Amsterdam Housing Market 2025: a city that is increasingly sorting itself out

 

The Amsterdam housing market will have become even more selective by 2025. Who can live there, how one gets in, and whether one can stay are increasingly strongly linked to income and position on the housing market. This is evident from the latest biennial housing market survey by the Municipality of Amsterdam and the housing corporations: 'Wonen in Amsterdam' WiA 2025. The figures show that the functioning of the Amsterdam housing market is actively sorting people (Bos et al., 2026).

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  1. Shifting housing stock  

 

Over the past ten years, the housing stock has undergone structural changes. The housing association sector contracted significantly, while the share of owner-occupied homes is slightly on the rise again after many years. The growing share of owner-occupied homes between 2015 and 2017 was primarily driven by the sale of social rental housing, whereas a decline occurred after 2017 mainly due to the conversion of owner-occupied homes into private rental housing. The growth currently visible is a result of changes in the existing stock—thus due to the conversion from rental to ownership—but also of the composition of new construction. The private rental sector, which increased in size for years, now appears to have reached its peak and has even contracted slightly.

 

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The composition of the housing stock varies by district. In West, South, and Center, a recent conversion took place from private rental to owner-occupied homes, also known as "selling off." This resulted in a large increase in owner-occupied homes, particularly in these parts of the city. In the other districts, the number of private rental homes has increased, meaning the urban decrease in the share of private rental homes is small.

 

  2. Price developments: more expensive and increasingly less accessible

 

Over the past ten years, a clear decline has been observed in the share of social housing in the Amsterdam housing stock; around 11%. The share of expensive rental properties has grown substantially by 10%. Within the private rental sector, nearly a quarter now belongs to the 'free market', where no rent regulation applies. The other three-quarters of private rental properties consist of social housing or mid-market rentals; this includes student and youth housing from investors such as Greystar and Student Experience, but also small rental properties from private investors and residential complexes from institutional investors in the mid-market and free market segments. Moreover, in Amsterdam, and particularly in the city centre, rents are much higher than in the rest of the Netherlands, averaging €28.5 per m² compared to a national average of €21.1 per m².

 

Absolute rental prices also show a strong increase. According to the Pararius Rent Monitor (2026), by early 2026, 42% of available private sector rental homes in the Netherlands already cost more than €2,000 per month. A year earlier, this figure was 36.5% (De Groot et al., 2026). In Amsterdam, this share is considerably higher. More than half of the available private sector rental homes in the city have a rent above €2,000 per month. For this, with the usual income requirement, a gross annual income of at least approximately €72,000 is needed.

 

As a result, the housing market is becoming not only more expensive but also more selective: large groups of households are being left behind.

 

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  3. Where do recent residents end up?

 

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Recent residents are defined as people who moved into a home less than 2.5 years ago. This therefore includes not only newcomers but also Amsterdam residents moving on; this encompasses both 'movers' leaving an independent dwelling in Amsterdam and 'starters' moving from their parents' home or leaving a non-independent dwelling. 

 

The size and nature of the supply are of great importance for the accessibility of Amsterdam. The private rental sector remains the most important gateway to the city. By 2025, half of recent residents will find a home here, despite the fact that this sector is no longer growing. At the same time, the share of recent residents in this sector has actually decreased by 7% since 2023, a sign that regulations are having an effect (Wachter & Berkers, 2024). From the ban on temporary rentals to purchase protection; from the Affordable Rent Act to a series of fiscal measures. In addition, the sharp increase in rental prices in this sector will also reduce accessibility. 

 

Nevertheless, the private rental sector remains the most important place of residence for newcomers: one-third of the housing stock falls under it; half of recent residents are housed there.

 

The housing association stock consists largely of 'ordinary' two- and multi-room social rental homes requiring a waiting time of 10 years or more. Residents from outside the city will not easily be able to secure these homes. However, over the past ten years, the associations have also built up a large stock of student and youth housing with temporary rental contracts. Many young newcomers with lower incomes will end up here. The share of recent residents in this sector rose by 2% between 2023 and 2025. This increase may be a consequence of the shift in the association stock over the past decade from multi-room homes to one-room homes with temporary rental contracts.

 

Over the past ten years, the share of owner-occupied homes and the share of recent residents in owner-occupied homes declined. However, over the past two years, these shares have risen, partly due to the sale of individual units. Consequently, owner-occupied homes have recently become significantly more accessible to newcomers and Amsterdam residents moving on.

 

In conclusion, private rental homes play a less significant role in accommodating recent residents. The role of social housing, particularly one-room apartments for young people and students, and owner-occupied homes now play a somewhat larger role since 2023.

 

Newcomers and Amsterdam residents moving on will not end up in private rental, social housing rental, and owner-occupied homes to the same extent. How this is distributed by sector will need to be investigated further. This is to gain insight into the accessibility of the Amsterdam housing market for newcomers and which levers can potentially be pulled to influence this. We attempt to analyze this in more detail later in Chapter 5.

