Apartment buildings that were built prior to 1945 are subject to the Tenancy Act. The rent of these apartments is thus, apart from a few exceptions, determined by the benchmark rent. For the owners of such apartment buildings, this usually means rental incomes far below the market value.
There are also restrictions in terms of the building for owners of older apartment buildings. Since an amendment of the Vienna Building Code in July 2018, apartment building owners require a permit from the municipal authorities before they can demolish their building. If the demolition of a dilapidated apartment building is not approved, the owners must either pay for a costly renovation or sell the building.
There are also restrictions on additions and extensions to listed apartment buildings. Apartment building owners must obtain a permit from the Federal Monuments Authority Austria if they want to make any structural changes to their building. This can, under certain circumstances, mean that a planned attic conversion is not approved, and the apartment building owner is thus deprived of additional rental income.