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Geneva is Europe’s most expensive financial centre for renters

With an average rent of $2,320 for a one-bed apartment, Geneva is the most expensive financial hub in Europe in which to live, according to a new survey.

Published: 17 March 2017 10:59 CET
Geneva is Europe’s most expensive financial centre for renters
Elenarts/Depositphotos
The study by US-based apartment search website RentCafe.com compared the cost of rents in the world’s most competitive financial centres (as determined by the Global Financial Centres Index) to determine the price people must pay to gain access to the job variety, cultural attractions and lifestyle options offered by these cities.
 
Using data on rent prices from the Global Property Guide, it found that prices differed wildly.
 
New York had the most expensive rents of any financial centre, at $3,680 for a one bedroom apartment, followed by San Francisco, Boston and Hong Kong, all of which are considered by the GFCI to be among the top seven financial hubs in the world. 
 
Despite only being the 23rd most powerful financial hub in the world according to the GFCI, Geneva has the fifth highest rental prices in the world and the highest in Europe, found the study. 
 
It’s closely followed by Zurich, which placed sixth in RentCafe’s study with an average rental price of $2,200. That’s more in keeping with its financial ranking of ninth in the GFCI.
 
However some cities buck the trend by being both well-performing financial markets and having comparatively cheap rents, found the study.
 
One such city is London, ranked the most powerful financial hub in the world by the GFCI, but whose comparatively low average rents put it in 20th place in RentCafe’s study. 
 
Montreal and Toronto are also good financial performers with reasonable rents, according to the study. 
 
Cities including Paris, Los Angeles and Munich came out worse, with comparatively high rents considering their less powerful financial status.
 

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This latest study will come as no surprise to renters in the two Swiss cities, which are regularly considered among the most expensive places in the world in which to live. 
 
Earlier this year another study comparing rental prices found Geneva to be the eighth most expensive place in the world for renters and the second in Europe, with Zurich in 18th place globally and fourth in Europe.
 
That was backed up by Swiss comparison site Comparis.ch which last year found the two Swiss cities to have the most expensive rents in the country.
 
Around 60 percent of residents in Switzerland live in rental accommodation, with a higher percentage in cities.
 

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LIVING IN SWITZERLAND

Checklist: What you need to do if you move house in Switzerland

Moving from one house or apartment in Switzerland to another is not as simple as just packing up your furniture. Instead, the process involves quite a few administrative tasks.

Published: 25 January 2024 12:10 CET
Checklist: What you need to do if you move house in Switzerland

Anyone who has ever moved, whether in Switzerland or elsewhere, knows it is not just a matter of simple logistics.

In fact, whether you are relocating to another town or canton, or just to another neighbourhood, moving is a big, expensive, time-consuming, and stressful experience.

These are various tasks you will have to cross off your list, one by one.

Getting your old apartment in order

It goes without saying that before you move out, you must make sure to leave the place clean and in order. Most people hire a cleaning company to do so, though you can, of course, do this yourself.

If, for instance, you broke or damaged anything while living in the apartment, you must repair it before you leave.

The condition of the apartment will be assessed during the final inspection process, when the landlord or the management company will write down all damages which you are responsible for either repairing yourself or paying someone else to do it for you.

You are not officially off the hook with your previous landlord until this process is completed.

De-register your old address and register the new one

Whether you are moving across the country or just across the street, this is an obligatory step.

You must let your ‘old’ commune’s population office (Einwohnerkontrolle / Contrôle des habitants/ Controllo abitanti) know you are leaving, and from which date.

You can do so either in person or (if available) online.

Then, when you settle in a new home, you have 14 days to announce your arrival in your new municipality, though in some places the deadline may be longer.

You will need the following documents:

  • A passport or ID card for each member of the family, in addition to a passport-sized photo for everyone
  • Documents relating to your family status — whether you are single, married, and with children
  • Your work or residency permit 
  • Your lease contract or proof of home ownership
  • Your health insurance card or proof of your current health insurance policy.

The rules are the same regardless of where you arrive from, that is, if you are Swiss, an EU citizen or from a third country, however the supporting documentation may vary. 

Some cantons may require other or additional documents, which you can find out ahead of time on your commune or canton’s website.

READ ALSO: Why you need to tell Swiss authorities where you live 

Inform the post office about your change of address

To ensure that your mail arrives at your new home, fill out the ‘change of address’ form online at least four days before your move. 

Four days is a minimum required time for the post office to process the address change and register it in the electronic database.

If you wait longer, your mail will continue to be delivered to  the old address.

You also should notify these companies of your move and new address:

  • Your mobile telephone / internet provider (if you still have a fixed phone, you should have it switched off at the old address and re-activated at the new one)
  • Your bank
  • Your insurance companies (health, car, and any other ones you have, both mandatory and optional)
  • Your doctor / dentist

If you forget to inform anyone of your new address, no worries — the post office will automatically forward the letters to you, provided your notified them of the change (see above).

What about the tax office?

You don’t have to do a thing.

Your local commune will automatically inform tax authorities of your move, so there is no chance whatsoever that they won’t find you.

Rental versus owned property

If you move into a rental property, you don’t need to, in most cases, notify utility providers like the electric company of your move.

But if you are going to live in your own house, then you must let the local power company know to switch on your electricity supply.
 

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