 

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3.1 Price segments of recent movers

 

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The distribution of homes among recent residents reveals a sharp imbalance. 33% of those who recently moved fall under the expensive rental sector, while this accounts for only 17% of the housing stock. Together with the 15% of recent movers in the expensive owner-occupied sector, this means that half end up in the most expensive segment. 

 

From the expensive rental sector—for many the first home upon settling in Amsterdam—those with a higher income and/or assets who wish to remain in Amsterdam will purchase a home. This applies particularly to expats who wish to settle here for a longer period and are accustomed to buying (especially from Anglo-Saxon countries such as the USA, Canada, the UK, and India), and who can leverage their tax benefits in addition to their high income. Affordable owner-occupied homes (under €470,000; 2026 price level) are unlikely to go to expats, as these homes are small and poorly insulated. They are more likely to go to Amsterdam residents looking to move up the housing ladder and middle-income starters.

 

Affordable purchase and mid-market rentals are relatively accessible to recent movers, but these sectors are limited in size. Affordable purchase is likely the result of the phenomenon from 2024 and 2025, in which smaller, lower-quality private rental homes were sold (sell-offs), creating a larger supply in the cheaper purchase sector. In 2025, in the mid-market rental sector, apart from a maximum income, no allocation rules were yet in effect, making it accessible to newcomers with a middle income.

 

In the private rental sector, particularly the more expensive segment, newcomers and young professionals starting out in Amsterdam will primarily settle. This is the most accessible sector for them, but due to the high rents, they will usually only reside here temporarily. Amsterdam residents moving on to other housing will generally not move to the more expensive private rental sector due to the rental prices.

 

In social housing, the proportion of recent movers is approximately equal to that in the expensive rental sector. However, the social housing sector is almost three times larger, so its significance for recent movers is much smaller.

 

Age also plays a clear role in where recent residents end up. Young people under 35 dominate the rental market, particularly the private sector, where 72% belong to this group. These are mainly newcomers from within and outside the country, as there is no waiting list here. Due to the relatively high rent, only half live alone; the rest share a home.

 

In the social housing sector, there are many young and single recent residents. This is because a large proportion of vacant homes consists of student and youth housing with temporary contracts, around 45%. As a result, turnover is high, and relatively many first-time buyers find a place here. Subsequently, the share of recent movers is lowest in the owner-occupied sector. These homes go primarily to dual-income households or those moving up the housing ladder, and less to single people or first-time buyers. 

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  4. Affordability: growing disparities

 

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In 2025, affordability varies significantly by sector. The housing market consists of 46% social housing, and the share of low incomes is 48%. There is therefore an absolute shortage of social housing units, which makes the position of residents dependent on social housing—roughly everyone with a gross income of up to €50,000 per year—vulnerable.

 

In the Amsterdam Metropolitan Area, the average housing cost ratio within the social housing sector will have fallen from 23% to 16% by 2025. This means that 16% of social tenants spend at least 40% of their income on total housing costs (Gemeente Amsterdam, 2026). 

 

Comparing 2023 and 2025 for middle and higher incomes is difficult because income limits, maximum borrowing capacity, and the National Mortgage Guarantee have changed significantly. However, the WiA 2025 shows that the share of moderately priced rental and owner-occupied homes is much smaller than the share of middle incomes. Only for high incomes is there ample supply: the share of expensive rental and owner-occupied homes is considerably larger than the share of high incomes (Bos et al., 2026). 

 

In the Amsterdam Metropolitan Area, the housing cost ratio actually increased slightly in 2025 within the mid- and expensive rental sectors. In the mid-market rental sector, 30% of households have a high housing cost ratio, and in the expensive rental sector, 40%. Among owner-occupiers, only 6% of households have a high housing cost ratio, although this figure has risen over the past two years (Gemeente Amsterdam, 2026). 

 

In Amsterdam alone, (all) tenants spend an average of 28% of their household income on rent, after deduction of any housing allowance (Gemeente Amsterdam, 2026).

 

The result is a growing gap: not only between renting and owning, but also within the rental sector itself. Consequently, the Amsterdam housing stock in 2025 will be even more suited to higher income groups; a shortage of affordable homes and a 'surplus' of expensive homes (Bos et al., 2026). In other words: Amsterdam is increasingly becoming a city for the rich.

 

 

  5. The Sorting Machine: Entering ánd Staying 

 

The Amsterdam housing market is functioning increasingly like a sorting machine, with two crucial moments: entering and staying.

 

5.1 Entering 

The decline in the private rental sector has not led to fewer newcomers. On the contrary: in 2025, nearly 92,000 people settled in Amsterdam, a record number. This is striking, because it is precisely in the private rental sector that most newcomers end up, and this sector contracted slightly in 2025. 

 

A plausible explanation is that a larger proportion of vacant private rental homes goes to newcomers rather than to Amsterdam residents moving on. This is linked to two developments: rising rents in this sector (Bos et al., 2026) and the fact that newcomers have, on average, a higher income than existing Amsterdammers (Onderzoek & Statistiek, 2023).

