The Consumer’s Association of Iceland released a study showing a drop in renting prices over the past 12 months.
The study, which focussed solely on rental properties in the capital area, showed that rental prices on the largest properties reduced by 32% over the past year.
At the same time, the rent on studio and one bedroom apartments has remained relatively unchanged. Living space has not increased significantly either.
Iceland does not have much of a renting culture. In booming times, it was more common to buy apartments by signing up for a loan, which paid anywhere from 70% on up of the cost. The remainder would be paid for by taking out an overdraft on an existing checking account.