Co-Living Conversion Dataset 2026: Rent Before and After in 11 LDP Group Client Purchases
Eleven flats that clients bought through LDP Group and converted to room-by-room letting, in Munich, Berlin and Nuremberg. The average cold rent was €1,166 a month at purchase and is €2,369 in the business case after conversion. The median planned uplift is 105%, the weakest case 54%. In Munich the planned rooms sit at a median of €750 cold, against a market median of €850 including utilities for a room in a shared flat. These are LDP Group's own purchases as planned before the notary date: not a market statistic, and not a rent roll.
Published by LDP Group, a firm near Munich that finds and manages rental property in Germany for expats and coordinates the financing with a licensed mortgage broker. To see what the figures mean for one flat, run a real client purchase with your own numbers.
The dataset: all 11 co-living purchases, ordered by price
| Case | Purchase price | Cold rent before | Cold rent after* | Planned uplift | Per room, cold | Gross yield before / after |
|---|---|---|---|---|---|---|
| Munich, 5-room co-living | €730,000 | €1,760 | €3,625 | +106% | €725 | 2.9% / 6.0% |
| Munich, 4-room co-living | €645,750 | €1,400 | €2,800 | +100% | €700 | 2.6% / 5.2% |
| Munich (Schwabing), 4-room co-living | €640,000 | €1,200 | €3,000 | +150% | €750 | 2.2% / 5.6% |
| Munich, 4-room co-living, 100 percent financed | €625,000 | €1,350 | €2,900 | +115% | €725 | 2.6% / 5.6% |
| Munich, 3-room co-living | €600,000 | €1,120 | €2,475 | +121% | €825 | 2.2% / 5.0% |
| Munich, 3-room co-living | €525,000 | €1,400 | €2,325 | +66% | €775 | 3.2% / 5.3% |
| Munich (Milbertshofen), 3-room co-living | €525,000 | €1,100 | €2,250 | +105% | €750 | 2.5% / 5.1% |
| Munich (Olympiapark), 3-room co-living | €505,000 | €1,200 | €2,250 | +88% | €750 | 2.9% / 5.3% |
| Berlin, 3-room co-living | €327,000 | €900 | €1,800 | +100% | €600 | 3.3% / 6.6% |
| Nuremberg, 3-room co-living, 105.5 percent financed | €314,000 | €800 | €1,230 | +54% | €410 | 3.1% / 4.7% |
| Nuremberg, 3-room co-living, full renovation | €307,000 | €600 | €1,400 | +133% | €467 | 2.3% / 5.5% |
*Cold rent after is the monthly net rent after conversion as recorded in the business case prepared before the purchase, not a measured rent roll. Source: LDP Group Co-Living Conversion Dataset 2026, extract of 14 September 2026. Gross yield is cold rent times twelve divided by the purchase price, before purchase costs, renovation, vacancy, management and tax. Per room is cold rent after divided by the number of separately let rooms.
Key findings
On paper the cold rent roughly doubles, and the spread is wide. Across the eleven purchases the cold rent rises from an average of €1,166 to €2,369 a month, 2.0x. Case by case the planned uplift runs from 54% (Nuremberg, €314,000) to 150% (Schwabing, €640,000), with a median of 105%. In 8 of 11 cases the rent at least doubles.
The percentage says more about the old lease than about co-living. The three flats that yielded under 2.5% gross at purchase (Munich, €600,000; Schwabing, €640,000; Nuremberg, €307,000) are the three with the largest planned uplift, 121% to 150%. The three that already yielded 3.0% or more gained 54% to 100%. A flat let far below market before the purchase produces a large multiple whatever is done with it. The dataset cannot say how much of each uplift is the old rent catching up and how much is the room-by-room premium, because it does not record what the whole flat would have earned at the market rent of the day.
