It is valid for setting rents throughout Switzerland. The reference interest rate is based on the weighted average interest rate for mortgages in Switzerland, which is determined on a quarterly basis. It is published in quarter percent. The average interest rate established on September 30, 2018, the reference day, was 1.47%, compared with 1.49% in the previous quarter. The reference interest rate determining rents therefore remains at 1.5% according to commercial rounding rules. It will remain at this level as long as the average interest rate does not fall below 1.38% or rise above 1.62%.
Since the reference interest rate has remained unchanged since the previous quarter, it does not give rise to any new claims for rent reductions or increases. On the other hand, if the rent for an individual lease contract is not based on the current reference interest rate of 1.5%, there is a claim to its reduction on the basis of the previous reduction in the reference interest rate. In addition, other cost changes (e.g. deferral of the change in the consumer price index by 40%, changes in maintenance costs) may also entitle the tenant to a rent adjustment, which may be taken into account when calculating the rent reduction.
The reference mortgage rate and the average mortgage rate on which it is based are published four times a year by the OFL at www.tauxdereference.admin.ch. In addition, the public is informed each time by means of a press release. The next release is scheduled for March 1, 2019.
Since September 10, 2008, rents throughout Switzerland have been set on the basis of a single reference interest rate. This replaced the rates for variable-rate mortgages previously applicable in each canton. The legal basis is article 12a of the Ordinance on Leases of Residential and Commercial Premises (OBLF).
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