Zurich: Vacancy rate in the canton rises significantly
In the canton of Zurich, more than 6,000 apartments are currently vacant, the highest number since 1998. In the city of Zurich, on the other hand, the number of vacant apartments has remained stable.
The number of apartments reported as vacant in the canton of Zurich was almost constant at around 4,000 from 2008 to 2012, the city and canton wrote in a joint media release. Currently, the number of vacant apartments stands at 6,146, reaching the level of the late 1990s. The increase affects all apartment sizes, but the lowest vacancies are in small apartments with less than three rooms.
In contrast to the canton of Zurich, no significant increase in the number of vacant apartments was observed in the city of Zurich. On June 1, 2016, 484 apartments were vacant, compared with 483 in the previous year. The vacancy rate thus remains at 0.22 percent. Comparatively high vacancy rates are achieved in quarters close to the city center with a high level of new construction activity, such as Enge and Langstrasse. The lowest vacancy rates are found in Zurich North in districts 11 and 12.
Of the 484 vacant apartments, 146 were in new buildings (previous year: 192), while the number of vacant apartments in older buildings increased from 291 to 338 compared with the previous year.
In the city of Zurich, it is still mainly apartments in the upper price segment that are vacant, the statement continues: The monthly median rent for vacant apartments is CHF 34/sqm, while it is almost a third lower for newly occupied apartments at CHF 23/sqm. The difference is even greater compared with rents for apartments where there has been no change of tenant for at least three years, where the median rent is 19 CHF/sqm.
The vacancy census is used annually to determine the number of apartments that are vacant as of June 1. Because the majority of apartments are re-rented or sold immediately after moving out, the vacancy count only represents a portion of the apartments that come onto the market. According to the statistics, in the city of Zurich, for example, around 1,700 apartments are (re)occupied in an average month, which is more than three times the current vacancy rate. (ah)
