounced increase in the Milanese neighborhoods analyzed, with average price increases ranging from 2.4% to 10.8%. This could indicate a certain stabilization of prices compared to the more pronounced fluctuations of previous years, but it still establishes that there is an accessibility problem especially for young people and students who live outside and instead want to participate in the many initiatives of the Design Week. It is precisely the difficulty in finding rentals in the city that has led to initiatives to open the city to young people such as IED's Glitch Camp, a sort of urban camp that will be set up in the spaces of the "Enrico Cappelli Savorelli" Sports Center to host students arriving in Milan for the Design Week, scheduled from April 15 to 21. The structure of the Sports Center will contribute to making the week of the Salone del Mobile accessible to as many young people from international backgrounds as possible, offering not only a practical solution to the housing problem during the Design Week, but also a unique opportunity for young design students from around the world to experience immersive experience in the pulsating heart of international design.