Rents may rise again, says the bank Raiffeisen.
The bank says the war in the Middle East is pushing up energy prices, which risks driving up construction costs and ultimately rents.
A 10% rise in oil prices translates into a 1% increase in construction tariffs.
The Lake Geneva region is particularly exposed, with vacancy rates at just 0.6%, against a national average of 1% - while building work is historically low.
Swiss Post announce job cuts
Swiss Post will eliminate up to 110 positions in 2027, blaming shrinking letter volumes and fewer over-the-counter transactions
Autumn arrives in Switzerland
The heatwave that has gripped Switzerland since May finally breaks tomorrow
Driver warning in Vaud
Drivers in western Vaud face four nights of disruption on the A1 next week.
Mixed results in school classrooms
Swiss 15-year-olds still rank among the world's best in maths and science, but their performance in reading and maths is sliding
Good news for household bills
Swiss households will pay a little less for electricity next year
Fuel reserves now in use
Switzerland is dipping into its emergency fuel reserves for the first time this year to keep petrol and diesel flowing
