Seeking a New Hire: Vonovia
Vonovia, Germany's largest residential real estate company, is gearing up for a significant expansion, aiming to recruit around 2,800 new employees in 2025 [1]. This strategic move comes as the company continues to navigate a shortage of skilled workers in trades, particularly electricians, tilers, painters, roofers, and others [2].
The recruitment focus is primarily in Germany, aligning with Vonovia's core business operations and its participation in initiatives to boost the German economy and skilled labor availability [4]. However, the company is also reportedly recruiting outside Germany, such as in Colombia [3].
Vonovia currently owns approximately 533,000 apartments in Germany, Sweden, and Austria. The company's profit soared to around €811 million, and its adjusted EBITDA increased by 12% year-on-year to €1.4 billion in the first half of the year [5].
Despite these successes, the North Rhine-Westphalia Tenants' Association has criticised Vonovia's "growth strategy with its dark sides," citing concerns over rising rent prices [6]. The average monthly rent per square meter in Germany has increased by 4.1% compared to the end of June 2024, reaching €8.05 [7]. In the first half of the year, this figure rose by 4.6% year-on-year to €8.22 [8].
The association claims that false or impermissible living value features are used to manipulate rent indices and unjustified increases are demanded [9]. Hans-Jochem Witzke, the association's chairman, advised tenants to have any rent increase checked by their local tenants' association.
However, Vonovia's CEO, Rolf Buch, is optimistic about the company's future. He stated that the company is currently training new staff "massively" and is expecting its adjusted EBITDA to be between €1.85 billion and €1.95 billion in 2025, €100 million higher than previously forecast [1]. The company's new strategy is paying off, as seen in the stable rental business and increases in the operating result in the business with additional services, project development, and the sale of properties.
In light of the ongoing skilled worker shortage and rent price concerns, Vonovia is taking steps to address these issues, aiming to fill the open positions by the end of the year and ensuring fair and reasonable rent increases for tenants.
Vonovia, in an effort to expand its business, is actively recruiting new employees, both in Germany and elsewhere, such as in Colombia [3]. The focus of their recruitment is aligned with the company's core business operations in real estate, but the company is also exploring opportunities in finance and investing to bolster its growth strategy [1]. Despite concerns over rent price increases from the North Rhine-Westphalia Tenants' Association, Vonovia is dedicated to ensuring fair and reasonable rent increases for tenants while also striving to address the ongoing skilled worker shortage [9].
