In a time when rental prices seem to be skyrocketing in every major city across the globe, a small community in southern Germany doesn't need to worry about the rent going up. For nearly 500 years, the rent for residents of Augsburg’s Fuggerei neighborhood has remained the same. The city is home to 142 residents who enjoy a tradition that’s based on a 500-year-old agreement. Inhabitants of the neighborhood pay no more than $1 per year in rent. Yes, you read that correctly. When the Fugger family settled in Augsburg in 1367, they lived off trading woven goods. However, the business-minded family quickly established important relationships and grew to be one of the wealthiest families in the city. Over the years, they acquired vast properties and real estate across Augsburg and founded several social initiatives. Jakob Fugger became the wealthiest banker in town, but felt socially responsible and wanted to give back to the community in the form of affordable accommodations for poorer families. The idea for the Fuggerei was born, and in 1521, he donated the land to establish a social housing complex – the world’s first – for families and individuals in need. Successful applicants committed to praying for the health and prosperity of the Fugger family 3 times a day and accepted a 10 p.m. curfew. Back then, the agreed-upon annual rent for one of the apartments was one Dutch Guilder, which is the equivalent of $1.00. Fugger set up a charitable trust to fund the social housing complex, and it still covers some of the costs today. While the 10 p.m. curfew has relaxed over the years, the rent remains unchanged.
