A time has come when rental prices soar in a booming economy in most of the cities across the globe, the small city of Southern Germany’s Augsburg named Fuggereiis is something extraordinary in this case as the small community does not need to worry about the increase in rent. For nearly 500 years, the rent for residents has remained the same.
In 1514, a wealthy man named Jakob Fugger gave this land a new face establishing the housing complex for the residents. That is why the complex is named after him. As the generous man had always dreamt of an affordable accommodation for poorer families, he made some rental rules. A resident had to count one Rhenish guilder to rent a house at that time which equates to 1 US dollar and Tk 84 only in Bangladesh.
The rental rules include- residents were to be registered Augsburg citizens living at least for two years in the region, after 10 pm the local condition must be followed and three-time daily prayers in local church to be attended. The rules have been maintained for 500 years!
The city has a total of 67 houses and 167 apartments consisting of 142 citizens in total. The community is one of the oldest as they are living here for years. Despite some minor disadvantages, the residents never leave the land as they will never get a place like this anywhere.