Whether or not rent caps are having any effect cannot yet be determined, according to Immowelt CEO Carsten Schlabritz. "Developments over the past few months reflect normal seasonal swings and local market changes," he said in a company press release. According to the real estate web portal's data, the median asking price in Berlin in August rose by a notable 7% to €9.40/sqm. Competitor Immobilienscout attributed the decline of the previous two months to the introduction of rent caps on June 1. Immowelt also observed a rise in August in Nuremberg and Ingolstadt (both up 3%), in Düsseldorf, and in Erlangen. Hamburg, however, saw a drop for the second time in a row (-1.8%), and Munich also saw a decline (-0.6%). Immowelt studied the offer prices for around 63,100 rental apartments in ten cities where rent caps has been implemented.