Business · Economy · 1 hr ago
More vacant homes point to slight easing in Zurich rental market
Zurich has long had a severe shortage of rental homes, making apartment viewings crowded and competition intense.
In 2026, the share of vacant homes in the canton rose from 0.48% to 0.52%, while Switzerland’s rate fell to 0.93%.
The Zurich Cantonal Bank says this may mark a slight easing, not an end to the shortage.
It points to lower net immigration and increased homebuilding as reasons more homes are becoming available.
If pressure falls, fewer households may leave Zurich for cheaper neighboring cantons, and growth in asking rents may slow.
But long-term tenants could face higher costs: the bank expects Switzerland’s mortgage reference rate to rise again in the second half of 2027.
Home prices are still increasing, although the bank expects their growth to lose momentum.
The vacancy rate in Switzerland’s canton of Zurich rose slightly in 2026, suggesting a possible easing in the rental market.
The rate increased from 0.48 percent in 2025 to 0.52 percent in 2026, while the national rate fell to 0.93 percent.
The Zurich Cantonal Bank attributed the change to lower net immigration and increased construction.
The bank said the market was moving away from extreme scarcity but cautioned that there was no reason to declare the housing shortage over.
It also expects Switzerland’s mortgage reference rate to rise again in the second half of 2027.
- Who
- The Zurich Cantonal Bank (ZKB) reported the change; its real estate research head is Ursina Kubli.
- What
- Zurich’s vacancy rate rose slightly, indicating a possible easing in the rental market.
- When
- The figures are for 2026; ZKB published its third-quarter real estate barometer on October 13, 2026.
- Where
- The canton of Zurich, Switzerland.
- Why
- ZKB cited lower net immigration and increased construction.
This story does not have two clearly opposing sides.
The vacancy rate in the canton of Zurich was 0.48 percent, while the Swiss rate was 1.01 percent.
Zurich’s vacancy rate rose to 0.52 percent, while the national rate fell to 0.93 percent.
ZKB published its real estate barometer for the third quarter of 2026.
ZKB’s Ursina Kubli expects the mortgage reference rate to rise again.
- Zurich vacancy rate
- 0.52 percent in 2026
- Zurich vacancy rate in 2025
- 0.48 percent
- Swiss vacancy rate
- 0.93 percent in 2026, down from 1.01 percent in 2025
- Factors cited by ZKB
- Lower net immigration and increased construction
- Expected reference-rate rise
- Second half of 2027
What people are saying
In the canton of Zurich, after rising pressure, the first signs of easing are emerging. There is no all-clear, but the market is moving away from maximum scarcity.
possible start of a trend reversal
Sources
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