Staggering Increase in Rental Prices in Reykjavík

The rental prices for apartments in Reykjavík and neighboring towns has increased significantly in the past years, exceeding the overall price development, Iceland Review reports.

While rental prices have increased by 40 percent since 2011, the consumer price index has only increased by 16 percent in the same period.

Chair of the Association of Tenants in Iceland Jóhann Már Sigurbjörnsson told Morgunblaðið that there is a severe shortage of rental apartments in the capital region and that this is the main reason for the staggering increase in rental prices.

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