Asking rents start the new real estate year cautiously, especially in cities

While asking rents rose slightly again on average across the country in January 2026, the picture at the cantonal and municipal levels is unusually varied. Only in the city of Zurich did asking rents increase slightly; in all other cities surveyed and in half of the cantons, the new real estate year began with decreases. 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 increased by 0,2 points in January and now stands at 132,4 points (up 0,2%). Compared to the previous year, asking rents have risen by 2,2% across Switzerland.

Change in the cantons
At the start of the year, asking rents are falling in an unusually large number of cantons. This is particularly true in Nidwalden (down 2,7%) and Schwyz (down 2,0%), but overall, exactly half of the cantons showed a negative trend, even though the national average rose slightly compared with December 2025. It is also apparent that the cantons with the largest percentage declines in January followed a period (one to three months) of previously strong increases. Compared with the previous year, the cantons of Graubünden (up 7,7%), Glarus (up 6,4%) and Valais (up 6,2%) saw the strongest increases in advertised rents, while no cantons with declining prices could be identified.

Change in the cities
Declining asking rents are also particularly prevalent in the cities surveyed. Only Zurich (up 0,5%) saw an increase in January, with all other cities showing stable or declining values. This is particularly striking in Geneva (down 1,2%) and Lugano (down 1,0%). However, the positive trend in advertised prices continues at this level as well; compared with the previous year, advertised rents rose in all cities, particularly – and despite a temporary decline – in Lugano (up 7,6%) and Lucerne (up 3,8%).

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.