Low number of rental properties available in Norway despite huge demand
Despite massive demand for rental properties, the number of homes on the market in Norway is down significantly compared to last year, recent figures show.
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At the end of June this year, there were 45 percent fewer rental properties on the market compared to the year before, financial newspaper Finansavisen reports.
"It is a demanding time for those entering the rental market right now. There are simply too few homes on the market," Jørgen Hellestveit, marketplace director at Finn Eiendom, told Finansavisen.
In Oslo, there are around 40 percent less properties available compared to June last year. Additionally, while there are 30 percent fewer ads for rental properties, Finn, the country's most popular website for finding property, saw record traffic for listings in July.
Despite the more limited selection, rental homes are also being snapped up much quicker than last year. Last year, a home was listed for 13, 13 and 12 days in May, June and July before a lease was signed. In the same months this year, properties lasted 10, 8 and 11 days on the market before a tenant was found, according to Finn.no.
READ ALSO: Eight things to know when renting an apartment in Norway
Property expert Baard Schumann told Finansavisen that those trying to rent are getting a raw deal.
"The losers (in the property market) are those who come to the city and have to rent. They are not allowed to borrow because of the mortgage regulations and increased interest rates. The first-time tenants really lose, and they don't get to save either because they have to pay so much in rent," Schumann said.
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At the end of June this year, there were 45 percent fewer rental properties on the market compared to the year before, financial newspaper Finansavisen reports.
"It is a demanding time for those entering the rental market right now. There are simply too few homes on the market," Jørgen Hellestveit, marketplace director at Finn Eiendom, told Finansavisen.
In Oslo, there are around 40 percent less properties available compared to June last year. Additionally, while there are 30 percent fewer ads for rental properties, Finn, the country's most popular website for finding property, saw record traffic for listings in July.
Despite the more limited selection, rental homes are also being snapped up much quicker than last year. Last year, a home was listed for 13, 13 and 12 days in May, June and July before a lease was signed. In the same months this year, properties lasted 10, 8 and 11 days on the market before a tenant was found, according to Finn.no.
READ ALSO: Eight things to know when renting an apartment in Norway
Property expert Baard Schumann told Finansavisen that those trying to rent are getting a raw deal.
"The losers (in the property market) are those who come to the city and have to rent. They are not allowed to borrow because of the mortgage regulations and increased interest rates. The first-time tenants really lose, and they don't get to save either because they have to pay so much in rent," Schumann said.
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