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What is Oslo's rental market like at the moment?

Robin-Ivan Capar
Robin-Ivan Capar - [email protected] • 26 Oct, 2022 Updated Wed 26 Oct 2022 14:14 CEST
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The supply of rental housing in Oslo has still not been able to meet the demand. Photo by Denis Volkov / Unsplash

The post-summer rental market in Oslo has been quite hectic. If you're wondering what renting out a flat in the capital looks like these days – we've got you covered.

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People hoping that the price of renting apartments in Oslo in September would decrease – in line with the price of housing for sale – ended up disappointed.

In September, the average price for a 1-room apartment in Oslo amounted to 10,969 kroner, an increase of 8 percent from last month. Compared to the same month last year, the increase amounted to 6.5 percent, according to the latest figures published by Utleiemegleren rental agency.

At the same time, a 2-bedroom apartment in Oslo cost an average of 14,757 kroner per month in September (up by 2.4 percent from August and 8.7 percent from September 2021), while a 3-room apartment cost an average of 18,658 kroner in September (up by 3.6 percent from August and 9.1 percent from September 2021).

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The supply of rental housing in the Oslo market has still not been able to meet the demand, which fueled the increase in rental prices.

READ MORE: ‘No quick fixes’: Gloomy forecast for Norway’s rental market

Many people looking for an apartment to rent who did not succeed in doing so in August continued to be active in house-hunting in September. The spillover is expected to continue into October.

New trends

Rental real estate experts have noticed several interesting trends in the market in recent months, the key being that rental prices continue to grow despite the fact that housing prices in Oslo have registered a decline recently.

Siri Anne Bernum Halck, the regional head for the Utleiemegleren rental real estate agency, told The Local that the situation on the market is "frightening."

"There are several new trends that we have seen in September. Prices are increasing a lot, especially for small apartments. There are too few of them on the market. During the summer, Oslo had 40 percent fewer listed apartments for rent compared to the summer of 2021. It's frightening," Bernum Halck said.

Advice for people looking to rent

Bernum Halck also shared some advice for people who are still trying to find an apartment to rent in Oslo.

"Go to apartment showings (visning in Norwegian). We recommend taking a resume with key information on yourself, your job, your income, how long you plan to rent, and the like.

"Be flexible on where you want to live, many people want a central location, but if you're willing to live outside the centre, you can find an apartment at much lower prices," the industry expert said.

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Despite the prices, she believes that the most central parts of Oslo still provide the best value for money when it comes to renting.

"Best value for money? The most central parts of Oslo, such as Frogner. It may be the most expensive when it comes to housing sales, but that is not always the case for renting. I'd say central apartments within ring 1," Bernum Halck concluded.

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Robin-Ivan Capar 2022/10/26 14:14

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