Germany is a true hero for tenants—it has an area that has not increased its rents for the past 500 years. Yes, five, zero, zero!
Why? Because it is the world’s oldest public housing project, in the city of Augsburg. Here are the details.
Fuggerei
Known as the ‘Fuggerei’, the project was founded and built in 1516 and is essentially a walled enclave.
Despite its age, the houses in Fuggerei are in great condition and astutely show what the houses must have looked like when they were originally built back in the 16th century. The cost of living in the area is another reason why the rent has been kept so low.
What it Entails
To live in Fuggerei, however, you need to meet some requirements. These include suffering from poverty, but not in debt, and you have lived in Augsburg for two years. But wow, the benefits are incredible.
The necessary spending amount for living in Fuggerei for a year is just 88 cents, just a bit less than a Euro. Yes, you read that right.
On the flip side, tenants are required to say three prayers every day for the owners of the community. Do this and, in return, you will get an apartment with an area between 45-65 meters. Pray the rent away!