Renting a two-bedroom apartment in Zurich can be quite costly, with prices soaring over 4000 francs per month. A new real estate development by Swiss Life in the Altstetten neighborhood of Zurich has caused a significant increase in apartment prices, according to a report by “20 Minuten.”
Swiss Life, a well-known insurance company, has commissioned the renowned Basel-based architecture firm “Herzog & de Meuron” to build 72 apartments in the heart of Altstetten. The prices of these apartments have skyrocketed in this still-popular neighborhood of Zurich.
For a 2.5 room apartment measuring 99.5 square meters, Swiss Life is already charging 4410 francs per month. On average, a 1.5 room apartment costs around 1900 francs per month, while a standard 2.5 room apartment costs 3180 francs. A 3.5 room apartment goes for 4170 francs, and a 4.5 room apartment for 5260 francs. The most expensive apartment is a 4.5 room unit priced at 5350 francs.
These prices are uncommon for this neighborhood, causing concern among residents like Saadia, a 59-year-old resident who worries about how elderly individuals can afford such high rents on limited incomes. Another long-time resident of Altstetten shares the sentiment, expressing concern over the recent developments that have led to increased housing costs.
The Altstetten neighborhood association is also worried about the rising rental prices in the area, particularly for new buildings constructed by the city and cooperatives. They hope that the diversity of Altstetten’s population will remain relatively unchanged despite these developments.
Swiss Life, as the property owner, has defended its pricing strategy by citing Altstetten’s attractiveness and stating that their rent proposals are based on market realities. While the high rental prices may be a reflection of the neighborhood’s desirability, they pose challenges for residents, especially those on fixed incomes.
As housing costs continue to rise in Zurich, it is essential for policymakers and stakeholders to consider affordable housing options to ensure that residents from all walks of life can continue to call the city home. Providing subsidies, rent control measures, and incentives for developers to build affordable housing units could help mitigate the impact of soaring rental prices in popular neighborhoods like Altstetten.