The prices for renting housing in this country have reached new records in the year we will soon put behind us.
Housing in the Old Town in Oslo. Photo: Javad Parsa / NTBPublished: Published:
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The frequent interest rate increases in recent years have resulted in a greater interest cost for landlords. This is often exchanged for higher rents for the tenants. The result: a very tough rental market for many.
Markedsplassen Finn has calculated its rental ads from January to November, and found that:
- You have to fork out NOK 18,543 on average to rent an apartment in Oslo (which is an increase of 6.6 per cent compared to 2022). This does not include the dormitories and shared flats categories.
- In Stavanger, the average price has increased by 14.3 per cent for a rental apartment compared to 2022 (which means an average price of NOK 14,109)
- In Trondheim, the dormitory price has increased by 26.16 per cent (average price of NOK 7,802)
- You have to fork out NOK 14,020 on average to rent an apartment in Bergen (which is slightly below the average price in Stavanger)
Rental prices have risen by 9.8 per cent in the four cities combined in the past year, showed figures from Eiendom Norge in the third quarter. It is described as a clear record.
The figures for the fourth quarter, and thus how rental prices have developed for the whole of 2023, will not come until January.
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Still high demand
– The demand for rental properties has been and is still extremely high, says Jørgen Hellestveit, housing expert and head of Finn eiendom.
The housing to rent category has had close to 5 million visits per month between January and November, which is a growth of 5 per cent compared to the same period last year.
Jørgen Hellestveit, housing expert and head of Finn eiendom. Photo: Finn
– We saw that prices in the rental market, especially in the four largest cities, rose dramatically during the spring and as the summer holidays approached. In addition, the number of available rental properties was low. This made it tough for many, especially students, refugees and others with less to deal with, Jørgen Hellestveit, housing expert and head of Finn eiendom.
Asking people to rent out
This led to both student organizations and the authorities stepping in and asking people who had available objects to rent them out, according to Hellestveit.
Whether this is the reason is not known, but over the autumn Finn has seen an increase in advertisement publications. This, in turn, has contributed to a small brake on price development.
– Several objects mean that prices have now stabilized, and rather gone down a little, than up. However, there is still greater demand than supply, so if you have a home, apartment, dormitory or similar that you want to rent out, 2024 is a good year to test it out, says Hellestveit.
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According to Statistics Norway, there are around 1 million people who rent housing in Norway. And there will probably be more.
The director of the Directorate for Building Quality, Per-Arne Horne, also encourages people to rent out homes, if they have the means.
– This year, the municipalities have been asked to settle 38,000 people. For 2024, there is an expectation that there will be 37,000 people who will have a place to live. Many municipalities are struggling to find enough rental housing, says Horne.
Average prices for renting housing so far this year
Oslo
Apartment:
Prices have increased by an average of 6.6% compared to 2022
Average price 2023: NOK 18,543 (NOK 1,158 more expensive than in 2022)
Dorm:
Prices have increased by 8.1% on average compared to 2022
Average price 2023: NOK 11,933 (NOK 896 more expensive than in 2022)
Shared accommodation:
Prices have increased by an average of 7.3% compared to 2022
Average price 2023: NOK 7,937 (NOK 539 more expensive than in 2022)
Bergen
Apartment:
Price has on average increased by 10.54% compared to 2022
Average price 2023: NOK 14,020 (NOK 1,338 more expensive than in 2022)
Dorm:
Price has on average increased by 13.58% compared to 2022
Average price 2023: NOK 8,490 (NOK 1,015 more expensive than in 2022)
Shared accommodation:
Prices have on average increased by 2.5% compared to 2022
Average price 2023: 5746 (NOK 141 more expensive than in 2022)
Trondheim
Apartment:
Prices have increased by 8.9% on average compared to 2022
Average price 2023: NOK 14,068 (NOK 1,148 more expensive than in 2022)
Dorm:
Price has on average increased by 26.16% compared to 2022
Average price 2023: NOK 7,802 (NOK 1,618 more expensive than in 2022)
Shared accommodation:
Prices have increased by an average of 6.7% compared to 2022
Average price 2023: NOK 5,799 (NOK 367 more expensive than in 2022)
Stavanger
Apartment:
Price has on average increased by 14.3%
Average price 2023: NOK 14,109 (NOK 1,765 more expensive than in 2022)
Dorm:
Price has on average increased by 17.63% compared to 2022
Average price 2023: NOK 9,006 (NOK 1,350 more expensive than in 2022)
Shared accommodation:
Prices have on average increased by 3.4% compared to 2022
Average price 2023: NOK 5,530 (NOK 183 more expensive than in 2022)
Source: Finn’s rental report for 2023
Sea view
I think the tenants have been forgotten
The Tenants’ Association has received “an enormous number of inquiries” from people who are struggling to pay their rent in the past year, writes TV 2.
The association’s housing policy spokesperson, Anne-Rita Andal, believes that we have forgotten the tenants in the midst of all the notices about housing prices and interest rates.
– We must remember that renters have weaker finances than home owners, and that renters also have fewer opportunities to make adjustments, such as asking for payment deferrals on loans, Andal says to TV 2.
Both E24 and Finn are wholly owned subsidiaries of the Schibsted group. Certain journalists in E24 own shares in Schibsted through the group’s share savings programme.
2023-12-27 11:55:02
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