Vonovia Stock: Under Pressure
Germany’s largest residential landlord, Vonovia, is facing criticism over high rents in the Ruhr area. The German Tenants’ Association of North Rhine-Westphalia (NRW) has accused the company of charging excessive prices, particularly in cities without rent controls. Meanwhile, the firm reports strong financial results, with adjusted EBITDA climbing by 6% in the first nine months of 2025.
The Tenants’ Association highlighted Essen as a key example, where average asking rents sit roughly 25% above the local rent index. The group is now pushing for expanded rent caps across all Ruhr region cities to curb what it calls unfair pricing. Vonovia has defended its position, stating that higher rents reflect significant investments in modernising properties.
Financially, the company remains robust. Adjusted EBITDA reached €2.12 billion in the first three quarters of 2025, a 6% increase from the same period last year. Looking ahead, Vonovia expects an additional €200 million in EBITDA for 2026. However, its share price has struggled, closing today at €24.10—about 20% below its 52-week high of €30.39 and just above its 52-week low of €23.67. The stock’s 14-day relative strength index (RSI) of 37.3 suggests weakness but not extreme oversold conditions. Leadership changes are also on the horizon. While no successor has been named for the CEO role starting January 1, 2026, Katja Wünschel will join the company as Chief Development Officer (CDO) on June 1, 2026.
The dispute over rent levels in the Ruhr area continues, with Vonovia maintaining that modernisation justifies its pricing. The company’s financial performance remains solid, though its share price has yet to recover. Investors and tenants alike will be watching closely as leadership transitions and rent policy debates unfold in the coming months.
