Swiss vacancy rate: what the figure means for your apartment search

Once a year, on 1 June, the Federal Statistical Office surveys all vacant rental flats and houses in Switzerland. The result — the vacancy rate — is the most important indicator of the Swiss housing market. In 2024 it stood at 1.08%: roughly 62,000 empty units out of nearly 5.8 million total.

What does the vacancy rate measure?

The vacancy rate is the share of empty, listed (for rent or sale) units in all housing in a region. It measures the balance between supply and demand: a high rate gives renters more choice and negotiating power; a low rate shifts control to landlords.

• Above 2% — renter's market: listings stay online longer, initial rents stagnate or fall.
• 1.5–2% — balanced: moderate search times, occasional room to negotiate.
• 1.0–1.5% — tight: apartments go quickly, initial rents tend to rise.
• Below 1% — very tight: mass applications, no negotiating room, full market rate as asking rent.

Where is the market tight — and where is there still room?

The picture varies sharply by region. Major cities and lakeside communities are the tightest; rural areas and industrial cantons still have comparatively more supply.

Why is vacancy so low?

Between 2015 and 2019 the vacancy rate was around 1.5–1.7% and has fallen sharply since. The main driver is net migration: roughly 80,000–100,000 more people arrive in Switzerland each year than leave, and they all need housing. At the same time, new construction has slowed: higher interest and material costs, objections, lengthy planning procedures and scarce land make new projects slower and more expensive.

What low vacancy means for renters in practice

• More applications per listing: in Geneva or Zurich, landlords routinely receive 50–200 applications.
• Short listing windows: in tight markets, apartments often disappear within a week.
• No negotiating room: asking rents are set at market rate — downward haggling is rare.
• Higher income requirements: many landlords want net income of at least three times the monthly rent.
• Fast decisions: after a viewing, you may only have 24–48 hours to commit.

Vacancy and rent: the legal connection

Swiss tenancy law uses the customary local rent as a reference standard. Under Art. 269a(b) CO, a rent is not abusive if it corresponds to the market rent — and the market rent is substantially shaped by vacancy. In municipalities with rates above 1.5%, tenants have more scope to challenge an initial rent that sits clearly above local norms. In very tight markets, the market itself validates the asking price.

Outlook: will the market ease?

Forecasts from the Federal Housing Office (FHO) and advisers such as Wüest Partner suggest that, as long as migration stays high and construction remains subdued, the rate will stay below 1% in cities. Some rural regions may see pockets of relief; broad easing is not expected any time soon.