Reykjavík Rent Prices Rose 95% in Eight Years Skip to content
Photo: Reykjavík.

Reykjavík Rent Prices Rose 95% in Eight Years

Rent prices in the Reykjavík capital area have risen by 95% since 2011, Kjarninn reports. This was recently revealed in a report by Íbúðalánasjóður (Housing Financing Fund), who started tracking rent and housing prices in 2011. In 2018, rental prices rose by more than real estate prices for the first time since 2011.

The annual increase in rent prices was 9.2% in November 2018, but the index number of real estate prices rose by 6%. However, housing prices have risen more than rent prices on average in the last eight years. Housing prices have risen by 103% since 2011. For comparison’s sake, wages in the country have risen by 75% in the same period, from 2011 to 2018.

The rent market is most active in the west part of Reykjavík. Of the total of recorded rent contracts in the whole country, 19% were for apartments west of Kringlumýrarbraut to Seltjarnarnes. Most of the contracts were for two bedroom apartments and the average rent price per square metre was just over ISK 3,000 ($24.60/€21.60).

 

 

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