After conversion the yields sit close together. At purchase the flats yielded 2.2% to 3.3% gross. In the business case after conversion they yield 4.7% to 6.6%, on average 5.4%. The eight Munich cases land between 5.0% and 6.0%. The yield after conversion is the steadier figure to plan with; the multiple depends on where the old rent happened to stand.
Munich carries the dataset. Eight of the eleven purchases are in Munich, at a median price of €612,500. Berlin has one case and Nuremberg two. Outside Munich the figures are examples, not a sample. The median price across all eleven is €525,000.
What a weaker letting does to the same flats. If every room let 20% below the business case, the median uplift would be 64% and the weakest case 23%, and the average gross yield 4.4% instead of 5.4%. With one room empty for a full year the median uplift is 47% and the average gross yield 3.8%; in the weakest case (Nuremberg, €314,000) the flat would then earn €820 a month against €800 before the conversion. Both lines are computed from the table above and can be checked row by row.
How the planned room rents compare with the market
Dividing each planned cold rent by the number of rooms gives the rent a single tenant is expected to pay. In the eight Munich cases that is €700 to €825 a room, with a median of €750. In the Berlin case it is €600, in the two Nuremberg cases €410 and €467. Averaged over all eleven cases it is about €680.
The independent yardstick is the analysis that the Moses Mendelssohn Institute and WG-Gesucht.de publish every semester. The edition of 19 September 2026 for the winter semester 2026/27, based on 3,870 listings, puts the median for a room in an existing shared flat of two to three people at €850 in Munich and €650 in Berlin (press release). Those are rents including utilities, and in most listings also electricity, internet and the furnishing of the shared rooms. The release names no figure for Nuremberg, so that comparison is missing here.
The two figures are not like for like. A room planned at €750 cold costs its tenant more than €750 once the service charges are added. Read correctly, the Munich business cases price their rooms around the market median for a shared-flat room, not below it, and so does the Berlin case (€600 cold against €650 all-in). That is plausible for freshly renovated, furnished rooms near public transport. It is also the first assumption to test: a flat that needs room rents at the local median to reach its plan depends on the quality of the conversion and on quick re-letting, and each room contract is a full tenancy to which the Mietpreisbremse applies in Munich and Berlin. The rules per room are on our co-living page.
How to use this for a flat you are offered
Plan with yields and room rents, not with the multiple. First, divide the promised cold rent by the number of rooms and hold the result against the local median for a shared-flat room and against the rent the Mietpreisbremse allows. Second, recompute the gross yield with every room 20% below plan and with one room empty for a year; in this dataset that takes the average from 5.4% to 4.4% and 3.8%. Third, ask what the flat would earn let as one unit at today's market rent. The difference between that figure and the room-by-room rent is the part of the uplift that actually depends on co-living.
Every case with a card can be re-run with your own equity, interest rate and tax bracket in the case calculator, which applies the same stress test to the monthly cash position after the loan payment. The twelve questions to settle before buying a co-living flat, and the document that answers each, are on the co-living page.
Methodology and sources
Case figures. The LDP Group Co-Living Conversion Dataset 2026 is built from LDP Group's published business cases: an anonymised extract of completed client purchases dated 14 September 2026, with one rent before corrected on 1 October 2026. Included is every purchase in the extract whose concept is a co-living conversion, eleven in total. The modernised studios and standard rentals in the same extract are not included; they are shown on the client cases page. Ten of the eleven cases have a case card with photos and floor plans on the client cases page, linked in the table. The remaining one (Munich, €645,750) is described on that page in the section on what nearly went wrong, without a card. One further co-living purchase (Munich, €555,000, cold rent €1,433 before and €2,400 in the business case, +67%) was published on the client cases page after the extract date. It is not in the averages here, so that this page and the figures quoted elsewhere on ldp.group describe the same set, and it joins the dataset at the next update.
