Rents fell in July in more than half of Swiss cantons
In 15 out of 26 Swiss cantons, proposed rents fell in July, whereas the opposite usually happens, according to the property platform Homegate.
Overall, however, the national average has remained stable compared with June, while asking rents continue to rise year-on-year.
The Homegate index thus remains at 134 points, according to a press release published on Thursday. Compared with the same period in 2025, asking rents have risen by 2.4% across Switzerland.
This index, compiled in collaboration with Zurich Cantonal Bank (ZKB), measures the quality-adjusted monthly change in rents for new and re-let flats, based on current market offers.
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Rental offers fell most sharply in Nidwalden, by 4.0%, followed by Schwyz (-1.9%) and Geneva and Uri (both -1.5%). The sharp decline observed in Nidwalden can be explained by several increases in recent months, which now appear to have been corrected. Generally speaking, Homegate has observed a widespread downward trend in Central Switzerland.
In Zurich, rents also fell by 0.4%. By contrast, asking rents rose in St Gallen (+0.7%) and Ticino (+0.6%).
These declines were not enough to reverse the annual trend, with all cantons continuing to record an increase compared with July 2025 – particularly in Graubünden (+7.1%), Zug (+5.0%) and Lucerne (+4.2%). The other cantons in Central Switzerland also recorded above-average rent growth, regardless of the fluctuations observed in July.
As regards cities, Lugano is the only city surveyed where asking rents rose month-on-month in July, by 1.9% – a significantly sharper increase than in the canton of Ticino as a whole. The situation is the reverse in Lucerne: asking rents in the city fell by 2.4%, a decline twice as steep as that recorded in the canton (-1.2%).
The trend observed in Lugano is also continuing year-on-year, with a rise of 6.3%. As with the cantons, all the other cities surveyed also show a positive trend compared with the previous year.
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