Rental prices in the Norwegian housing market increased by 5% in the second quarter of 2022

Rental prices in the Norwegian housing market increased by 5% in the second quarter of 2022

Roger Pettingell Sarasota Real Estate

Rental prices in the housing market increased by 5% in the second quarter of 2022 compared with the same period last year. In Oslo, the average price is approaching NOK 15,000.

“A survey among our landlords and those who rent housing through them shows that almost 75% state that it takes less than one week from the home is put on the market until it is rented out,” general manager Kjetil J. Olsen in Husleie.no told E24.

The average price for renting a home in Norway in the second quarter was NOK 11,192, according to the rental platform. 

A changing market

Olsen says the rental market has changed in several ways in recent years. Especially in the student market, where there was a great demand for housing suitable for students already in June.

“Back in 2019, the main pressure in the student market materialized in August. But now, we got reports of high activity in the student market already in May. In June, it was in full swing. This affects the entire rental market,” he said.

Rental prices in most of the largest cities rose in the second quarter of the year. In Oslo, the average price for renting a home was NOK 14,621 in the second quarter of 2022, an increase of 6% compared with the previous year.

In Bergen, prices rose by a strong 9.1% in the quarter, while in Trondheim, they rose by 3%. The average price in these cities was NOK 11,395 and NOK 11,477, respectively. The rise in prices was highest in Kristiansand, where rental prices increased by 15.5% in the quarter.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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