Summary

The Department of Economy, Education and Research is opening a consultation on the partial revision of the VMWG. The ordinance is to be adapted to current federal court case law on net rental yield. The aim is a clear definition of permissible yields at different reference interest rates. The consultation period runs until 5 June 2026.

Persons

  • Department of Economy, Education and Research (plain text)

Topics

  • Rental law
  • Ordinance revision
  • Net rental yield
  • Legal certainty

Clarus Lead

The Swiss Federal Office is opening a public consultation on the adaptation of the Ordinance on the Lease and Rental of Residential and Commercial Premises (VMWG). The revision aims to create legal certainty in the calculation of permissible rental yields. The background is the implementation of the Engler Motion (22.4448) as well as the need to reflect federal court case law on net rental yield in the ordinance.

Detailed Summary

The partial revision addresses legal uncertainty in the interpretation of the term "excess earnings" pursuant to Article 269 of the Swiss Code of Obligations (OR). To date, the VMWG has lacked clear definitions of which yield is permissible at which reference interest rate. The planned adjustment is intended to close this gap and thus prevent rental disputes.

The revision takes into account three central concepts: net rental yield, gross rental yield and value-enhancing investments. By defining all three terms, system coherence is ensured and legal certainty for landlords and tenants is increased. The consultation period begins on 25 February 2026 and ends on 5 June 2026, giving cantons, municipalities, associations and interested parties the opportunity to comment.

Key Points

  • The VMWG is being adapted to current federal court case law on net rental yield
  • The aim is a clear definition of permissible yields at different reference interest rates
  • Three terms are being newly defined: net rental yield, gross rental yield and value-enhancing investments
  • Consultation period: 25 February to 5 June 2026

Critical Questions

  1. Evidence/Data Quality: What specific federal court decisions on net rental yield led to this revision, and how frequently have legal disputes arisen due to the previous lack of clarity?

  2. Conflicts of Interest: How is it ensured that the new yield definitions do not systematically favour either landlords or tenants?

  3. Causality/Alternatives: Were alternative approaches examined (e.g. guidance values instead of rigid definitions), and why was the current variant chosen?

  4. Feasibility/Risks: How will cantons and municipalities be supported in applying the new definitions, and what transition period is provided?

  5. Data Quality: Are empirical data available showing how many rental contracts are affected by the new definitions?

  6. Conflicts of Interest: How transparent is the consultation process, and which stakeholder groups are represented in the consultation?

Sources

Primary source: Opening of consultation: Partial revision of the Ordinance on the Lease and Rental of Residential and Commercial Premises (VMWG) – https://www.news.admin.ch/de/newnsb/zaSZoJm3iaoBmG4G_v2xT

Verification status: ✓ 26 February 2026

This text was created with the support of an AI model. Editorial responsibility: clarus.news | Fact-checking: 26 February 2026