 

The other sectors, the social housing association sector and the owner-occupied sector, barely absorb the influx. In the social housing association sector, the number of student and youth homes that could go to newcomers did not grow substantially in 2025; in fact, no new student homes were added in 2025. The owner-occupied sector did show growth, particularly in smaller homes, but besides those moving on, these are mainly accessible to households with higher incomes and assets from within the country.

 

This leads to fewer opportunities for first-time buyers in Amsterdam to find a home. Because newcomers primarily end up in the private rental sector (Bos et al., 2026) and this sector has not grown, first-time buyers in Amsterdam are more frequently displaced there. Consequently, and given the purchase prices, they are almost entirely dependent on the social housing sector, which continues to shrink and where long waiting lists apply. Amsterdam residents moving up the housing ladder with a higher middle income may benefit from the larger supply of owner-occupied homes. 

 

The competition to gain entry therefore plays out both among newcomers themselves and between newcomers and young people in Amsterdam. Sorting based on entry into Amsterdam—'who can get in and who cannot?'—thus concerns both groups. Although both groups encompass varying incomes, the average income of newcomers is considerably higher (Onderzoek & Statistiek, 2023). In 2025, it is seen that newcomers in Amsterdam are displacing Amsterdam youth from the housing market. 

 

5.2 Staying

The sorting machine operates not only upon arrival but also regarding the question of who can stay in Amsterdam. In 2025, record numbers of people (over 87,000) left, just as they settled in. 

 

A large proportion of recent residents will have started in expensive private or temporary rental housing. To remain in Amsterdam, they will need to move on to affordable, permanent housing. It is precisely this transition that is becoming increasingly difficult. The step from expensive rental to home ownership is only feasible for higher incomes, while the transition from temporary student and youth housing to social housing involves waiting times averaging ten years.

 

The groups that fail to move up and consequently leave the city are primarily recent newcomers who have been in the city for less than ten years (Onderzoek & Statistiek, 2023), and young people from Amsterdam. At the same time, recent foreign migrants with high incomes, also known as expats, hold a stronger position. They possess higher incomes and benefit from tax advantages for five years, which increases their chances on the owner-occupied market.

 

As a result, the owner-occupied sector is becoming increasingly less accessible to middle-income earners. Rising prices and competition from affluent buyers, such as expats, ensure that homes are primarily accessible to higher incomes. Consequently, purchase prices in Amsterdam are 5% higher than elsewhere in the Netherlands. This leads to displacement, causing potential domestic buyers to miss out more often (Kruyswijk, 2026). For middle-income earners, purchase prices are usually too high, while they earn too much for social housing.

 

People with an income up to and including the median are dependent on the social housing sector, with waiting times averaging ten years. Those with a low income who can wait ten years, either with their parents or in youth housing, can therefore theoretically move on to a permanent social rental home and continue living in Amsterdam.

 

  6. In conclusion

 

In 2025, both the number of newcomers and the number of departures reached a record high, despite the decline in the private rental sector and the growth of the owner-occupied sector. This large influx was only possible because many people also left the city. The extent to which displacement is involved requires further investigation.

 

In conclusion, although difficult, it is possible for large groups to settle in Amsterdam, even with a low income. However, to stay, a high income is required or—for the social housing sector—long waiting lists apply. For middle-income earners, it is virtually impossible to continue living in Amsterdam.

 

Literature

 

Bos, J., Wachter, G., & Redactie Wonen. (2026). Factsheet Wonen in Amsterdam (WIA) 2025 – Woningmarkt. In Openresearch.Amsterdam. Gemeente Amsterdam. Geraadpleegd op 21 april 2026, van https://openresearch.amsterdam/nl/page/135067/factsheet-wonen-in-amsterdam-wia-2025-%E2%80%93-woningmarkt  

 

De Groot, J., Radder, F., & Wernekinck, J. (2026, 10 april). Huurmonitor Q1 2026 - Huurprijzen stijgen sterker dan koopprijzen. Pararius. https://www.pararius.nl/nieuws/huurprijzen-stijgen-sterker-dan-koopprijzen 

 

Gemeente Amsterdam. (2026). Wonen in de Metropoolregio Amsterdam 2025: Woningvoorraad en Bewoning. In Onderzoek en Statistiek. Platform Corporaties Metropoolregio Amsterdam. Geraadpleegd op 21 april 2026, van https://onderzoek.amsterdam.nl/publicatie/wonen-in-de-metropoolregio-2025 

 

Kruyswijk, M. (2026, 17 maart). Expats vinden hier sneller koophuis dan Nederlanders. Het Parool. 

 

Onderzoek & Statistiek. (2023). Migratiemonitor 2023 Metropoolregio Amsterdam: binnenlandse en buitenlandse migratie naar de Metropoolregio Amsterdam. In Onderzoek.Amsterdam. Gemeente Amsterdam. https://onderzoek.amsterdam.nl/publicatie/migratiemonitor-2023 

Wachter, G., & Berkers, V. (2024). Wonen in Amsterdam 2023 - Factsheet woningmarkt. In Openresearch.Amsterdam. Gemeente Amsterdam. https://openresearch.amsterdam/nl/page/108375/wonen-in-amsterdam-2023---factsheet-woningmarkt