Where the portfolio differs
Calculatedn = 2,125- Observation
- Munich (Muenchen, Tier I) shows the highest median budget at EUR 1,050 from 328 stated budgets, +17% against its tier median of EUR 900. Halle (Halle) sits lowest at EUR 450, −10% against its tier. The three busiest locations carry 39% of 13,316 searches.
- Interpretation
- The spread between Munich and Halle is EUR 600 per month, 133% of the lower figure — larger than any product or size effect measured elsewhere in this dataset. Search volume is spread across the location set, so portfolio medians are a fair summary rather than an artefact of one market.
- Investment implication
- Underwrite Munich against its own tier evidence rather than the portfolio median — the portfolio figure understates it by +17%, and treat Halle as a price-led asset: test rent below its current band before assuming a tier-average uplift.