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Wednesday, February 21, 2024

Rental rates hit historic highs

Never before have rental rates in Norway been so high, with average monthly rates up 7.5 percent in the fourth quarter of last year. In Oslo it now costs an average NOK 16,011 a month to rent an apartment, according to new figures from website Husleie.no.

Average rental rates nationwide hit NOK 12,387, up from NOK 10,000 in 2021. “There are more of us and homebuilding has almost come to a standstill,” Kjetil J Olsen at Husleie.no told business news service E24.

Real estate analysts also point to higher interest rates and still-high prices for potential homebuyers, even though that’s also reduced sales and sale prices in many markets. Far more people are still forced to rent, and demand exceeds supply.

Higher rental rates are also tied to higher costs for those owning rental units. Taxes have also gone up for those owning secondary homes that they rent out.

NewsinEnglish.no staff

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