Rental market survey, 2015

For dwellings with two and three rooms in Oslo including Bærum, the monthly rents are on average approximately NOK 9 900 and NOK 12 460 per 3 quarter 2015 according to the Rental market survey (RMS). Equivalent rents in Bergen and Trondheim are on average NOK 7 750 and 9 840 and NOK 8 430 and 10 360 respectively. In urban settlements with 2 000-19 999 inhabitants the rents for dwellings with two and three rooms are at NOK 5 990 and 7 090 on average.

Variations in rent levels

The RMS shows that there are large variations in rents, even when dwellings are restricted to geographical location, size and the “non-subsidized” market. The rent of a two room dwelling of 50 sqm in Oslo (price zone 2) may vary in the range NOK 6000 – 17 000. Thus the average estimates must therefore be treated with some caution.

The RMS shows that the most important factors explaining rent levels are:

• Geographical location
• Size of the dwelling
• The length of the tenancy
• Material standard

Other contributing factors are balcony, floor level and garage space.

The length of the tenancy has considerable effect on rent. The average rent level for tenancies from 2015 and 2014 were 11 per cent higher than the average rent level between 2009 and 2013. This indicates that greater changes in rents are more likely to occur when establishing new tenancy contracts.

Several types of lessors

The survey shows that the relations between tenants and lessors are manifold. A simplified division of the rental market is the tenants renting from private landlord or private letting agencies, and the remaining lessors such as relatives, friends, foundations, employers and municipalities. The dominating letting status is, however, private individuals letting out dwellings or parts of their own dwelling. An exception is the capital city of Oslo where private letting agencies cover the largest share.