While this is not news to anybody currently paying rent in central Reykjavík, rental rates are on the rise. The cost of rent in the Vesturbær neighbourhood of Reykjavík is double what renters are paying in other towns in the west of Iceland.
Renters in Seltjarnarnes are paying the most, however those renting anywhere in Reykjavík west of Reykjanesbraut are paying premium prices, RÚV reports. The most expensive 2- and 3-room apartments are found west of Kringlumýrarbraut and in Seltjarnarnes, while the priciest 4- or 5-room apartments are between Kringlumýrarbraut and Reykjanesbraut.
The cost of renting an 80 square meter apartment in Vesturbær averages 152,000 ISK monthly. A comparable apartment in Garðabær or Hafnarfjörður would cost 120,000 ISK, and the same apartment in other western Iceland towns would cost just 78,000 ISK.
According to data compiled by Þjóðskrá in May 2013, the cost of rent in Reykjavík has increased by 10.5% over the past 12 months. Maybe it’s time we all move to Borgarnes.