Definitions. Cold rent before is the monthly net rent the flat earned at purchase, or was expected to earn as a plain rental. Cold rent after is the monthly net rent after the conversion as recorded in the business case prepared for the client before the notary date. Planned uplift is after divided by before, minus one. Rent per room is cold rent after divided by the number of separately let rooms. Gross yield is cold rent times twelve divided by the purchase price. Averages are arithmetic means of the case values, and the multiple is the ratio of the two average rents, which is why these figures match the averages quoted on ldp.group. The stress lines apply 80% of the planned rent, and the planned rent less one room.
Market room rents. Moses Mendelssohn Institute and WG-Gesucht.de, press release of 19 September 2026, "Studentische Wohnkosten Wintersemester 2026/2027": median all-in rents for open-ended rooms in existing shared flats of two to three people, 3,870 listings, read on 5 October 2026.
Download. The table is available as CSV, free to use with attribution to "LDP Group Co-Living Conversion Dataset 2026".
Limitations: what this dataset cannot show
It is a record of our own purchases, not a sample of the market. A flat we advised against, a purchase that did not complete and a conversion that was never carried out are not in it. Read it as what one firm bought and planned, and expect the selection to flatter the result.
The rents after conversion are plans, not rent rolls. The dataset does not carry the rent achieved, the months between tenants or the number of rooms let today. Until the case files hold those, it cannot show plan against outcome, which is the comparison a buyer most needs.
Eleven cases, eight of them in one city. Medians and ranges describe these purchases. No statistical claim follows from them, least of all for Berlin and Nuremberg.
Costs are missing. Renovation and furnishing spent on top of the price are not in the dataset, so the return on the conversion itself cannot be computed from it. Gross yield ignores purchase costs, management, vacancy and tax.
The market comparison is rough. It holds planned cold rents against all-in rents from listings, covers Munich and Berlin only, and uses a median for shared flats of two to three people while these flats have three to five rooms.
Nothing here has been independently audited. The figures come from LDP Group's own case files.
Reviewed by Nicholas Runtic and Abdelrahman Maged, co-founders of LDP Group, before publication.
German mortgage rates, every second Tuesday
Citation & press use
Figures may be quoted freely with attribution to "Co-Living Conversion Dataset 2026: Rent Before and After in 11 LDP Group Client Purchases, LDP Group" and a link to this page. Press enquiries: info@ldp.group.
Frequently asked questions
What rent uplift is realistic for a co-living conversion in Munich?
In the LDP Group Co-Living Conversion Dataset 2026, the eight Munich purchases plan a cold rent per room of €700 to €825 and a gross yield of 5.0% to 6.0% after conversion. Across all eleven cases the planned uplift on the previous rent has a median of 105% and a low of 54%; with every room 20% below plan the median falls to 64%. The multiple depends mostly on how far below market the old rent was, so plan with the room rent and the yield, not with the percentage.
Are the rents in this dataset achieved or planned?
Planned. Cold rent after conversion is the figure in the business case that LDP Group prepared for the client before the purchase. The purchases themselves are completed, but the dataset does not carry measured rent rolls, vacancy between tenants or the number of rooms let today. That is stated in the table note and in the limitations, and it is the main reason to recompute every case with rents below plan.
How do the planned room rents compare with market rents for a room?
The Munich cases plan €700 to €825 cold per room, with a median of €750; the Berlin case plans €600. The Moses Mendelssohn Institute and WG-Gesucht.de put the median for a room in a shared flat at €850 in Munich and €650 in Berlin for the winter semester 2026/27, including utilities. Since the case figures are cold rents, the planned rooms are priced around the market median, not below it.
Why is the uplift larger than the premium usually quoted for co-living?
Because the starting point is the rent the flat earned at purchase, often an old lease well below market, and not the market rent of the whole flat. The three flats that yielded under 2.5% gross at purchase show the largest planned uplift, 121% to 150%. Measured against a re-letting at market rent the premium of letting by the room is smaller, and this dataset cannot quantify it because that market rent is not recorded.