Austria – Property Letting

How does the property letting process work in Austria?

Before advertising a property for rent in Austria, every landlord must first establish which legal framework governs their particular situation. The central instrument here is the Mietrechtsgesetz (MRG) — Austria’s Rental Act — which does not apply uniformly across all properties. Depending on the building type and its history, the MRG may apply in full, in part, or not at all. This distinction has profound practical consequences: it determines whether rent is freely negotiable or must conform to regulated ceilings, and shapes the rights and obligations of both parties throughout the tenancy.

Full MRG coverage extends to buildings completed before 1 July 1953 — the iconic Viennese Altbau stock — and to social housing. A partial application regime covers post-1953 private buildings constructed without public subsidies; here, tenants benefit from eviction protection and contract term rules, but the rent itself may be set at market rates (freier Mietzins). Properties that fall entirely outside the MRG include single- and two-family homes, tied accommodation, short-term holiday lets, and certain other categories. Apartments in such buildings let under agreements signed after 2001 are governed instead by the General Civil Code (ABGB), which affords tenants considerably fewer protections.

Finding suitable tenants usually involves listing the property on Austrian real estate portals such as willhaben.at or immowelt.at, or instructing a licensed letting agent (Makler). Landlords routinely ask applicants to supply proof of income, recent payslips, identification, and a reference from a prior landlord. Austrian law strictly prohibits discrimination on the grounds of nationality or relationship status. Demanding a “reservation fee” from a prospective tenant is also unlawful in Austria.

A tenancy agreement establishes the nature of the arrangement — residential or commercial — together with the duration and the rent (Miete or Mietzins). While oral agreements can be valid in certain circumstances, any fixed-term arrangement must always be recorded in writing to be enforceable. A careless email or informal exchange touching on the length of a renewed lease could be construed as an attempt to set a verbal end date — and therefore be treated as invalid. Legal advisers consistently recommend that landlords exercise caution in any written or verbal communication about contract duration and, where written information is provided, make clear that it does not form part of any contractual commitment. This distinction carries more weight in Austria than in some other legal systems where verbal agreements are more readily relied upon in tenancy disputes.

The written agreement should set out the net rent, running costs (Betriebskosten), any indexation clause, the deposit, and the arrangement for repairs. Rent is ordinarily paid monthly in advance, though quarterly or annual payment schedules can be negotiated. Bank transfers and direct debits are the most common methods of payment.

What types of rental arrangements are available in Austria — long-term, short-term, and holiday lets?

Austrian rental law recognises three broad letting categories, each operating under a distinct regulatory regime: long-term residential tenancies, short-term lets, and tourist or platform-based holiday accommodation. The rules governing each category — and the tax obligations they trigger — differ substantially.

Long-term residential letting sits under the MRG where that statute applies and represents the most tightly regulated form of letting. A fixed-term agreement typically runs for a minimum of three years and may be renewed in increments of at least three years at a time. From 1 January 2026, a package of rental reforms took effect in Austria, raising the minimum term for fixed-term contracts and introducing further rules affecting private landlords. An important exception applies to landlords who do not qualify as “entrepreneurs” under the Austrian Consumer Protection Act (KSchG) — a category that generally captures small private individuals rather than companies or professional property investors — who may continue to offer three-year terms.

Short-term and holiday letting is subject to local regulation and has faced tightening restrictions in recent years. A rule prohibiting commercial short-term rental beyond 90 days per year without an exemption permit, in areas outside residential zones, came into force on 1 July 2024. In Vienna specifically, commercial letting of residential accommodation in designated residential zones has been broadly prohibited since December 2018. Under §7a of the Vienna Building Code, the routine commercial hiring out of residential premises for short-stay purposes is not permitted within these zones.

Violations of these building regulations — such as illegally advertising an apartment on a platform — can result in fines of up to €50,000 or a custodial sentence of up to two weeks. Subletting municipal or subsidised housing is ordinarily prohibited without the express written consent of the landlord as specified in the lease.

Income from letting to tourists via platforms such as Airbnb is treated as rental and leasing income for Austrian tax purposes. In Vienna, hosts must additionally collect and remit a city tax of 3.2% of the accommodation charge by the 15th day of the month following the stay, with exemptions available for minors and certain groups such as students. Since January 2021, Airbnb has been required to share data with the Austrian tax authorities covering hosts’ identities and their platform activity during the preceding calendar year.

