Data StoryReal EstateRent IndexJuly asking rents fall in over half of the cantons

In July, the trend in asking rents presented an unusual picture: Over half of the cantons showed a downward trend, in some cases a significant one. The same applies to the cities surveyed. Overall, however, the national average for July remained stable, whilst asking rents continued to rise year-on-year. This is shown by the latest figures from the Homegate Rent Index.

The Homegate Rent Index for asking rents is compiled by the property marketplace Homegate in collaboration with Zürcher Kantonalbank (ZKB). It measures the monthly, quality-adjusted change in rental prices for new and re-let flats based on current market offers. Compared to the previous month, the index remains unchanged in July and still stands at 134 points. Compared to the previous year, asking rents have risen by 2,4% across Switzerland.

Changes across the cantons
In 15 cantons, asking rents fell in July. This is a comparatively high proportion, as the opposite is usually the case, with asking rents generally rising. The sharpest falls were seen in Nidwalden (down 4,0%), followed by Schwyz (down 1,9%) and Geneva and Uri (both down 1,5%). The significant drop in Nidwalden is attributable to several increases in recent months, which now appear to have been corrected. Generally speaking, there is an overall downward trend across Central Switzerland. However, the figure has also fallen by 0,4% in Zurich. By contrast, asking rents have risen, particularly in St. Gallen (up 0,7%) and Ticino (up 0,6%). None of this, however, is enough to reverse the annual trend, with all cantons continuing to record an increase compared with July 2025 - particularly in Graubünden (up 7,1%), Zug (up 5,0%) and Lucerne (up 4,2%). The other cantons in Central Switzerland are also all recording above-average rent growth, regardless of the movements in July 2026.

Change in the cities
Lugano is the only one of the cities surveyed to see a rise in asking rents in July - albeit by as much as 1,9%, which is significantly higher than the figure for the canton of Ticino as a whole. The opposite picture is evident in Lucerne, however: Here, asking rents in the city have fallen by 2,4%, meaning the decline is twice as steep as that in the canton (down 1,2%). The positive trend in Lugano continued year-on-year, with an increase of 6,3%. As with the cantons, however, all the other cities surveyed also recorded a year-on-year increase.

Method of quality adjustment
The development of asking rents in Switzerland is adjusted for the different quality, location and size of the flats. The advantage of this so-called hedonic method is that the real rental price development for new and re-let flats is reflected on Homegate. The Homegate Rent Index is the oldest quality-adjusted rent index in Switzerland and is considered a reference source for real estate professionals to determine the price of rental properties.