High demand drives rising rent prices in Norway
Rent prices across Norway have continued to rise during the early months of 2023, driven chiefly by increased demand figures released Tuesday show.
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On Tuesday, the rental agency Utleimegleren published its most recent overview of rental prices in its portfolio.
The agency's new data indicates an eight percent increase in rental prices in February compared to the same month of last year.
While the supply side seems to be increasing, the demand is currently surpassing it – and the trend seems set to continue in the months ahead.
"We expect that demand from tenants to increase significantly towards the summer. This will result in a challenging rental market with rising rental prices," the managing director of Utleiemegleren, Geir Skogheim, said in a press release.
Stable prices in Bergen, price spike in Oslo
There is currently a high level of activity in the rental market in Norway's two biggest cities, Oslo and Bergen.
Rental prices for all types of accommodation in Oslo were up 11.3 percent in February compared to the same month in 2022. Compared to January of this year, rental prices were down 0.96 percent.
In February, it cost an average of 11,950 kroner to rent a one-room apartment in Oslo, while two-bedroom and three-bedroom apartments in Oslo cost, on average, 15,238 and 18,582 kroner, respectively.
In Bergen, rental prices remained stable and increased by 0.1 percent compared to February 2022. Compared to January, rental prices increased by 2.9 percent for all housing.
In February, it cost an average of 9,500 kroner to rent a one-room apartment in Bergen, 12,409 kroner to rent a two-bedroom apartment, and 14,538 kroner to rent a three-bedroom apartment.
Stavanger, Trondheim, and Kristiansand
Rental prices for all housing types have increased by 7.13 percent in Stavanger since February last year. Compared to January 2023, rental prices increased by 18.47 percent.
The average price for a two-bedroom apartment in Stavanger cost an average of 12,055 kroner in February, and the number of homes available for rent has decreased.
In Trondheim, rental prices decreased by 4.58 percent compared to February last year. However, compared to January, rental prices increased by 2.90 percent. The rental price of a 1-room apartment in Trondheim amounted to an average of 8,500 kroner in February.
In Kristiansand, rental prices for all housing types have increased by 11.75 percent since February last year.
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On Tuesday, the rental agency Utleimegleren published its most recent overview of rental prices in its portfolio.
The agency's new data indicates an eight percent increase in rental prices in February compared to the same month of last year.
While the supply side seems to be increasing, the demand is currently surpassing it – and the trend seems set to continue in the months ahead.
"We expect that demand from tenants to increase significantly towards the summer. This will result in a challenging rental market with rising rental prices," the managing director of Utleiemegleren, Geir Skogheim, said in a press release.
Stable prices in Bergen, price spike in Oslo
There is currently a high level of activity in the rental market in Norway's two biggest cities, Oslo and Bergen.
Rental prices for all types of accommodation in Oslo were up 11.3 percent in February compared to the same month in 2022. Compared to January of this year, rental prices were down 0.96 percent.
In February, it cost an average of 11,950 kroner to rent a one-room apartment in Oslo, while two-bedroom and three-bedroom apartments in Oslo cost, on average, 15,238 and 18,582 kroner, respectively.
In Bergen, rental prices remained stable and increased by 0.1 percent compared to February 2022. Compared to January, rental prices increased by 2.9 percent for all housing.
In February, it cost an average of 9,500 kroner to rent a one-room apartment in Bergen, 12,409 kroner to rent a two-bedroom apartment, and 14,538 kroner to rent a three-bedroom apartment.
Stavanger, Trondheim, and Kristiansand
Rental prices for all housing types have increased by 7.13 percent in Stavanger since February last year. Compared to January 2023, rental prices increased by 18.47 percent.
The average price for a two-bedroom apartment in Stavanger cost an average of 12,055 kroner in February, and the number of homes available for rent has decreased.
In Trondheim, rental prices decreased by 4.58 percent compared to February last year. However, compared to January, rental prices increased by 2.90 percent. The rental price of a 1-room apartment in Trondheim amounted to an average of 8,500 kroner in February.
In Kristiansand, rental prices for all housing types have increased by 11.75 percent since February last year.
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