What rental income can landlords expect in Austria, and how are rates set?

Setting the rent for an Austrian property is among the most legally demanding aspects of letting, and the rules depend heavily on the extent to which the MRG applies. Under full MRG application, rent is governed by the Richtwertmietzins framework — a base rate established for each federal province and adjusted upward for desirable features such as central heating, a lift, or a balcony, and downward for any shortcomings. As of 2025, the Richtwert for Vienna stands at €6.67 per square metre net.

Where a fixed-term tenancy agreement is used — regardless of how long the term runs — a mandatory time-limit discount of 25 percent must be applied to the calculated benchmark rent. While rent may be freely agreed at the outset, a tenant retains the right to seek a formal assessment at any point during the tenancy and for six months after vacating. If the assessed rent is lower than the amount actually charged, the landlord must repay the excess, together with interest.

For properties that fall outside full MRG coverage — such as newer privately owned apartments — rent is determined by the open market rather than regulation. In 2025, the average rent for newly let apartments is approximately €14.87/m², while older apartments average around €10.00/m². In the first quarter of 2025, the average basic rent (Hauptmietzins) was €502 per month or €7.50/m², representing a 2.7% increase on the same period in 2024 (Statistik Austria, 2025).

Rent increases under MRG-regulated contracts are closely controlled. A landlord may only adjust rent upward if the tenancy agreement contains a value adjustment clause. From 2024, annual rent increases based on indexation are capped at a maximum of 5% per year — a measure designed to shield tenants from steep rises during periods of high inflation. The government’s plans go further: for 2026, increases are to be held to a maximum of one percent, and for 2027 to two percent. From 2028, a formula of “3% plus half the excess” takes effect — if inflation runs at 6%, for example, rent may be raised by no more than 4.5%.

For the most up-to-date benchmark rent figures, consult the Austrian Federal Ministry of Finance and the City of Vienna housing pages, as these are updated periodically and may be affected by future legislative changes.

Do landlords need to provide a furnished or unfurnished property in Austria?

Austrian law imposes no general obligation on landlords to let their properties either furnished or unfurnished, and both approaches are widespread. Long-term residential lettings tend to be offered unfurnished or part-furnished, while short-term rentals and apartments marketed to expatriates are more commonly let fully equipped. Features such as a lift, balcony, garage, parking space, or comprehensive furnishings can substantially increase achievable rents, with fully furnished apartments commanding a premium of around 10–20%.

Where fittings or appliances are supplied as part of the rental, the landlord assumes specific maintenance responsibilities. Under §3 MRG, the landlord is obliged to keep the property in a habitable condition. This encompasses repairs to shared parts of the building (roof, external walls, stairways, lifts), rectification of serious internal defects (including plumbing, gas, and electrical faults), and the servicing or replacement of fixtures provided with the property — heating installations in particular. Since the Wohnrechtsnovelle 2015, the repair or replacement of a boiler, water heater, or any other heating equipment present at the time the contract was signed falls squarely on the landlord. Any clause in a tenancy agreement purporting to transfer this responsibility to the tenant is without legal effect.

Furnishing standards also affect how a property is categorised under the MRG classification system. A Category A apartment must be in a habitable state, offer at least 30 square metres of usable floor space, include at minimum one room together with a kitchen or kitchenette and an entrance hallway, and be equipped with a proper bathroom providing ventilation, an internal toilet, and central or floor heating with hot water provision. Properties falling below this standard are assigned to lower categories with correspondingly reduced maximum rents. Landlords are advised to verify the applicable category before setting any rent, and to seek guidance from the City of Vienna housing authority or a local property lawyer for current category definitions.

Do you need a licence or registration to let a property in Austria?

There is no single national landlord licensing requirement for ordinary long-term residential letting in Austria. The country has nothing equivalent to the compulsory landlord registers found in Scotland or Wales, where all private landlords must enrol with a central authority before they can let. Specific requirements do, however, apply depending on the scale and nature of the letting activity.

For standard long-term residential lettings, no licence is needed before signing a tenancy agreement. In some cases the contract may require notarisation, and while leases do not generally need to be entered in the land registry, a fixed-term lease running for more than three years or one that includes an acquisition right — such as an option to purchase — should ordinarily be registered.

