Rental prices are leveling off after the record growth

– Although the rental prices are in some cases significantly higher than in the corresponding quarter last year, we see that the rental market is cooling down somewhat now – and this is happening in the quarter which historically is the very best, namely for the months of July, August and September, says general manager of Husleie.no, Kjetil J. Olsen, in a press release.

Husleie.no serves over 20 percent of the Norwegian housing rental market. Their figures show that the average rental price for a home in Norway in the third quarter was NOK 12,487. This is 4.4 per cent more than in the same quarter last year, but a decrease of NOK 605 from the previous quarter.

In Oslo, rental prices fell by 0.2 per cent from the third quarter of last year. In Bergen, rental prices have risen by 9.6 per cent in the past year, while rental prices in Trondheim have risen by 5 per cent.

Although rental prices now appear to be stabilising, Olsen emphasizes that it is still expensive to rent in the biggest cities.

– It is important to emphasize that the rental market has stabilized or is declining slightly from an incredibly high level. When a tenant has to fork out NOK 23,000 per month for a 3-room apartment of 65 square meters at Carl Berner in Oslo, it is terribly expensive, he says.