Will Switzerland’s Vacancy Rate Fall Below the One-Percent Mark in 2026?
Switzerland’s vacancy rate stood exactly at 1.00 percent in 2025 — its lowest level in years.
In brief
Whether Switzerland’s vacancy rate will fall below 1 percent in 2026 has not yet been officially confirmed. However, the starting point is tight: in 2025, the rate already stood at 1.00 percent. A further slight decline would be enough to cross the threshold. The decisive factors are new construction, demand, immigration, regional vacancies and the number of rental apartments actually available.
What is the vacancy rate?
The vacancy rate, also known as the housing vacancy ratio, shows the share of vacant homes in the total housing stock. It includes homes that are vacant on the reference date and offered for permanent rent or sale.
In Switzerland, the reference date for the vacancy count is 1 June each year. The figure is important because it indicates how tight or relaxed a housing market is. A low rate does not automatically mean that every region is equally tight, but it does indicate a clear excess of demand in the overall market.
Current data: in 2025, the rate stood exactly at 1.00 percent
The officially published vacancy rate for Switzerland stood at 1.00 percent in 2025. This means housing vacancies were already directly at the one-percent threshold. At the same time, the number of vacant homes fell again, underlining the tight nature of the rental market.
Why the vacancy rate could fall below 1 percent in 2026
High demand
Population growth, household formation and migration to economically strong regions keep demand for rental apartments high.
Too little new construction
Housing projects take time. Land, permits, construction costs and objections slow supply in many places.
Regional scarcity
In cities, agglomerations and well-connected municipalities, vacancy is often significantly lower than the national average.
A value below 1 percent would be particularly likely if demand continues to grow faster than available supply. Although there are signs of somewhat more housing construction, new apartments usually ease the market only with a delay and not necessarily where pressure is greatest.
What speaks for or against a decline below 1 percent?
| Factor | Supports below 1% | Speaks against below 1% |
|---|---|---|
| Starting level | In 2025, the rate already stood at 1.00 percent — a small decline would be enough | At exactly 1.00 percent, even a small increase in supply could stabilise the rate |
| Demand | High housing demand in cities and agglomerations supports a decline | Weaker immigration or economic momentum could reduce pressure somewhat |
| New construction | New homes often arrive with a delay and not always in the tightest regions | More completions could slightly increase or stabilise vacancies |
| Regions | Many economically strong regions are already clearly below 1 percent | Some rural regions or tourist markets can have higher vacancies |
| Rental market | Rising asking rents indicate continued excess demand | If asking-rent growth slows, demand pressure may ease somewhat |
Step by step: How to interpret the vacancy rate correctly
- Distinguish between the national rate and the regional situation.
- Pay attention to the reference date: the vacancy count refers to 1 June.
- Consider not only the rate, but also the number of vacant homes and regional distribution.
- Do not mix rental apartments, condominiums and single-family homes too quickly.
- Monitor asking rents and listing duration as additional market signals.
- Assess new construction and completions with a time lag.
- For apartment seekers, optimise search radius, application documents and response speed.
- For landlords and investors, analyse local demand rather than only the Swiss average.
Assessment questions: What does a low vacancy rate mean in practice?
The following questions help assess a possible rate below 1 percent for tenants, landlords and investors.
Assessment questions for the 2026 vacancy rate
1. What is the vacancy rate in the specific municipality?
2. How many suitable rental apartments are actually listed?
3. How quickly do listings disappear from the market again?
4. Are asking rents in the region still rising?
5. Are there new construction projects due for completion in 2026 or 2027?
6. Is demand particularly strong due to jobs, public transport, schools or immigration?
7. How different is the local situation from the Swiss average?
8. What does scarcity mean for application strategy, budget and search radius?Practical examples
Example 1: Apartment search in a city
A person is looking for a 3-room apartment in a major Swiss city. Although the national vacancy rate is around 1 percent, the local selection is much tighter. Complete documents, saved searches and quick contact become decisive.
Example 2: Landlord in an agglomeration
A landlord owns an apartment in a well-connected agglomeration municipality. The low vacancy rate shows strong demand, but appropriate rent setting remains important: excessive prices can extend marketing time despite scarcity.
Checklist: Responding correctly to a low vacancy rate
Frequently asked questions about the 2026 vacancy rate
Summary
Switzerland’s vacancy rate could indeed fall below the one-percent mark in 2026, because it already stood exactly at 1.00 percent in 2025 and the Swiss rental market remains tight. However, this will only be certain once the official figures are published. For apartment seekers, the development means responding quickly, preparing documents and remaining regionally flexible. For landlords and investors, the local market situation is more important than the national average.