Iceland’s Housing Finance Fund (HFF) commissioned a study on the housing market that revealed the stark reality many renters face.
According to the study, the finer points of which were revealed in a release to the press, only 8% of those currently renting want to be, and 21% fear losing their homes. More than 80% believed they would be renting after a year. At the same time, only 3% think the market prices are fair.
About half saw little to no advantages in renting. The vast majority feel it is not economical to rent, and the average renter has moved four times in the last decade, with those who moved most often tending to earn the least. Those with low wages were also the most likely to rent privately and feared losing their home most.
84% would prefer to own their own property but less than half believe they are likely to buy the next time they move, because they do not have enough saved, and prices have increased greatly. A large portion of low wage workers have an immigrant background and have been taken advantage of on the job and rental markets.
HFF held a conference on the rental market at the Reykjavík Hilton on this issue last Tuesday. Unions have also made housing support a priority in the looming contract negotiations.
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