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In the Austrian capital, renters pay a third of what their counterparts do in London, Paris or Dublin. How is it possible? T he first place that Max Schranz moved into after leaving his family home is the kind that many young professionals dream of inhabiting at the peak of their career. At only 26, he lives in a bright fifth-floor apartment with high ceilings overlooking a European capital city, 10 minutes from the central station and within walking distance of cinemas, theatres and bars.
Welcome to Vienna, the city that may have cracked the code of how to keep inner-city housing affordable. As other cities battle spiralling rental prices, partly fuelled by inner-city apartments being used as short-term holiday rentals or being kept strategically vacant by property speculators, the Austrian capital bucks the trend. In Vienna, that is almost the norm.
The landlord of approximately , socially rented apartments, it is the largest home-owning city in Europe in London, which has more than , socially rented apartments, they are owned by the local councils. Many of these apartments came into being a century ago, as part of an enormously ambitious building programme after the end of the first world war, when Vienna was awash with people uprooted by the collapse of the Habsburg empire.
As a student without a disability or any dependants, Schranz would have no hope of applying for social housing in countries such as the UK, but in Vienna the city courted him via a programme for first-time tenants under Talk to Gemeindebau residents such as year-old Heinz Barnerth, a retired mechanical engineer who has lived for the past seven decades in the Reumannhof estate in Margareten, and he will be unswerving in his praise of the idea that brought his block into existence in the s.
