The average cost of renting in Norway has increased by 24,000 kroner per year over the past three years, according to new figures from the rental platform Husleie.no.

Nationwide, it now costs an average of 12,387 kroner per month to rent in Norway. The increases come just a few years after the average cost of renting in Norway surpassed 10,000 kroner per month for the first time.

Homes on Husleie.no account for around 20 percent of properties in the Norwegian rental market.

Interest rates, high inflation, and increased taxes on second homes have been pointed to as reasons for increased rents in Norway.

“There are more and more of us, and housing construction has almost stopped. As long as the framework conditions for owning housing for rent make it difficult to achieve profitability, rental prices will be high,” managing director Kjetil J. Olsen said in a press release.

While the cost of renting nationwide has increased by 7.5 percent, several places in Norway have seen much higher increases.

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Ålesund, west Norway, saw an increase in the average cost of renting of 16 percent between the end of 2022 and the end of 2023. There, the average cost of renting was 11,850 kroner per month.

Rents have increased by 12 percent in Stavanger, also on the west coast, and it costs tenants an average of 12,912 kroner per month to rent in the city.

Trondheim has also seen a significant increase. The cost of renting in a city in central Norway has increased by 9.5 percent to 12,476 kroner per month.

Some of Norway’s biggest cities saw a decrease below the national average. In Oslo, rent increased by 6.5 percent. However, it remained the most expensive place in the country to rent by far. By the end of 2023, it cost tenants 16,011 kroner per month to rent in the capital.

Bergen has seen rents increase by 6.8 percent over the last year. Tenants in Norway’s second-biggest city paid 11,688 kroner per month on average.

Kristiansand, south Norway, saw a more modest increase of 3.9 percent to an average of 10,929 kroner per month.

Luckily for residents in Drammen, rents increased at a much lower rate than general inflation. Homes were rented out for an average of 12,800 kroner in the city close to Oslo.

The municipalities of Porsgrunn and Skien were the only areas of the country where Husleie measured a decrease in rental prices. Rents in the area fell by 1.2 percent to 9,745 kroner per month.