The position for short-term and holiday lets is more regulated. There is no national short-term rental permit, but hosts who fall within the category requiring authorisation must obtain the relevant permits and comply with tax registration requirements. From 1 July 2024, lettings exceeding 90 days per year without an exemption permit are restricted outside residential zones. Exemption permits are available under certain conditions, subject to the building owner’s consent and a restriction limiting commercial lettings to fewer than half the units in a building.

Where letting activity crosses the threshold into a commercial undertaking — for instance, operating multiple short-term rentals with hotel-style services — a commercial registration (Gewerbeanmeldung) may be required. There is a single national Tax Office (Finanzamt Österreich) in Austria, and all landlords — resident or otherwise — must register for tax purposes. Non-resident landlords should check with their local municipality and the Austrian Federal Ministry of Finance for current requirements, since the rules differ by location and rental model.

How do you obtain a landlord licence or register as a landlord in Austria?

Since Austria does not impose a general landlord licence for standard residential letting, the essential registration steps concern tax compliance and, for short-term letting, local regulatory adherence. The following process applies to any landlord — resident or non-resident — intending to let a residential property in Austria:

1. Determine the legal category of your property. Establish whether your property falls under full, partial, or no MRG coverage, as this determines permitted rent levels, notice periods, and contract rules. Consult an Austrian property lawyer or housing adviser if uncertain.
2. Register with the Austrian tax authority (Finanzamt Österreich). All landlords earning rental income from Austrian property must register for tax, regardless of where they live. Landlords who are residents of Austria must declare rental income in their annual income tax return. Foreign property owners with real estate in Austria are subject to limited tax liability and are also required to submit a tax return to the Austrian tax authorities. Registration can be completed via the FinanzOnline portal.
3. Obtain a tax identification number (Steuernummer). Non-resident landlords will need an Austrian tax number in order to file returns. This is obtained through the relevant regional Finanzamt. The single national contact is Finanzamt Österreich.
4. Prepare a written tenancy agreement. Ensure the contract is in writing and complies with MRG requirements where applicable. For fixed-term contracts or those with purchase options, consider registration at the land registry (Grundbuch).
5. Register guests if operating short-term lets. Commercial and private accommodation establishments are required to report the number of their guests and their overnight stays to the municipality on a monthly basis.
6. Register for Vienna city tax if applicable. Vienna has a city tax that hosts must register for and pay regularly. Hosts are obliged to collect and pay the tax by the 15th day of the following month for paid stays in the previous month.
7. Apply for a short-term rental exemption permit if needed. If you intend to let outside residential zones for more than 90 days per year, apply for an exemption permit through the relevant municipal authority. Check with your local district authority (Bezirksamt) for current application requirements and fees, as these change.
8. Consider commercial registration if running a rental business. If your letting activity constitutes a trade or business, register at the Austrian Economic Chamber (WKO) via wko.at. A local accountant or tax adviser can help determine whether this threshold is met.

What are the rules around deposits in Austria?

Austrian landlords are entitled to require a security deposit from incoming tenants at the start of the tenancy. The amount is commonly equivalent to three months’ rent, although the exact figure may vary according to the terms agreed in the individual lease. The deposit exists to protect the landlord against property damage or unpaid rent that may arise during the tenancy.

Beyond the regular monthly rent, a new tenant may also face additional upfront costs, the most significant of which is the deposit itself. Under contracts governed by the MRG, the deposit may as a rule not exceed three months’ rent. Agreements falling solely under the ABGB — the general civil code — allow for higher deposits to be negotiated, with six months serving as a practical ceiling in many cases.

Unlike the UK and Ireland, where tenancy deposit protection schemes are a legal requirement and deposits must be lodged with an independent third party within a defined period, Austria has no centralised national scheme for protecting deposits. Landlords typically hold the sum in their own bank account. When the tenancy ends, the deposit must be returned in full provided the property is handed back in the condition in which it was received and all financial obligations have been discharged.

A landlord may make deductions from the deposit to cover outstanding rent or damage that goes beyond ordinary wear and tear. If the property has suffered harm during the tenancy, the cost of restoration falls on the tenant. On vacating, the tenant is expected to return the apartment in the same state as when they first moved in. Disagreements about deposit deductions may be referred to the district arbitration board (Schlichtungsstelle) or the district court. Landlords are advised to check the City of Vienna housing authority or the relevant federal state housing office for the most current guidance on handling deposits.

