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Continued strong increase for small dwellings
statistikk
2009-01-20T10:00:00.000Z
Prices and price indices;Construction, housing and property
en
lmu, Rental market survey, letting, rent, rents per square metre, dwelling types, lessor categories (for example family, local authority, employer), dwelling sizeDwelling and housing conditions , House prices and house price indices , Construction, housing and property, Prices and price indices
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Rental market survey, Q4 2008

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Continued strong increase for small dwellings

According to the rental market survey, the average monthly rent for a one room dwelling rose by 9.6 per cent from the fourth quarter of 2007 to the fourth quarter of 2008. The average rent increase for all rental dwellings was 5.7 per cent in the same period.

Compared to the same quarter last year, one room dwellings increased more than any other kind of dwellings in the Norwegian rental market. The average monthly rent for a one room dwelling was NOK 4 291 in the fourth quarter of 2008. Dwellings with two rooms showed the lowest average rent increase and had an increase of 4.2 per cent. For larger dwellings, the increase in rent was strongest for four room dwellings. Here the increase was 5.9 per cent and the average monthly rent was NOK 5 629 in the fourth quarter of 2008. The rental market survey covers both old and new tenancy agreements.

Regional differences

Tenants in the area of Oslo and Bærum faced the highest average rent and paid on average about NOK 7 000 in the fourth quarter of 2008. In sparsely populated areas, the average rent was about NOK 3 000 lower.

The rental market survey shows that tenants on average paid a monthly rent of NOK 5 124 for a dwelling in the fourth quarter of 2008.

Average monthly rents by number of rooms. NOK. Change in per cent
  Average monthly rents,
4th quarter 2008 		Average monthly rents,
4th quarter 2007 		Change
Total 5 124 4 849      5.7
       
1 room1 4 291 3 916 9.6
2 rooms 4 679 4 490 4.2
3 rooms 5 363 5 093 5.3
4 rooms 5 629 5 314 5.9
5 rooms or more 5 677 5 440 4.4
1  Lodgings without independent access are omitted.

About the interpretation of the average estimates

The Norwegian rental market is characterised by large variations in rents due to geography, physical unit attributes, relations between tenants and landlords and period of tenancy. The average estimates must therefore be treated with some caution. It is also important to notice that average rent levels are not directly comparable between years. The reason is that each annual survey is based on unique samples that may differ according to variables that are important for the rent level.

Annual numbers are projected each quarter based on the Consumer Price Index, more exactly the index for actual rentals paid by tenants.