Rental costs in Switzerland reach new highs
A new study by the Zürcher Kantonalbank (ZKB) has found that the cost of renting a house or apartment in Switzerland has risen once again. The Swiss bank discovered that in many Swiss cities, like Geneva, the prices quoted in rental contracts rose by 1 percent in August alone.
Cost of rent found to have jumped in Switzerland in August
Compared to July, ZKB found that rental costs rose by 0,3 percent on average in August, and by 2,3 percent compared to the same period in 2021. The rental index, which was used by ZKB to calculate the rent rises, has risen to 118,1 points, according to housing listing site Homegate, and now exceeds the previous record set in June 2022.
The biggest regional rises were found in Canton Geneva, where rental costs have jumped by 1 percent in one month. Canton Bern and Obwalden saw the second highest increases at 0,7 percent, while most Swiss cantons saw rises of 0,5 percent or less.
Biggest rental costs found in Swiss cities
Blick noted that because of significant housing shortages, Swiss cities saw the most significant rental cost growth, with Bern and Lucerne seeing advertised rents rise by 1,1 percent in August alone. While Zurich and Basel did not see significant cost increases in August, prices in the two cities are now 5,6 and 2,9 percent higher than 12 months ago respectively.
When comparing growth year on year, costs have increased “in all cantons without exception, in particular in the mountains,” Homegate told Blick. Nidwalden (6,5 percent), Obwalden (4,6 percent) and Graubünden (4,1 percent) have all seen prices rise significantly compared to 2021.