Who is responsible for maintenance and repairs in Austria?

In Austria, the allocation of maintenance responsibility between landlord and tenant is largely determined by whether the MRG applies to the property. Under §3 MRG, the landlord bears the primary duty to keep the dwelling in a proper and habitable condition. This encompasses the upkeep of communal areas of the building — including the roof, exterior façade, stairwells, and lifts — the rectification of serious defects inside the apartment affecting plumbing, gas, or electrical installations, and the repair or replacement of any fittings and fixtures supplied as part of the rental, with heating equipment given particular emphasis.

Since the Wohnrechtsnovelle 2015, the obligation to repair or replace a boiler, hot water heater, or any other heating system that was present in the apartment when the tenancy agreement was concluded rests unambiguously with the landlord. Any contractual provision seeking to shift this duty onto the tenant is legally void. This position is more restrictive for landlords than arrangements found in various other jurisdictions, where greater freedom to negotiate appliance responsibilities exists.

The landlord must address non-functioning appliances or carry out necessary maintenance work as specified in the contract. If such requests are ignored, the tenant may seek assistance from the Austrian tenants’ association. Tenants are permitted to make minor alterations or improvements to the property without first obtaining the landlord’s consent.

For commercial tenancies, the division of responsibilities operates somewhat differently: tenants typically bear responsibility for the upkeep of the interior spaces they occupy, while the landlord remains accountable for major structural elements such as the roof or façade, with the precise terms usually set out in the lease. Where disputes arise in residential tenancies, either party may bring a claim before the Schlichtungsstelle (arbitration board) at the district court, which is free to use for most tenants in Vienna. Landlords are strongly encouraged to document the condition of the property thoroughly at the beginning and end of every tenancy.

How are letting agents used in Austria, and what do they charge?

Licensed letting agents (Immobilienmakler) play a prominent role in the Austrian rental market, especially in major urban centres such as Vienna, Graz, and Salzburg. Their services typically cover advertising, arranging viewings, conducting background checks on applicants, drafting tenancy agreements, and managing handover. Many firms also provide full property management for landlords based abroad, encompassing rent collection, liaison with tenants, and coordination of maintenance works.

Historically, it was common practice in Austria for agent fees to be charged to the tenant, as was the norm across much of continental Europe. The “Bestellerprinzip” — the principle that whoever appoints the agent bears the cost — has been the subject of sustained legislative debate in Austria, and the rules governing who ultimately pays the agent’s commission have evolved over time. As of 2025, where a landlord engages an agent to find a tenant, the primary fee obligation may rest with the landlord; however, given how actively this area has been subject to change, landlords are advised to verify the current position with the Austrian Economic Chamber (WKO) or a local property lawyer before proceeding.

Where commission is payable by the tenant, it is customarily capped at two months’ rent. The agent bears a duty to ensure transparency throughout the transaction and may assist in resolving disputes. In commercial lease transactions, brokerage fees are often borne by the tenant and may amount to as much as three months’ rent. For ongoing property management services — as distinct from a one-off tenant-finding exercise — agents typically charge a monthly fee expressed as a percentage of the rent; current market rates vary and should be confirmed directly with management firms.

For overseas landlords administering property from a distance, appointing a full-service property manager is strongly recommended. Such agents can also take on the withholding tax obligations that arise for non-resident landlords. The WKO directory provides a searchable list of licensed real estate professionals operating in Austria.

What taxes apply to rental income in Austria?

Austria operates a progressive income tax system, meaning that a higher total income attracts a higher marginal tax rate. Rental and leasing income is aggregated with income from other sources — such as employment or self-employment — and can therefore push the overall rate significantly upward. The progressive scale runs from 0% to 55% as of 2025, with the 55% band applying only to income in excess of €1 million.

Austrian residents must include rental income in their annual income tax return. Foreign nationals who own real estate in Austria are subject to limited tax liability and equally must submit a tax return to the Austrian authorities. The extent to which a non-resident landlord is taxed in Austria — as opposed to in their country of residence — depends on the provisions of the applicable Double Tax Treaty (DTT) between Austria and the landlord’s home country, and in particular whether that treaty assigns Austria the right to tax income derived from property situated there.

