As of today, only 179 apartments are advertised for rent in Reykjavik, which is the lowest recorded number of rental properties available.
Ásgeir Gunnarsson, founder of Leiguland.is, has been tracking the rental market since 2019. When he started, there were about 1000 apartments advertised for rent. The tenants’ union declared a state of emergency in March 2022 due to a shortage of properties.
“Currently, the supply of rental apartments is very low and doesn’t seem to improve anytime soon,” Ausgeir said in a Raygrand report linked below. “Usually small rooms of 10-20 m² are the most expensive and the price per square meter can easily reach ISK 8,000-10,000. A standard apartment of 60-120 m² is 2,000-4,000 ISK per square meter. It’s a range. “
Most apartments have zip codes 101 and 105 because students and young people want to live in the city center. Most of the rental properties advertised are rental rooms, and 45% of the advertisements are more than 80 days old.
“Apartments that used to be long-term rentals are now short-term rentals on Airbnb, costing $ 80 to $ 300 per night, which ordinary people can’t compete with,” says Ausgale. increase. “There was a temporary COVID situation and a significant shortage of tourists, and Airbnb properties were being supplied to the long-term rental market. [to short-term].. “
You can track the data here.