A withholding tax mechanism applies to non-resident landlords: either the tenant or a property manager typically withholds 25% of the gross rental income at source. However, part of this amount may be recovered by filing an annual tax return with the Austrian authorities.

Allowable deductions include depreciation, loan interest, maintenance expenditure, and property management fees. The standard annual depreciation rate for the building component of a property is 1.5%. Residential rentals attract a reduced VAT rate of 10%. Austria’s small business exemption (§6(1) No. 27 UStG) relieves entrepreneurs from charging VAT where annual turnover remains below €55,000 as of 2025.

VAT exemption generally applies to residential lettings unless the landlord voluntarily opts to waive the exemption and account for VAT. Property tax is levied on all property held in Austria and applies irrespective of whether the property is let. The assessment basis is the official taxation value of the property, and the rate varies according to the municipality in which the property is located. Tax returns may be filed via the FinanzOnline portal, with returns due by 30 April following each tax year. Given the particular complexity surrounding non-resident taxation and double tax treaty interactions, landlords are strongly urged to seek advice from a qualified local tax adviser. The authoritative official source is the Austrian Federal Ministry of Finance.

What are the rules around ending a tenancy or evicting a tenant in Austria?

Austria’s tenancy legislation is widely considered among the most protective of tenants to be found anywhere in Europe. The MRG grants occupiers a robust suite of rights, ranging from protection against arbitrary eviction to controls on rent levels. Landlords need to be aware that the eviction process can be protracted and must be pursued exclusively through the proper legal channels.

For open-ended contracts (unbefristeter Mietvertrag), such an agreement has no defined expiry date and remains in force until one party properly terminates it. The minimum statutory notice period is one month, although longer notice periods may be stipulated in the tenancy agreement itself. A landlord may only bring an open-ended tenancy to an end where a serious and legally recognised ground exists — such as persistent failure by the tenant to pay rent.

For fixed-term contracts (befristeter Mietvertrag), while the tenant is generally expected to remain for the full term, the law permits early departure — but not until after the first year of the tenancy. In such cases, three months’ notice must be given, running from the end of the month in which the notice is received by the landlord. The earliest a tenant can lawfully vacate is at the close of the 16th month.

The legal doctrine of Kündigungsschutz protects tenants from dismissal without justification. Under Austrian law, a landlord may only terminate a tenancy where a legally valid reason exists — such as unpaid rent, substantial damage to the property, or another serious breach of the lease terms. Adequate advance notice must also be given before the tenancy is brought to an end.

Under full or partial MRG application, a landlord cannot simply serve notice unilaterally: a valid ground as prescribed in §30 MRG must exist, and a court decision is required. Even where the legal prerequisites are satisfied, the landlord is obliged to initiate formal court eviction proceedings (gerichtliche Kündigung). There is no right simply to change the locks or demand that the tenant vacate immediately — taking such steps would constitute unlawful self-help. Court proceedings routinely take several months to resolve, and throughout that period the tenant retains the right to remain in the property. This is considerably more favourable to tenants than the frameworks operating in a number of other jurisdictions, where landlords enjoy broader self-help options or access to faster eviction procedures.

What should expat landlords know about managing property remotely in Austria?

Running an Austrian rental property from overseas is entirely feasible, but it demands disciplined organisation and proactive compliance. Tax obligations represent the most pressing concern: owners of Austrian real estate who reside abroad are subject to limited tax liability in Austria and must file an annual tax return with the Austrian authorities, irrespective of where they live. Living outside Austria does not exempt a landlord from meeting these obligations.

A Vollmacht (power of attorney) is an indispensable practical tool for the non-resident landlord, authorising a trusted local representative — such as a property manager, accountant, or lawyer — to act on their behalf in dealings with tenants, the tax authority, and local bodies. This is especially important for executing documents, overseeing maintenance, and responding to tenant issues within legally mandated timeframes.

As noted above, withholding tax may apply where a landlord is non-resident: tenants or property managers typically retain 25% of the gross rental income at source, though a portion of this may be reclaimed through the annual tax return. Engaging a local property management company to handle these withholding obligations is strongly advised in order to avoid inadvertent non-compliance. A range of deductible expenses — including depreciation, mortgage interest, maintenance costs, and management fees — can materially reduce the amount of income subject to tax.

There are no general restrictions on transferring rental income earned in Austria to another country; as a member of both the EU and the OECD, Austria maintains essentially free capital flows. All rental income must nonetheless be declared in Austria and may also need to be reported in the landlord’s country of residence, depending on the provisions of the relevant double taxation treaty. Whether Austria retains the right to tax that income, or whether relief is available under the applicable DTT, varies from case to case. Both an Austrian tax adviser and a tax professional in the landlord’s country of residence should be consulted to ensure all obligations are correctly managed. The Austrian tax authority is accessible via the Federal Ministry of Finance.

Frequently Asked Questions

Can a non-resident own and let property in Austria?

Yes. Foreign nationals may lawfully own and let property in Austria. For most nationalities, there are no restrictions on acquiring Austrian real estate, and non-resident landlords are free to enter into tenancy agreements. They are, however, liable to Austrian income tax on their rental income under the limited tax liability rules and must file a return with Finanzamt Österreich regardless of where they are based. Current obligations are set out on the Federal Ministry of Finance website.

Do I need a local agent to let my property in Austria?

There is no statutory requirement to use a letting agent for residential lettings in Austria. That said, for landlords who are foreign nationals or live abroad, retaining a licensed local agent or property manager (Immobilienmakler or Hausverwaltung) is strongly advisable. Such professionals can manage tenant sourcing, contract drafting, rent collection, maintenance, and the withholding tax obligations that arise for non-residents. The WKO directory lists licensed real estate practitioners throughout Austria.

How long is a standard tenancy agreement in Austria?

Austria’s 2026 rental reform package introduced extended minimum terms and tighter limits on rent increases. From 1 January 2026, the standard minimum fixed-term lease for landlords classed as “entrepreneurs” is five years. Those who do not qualify as entrepreneurs under the KSchG — typically small private individuals — may continue to offer three-year contracts. Open-ended agreements have no set expiry date and remain in force until properly terminated by either party.

What is the maximum deposit a landlord can charge in Austria?

Under MRG-governed contracts (as of 2025), a security deposit may not exceed three months’ rent. Where a property is governed solely by the ABGB, a higher deposit may be negotiated, with six months representing a practical market ceiling in many instances. Austria does not operate a mandatory centralised deposit protection scheme — deposits are generally held in the landlord’s own bank account. Landlords should consult the relevant federal housing authority for the most current rules.

Is Airbnb and short-term letting legal in Vienna?

Since December 2018, the commercial letting of accommodation has been broadly prohibited within designated residential zones in Vienna. Under §7a of the Vienna Building Code, the routine commercial use of residential premises for short-stay purposes is not permitted in these zones. From 1 July 2024, short-term rental exceeding 90 days per year without an exemption permit is also restricted in areas outside residential zones. Always verify the position with the City of Vienna before listing a property on any short-term rental platform.

How is rental income taxed in Austria for non-residents?

Non-Austrian residents generally have a tax obligation in respect of rental income arising from Austrian property, though the precise position depends on the Double Tax Treaty (DTT) in force between Austria and the landlord’s country of residence. A withholding tax mechanism typically applies: tenants or property managers withhold 25% of gross rental income at source. Non-residents must file an annual return via FinanzOnline. Individual circumstances vary, and a local tax adviser should always be consulted.

Can a landlord increase rent freely in Austria?

Not in every case. A rent increase is only permissible where the tenancy agreement contains a value adjustment clause. For properties fully within the MRG’s scope, rent increases are capped and linked to the Consumer Price Index; from 2024, the maximum annual indexation-based increase is 5%. For properties outside MRG coverage, the parties may agree indexation terms freely, subject to the overarching legislative framework. Landlords letting property not fully covered by the MRG retain the freedom to adjust rent in accordance with the terms agreed in the tenancy agreement.

What happens if a tenant stops paying rent in Austria?

Persistent non-payment of rent constitutes a legally recognised ground for termination under the MRG. However, the landlord cannot act unilaterally: a valid ground as defined in §30 MRG must be established, and a court order is required. The landlord must initiate formal court eviction proceedings (gerichtliche Kündigung) and has no right to change the locks or order the tenant to leave immediately. Court proceedings can extend over several months, during which time the tenant retains the right to occupy the property. Landlords should act quickly when arrears begin to accumulate and take legal advice from an Austrian property lawyer at the earliest opportunity.