The 2025 rental market: Fewer homes and record-high demand
2025 saw a decline in available rental properties, according to data from FINN, while sister company Qasa reports skyrocketing demand in January.
The 2025 Norwegian rental year was defined by a shortage of available properties. New figures from FINN Real Estate reveal lower volumes throughout the year, during both peak and off-peak seasons. At the same time, recent data from Qasa shows that the properties actually listed for rent are being snapped up by tenants almost immediately.
Lower volume throughout the year — especially in Oslo
Figures from FINN Real Estate show that the number of published rental listings was lower throughout 2025 than in previous years. Previous analyses from FINN indicated that approximately one in ten rental homes in Oslo has vanished since 2020. New figures show this decline even more clearly: In Oslo, 39,706 rental ads were published in 2025, down from 49,980 in 2020 — a decrease of around 20%. Every month in 2025 saw lower volumes than in 2020, even during the summer months when supply is traditionally at its highest.
"We are now seeing that even the peaks are lower. This suggests a more permanent shortage of rental housing," says Nora Vigen Stabell, Communications Manager at FINN Real Estate.
This trend in Oslo is also reflected nationally. The total number of rental properties listed on FINN Real Estate fell by approximately 14% between 2020 and 2025.
No fresh start in January 2026
Figures from early 2026 suggest the market has yet to recover. In January 2026, approximately 10% fewer rental ads were published compared to the same month last year, and about 20% fewer than in January 2020. In Oslo, the decline was even more pronounced, with roughly 16% fewer listings than in January 2025.
"January is typically an active month, as many people start new jobs or studies. These figures suggest that the rental market is undergoing a permanent shift," says Vigen Stabell.
Qasa highlights the pressure in practice
While FINN provides the "big picture," Qasa — FINN’s sister company and the Nordics’ largest platform for home rentals — documents how this pressure affects individual tenants in real time. Qasa operates as a transactional platform, managing the entire process from application to a signed lease.
"By handling the entire rental process digitally, we see in real-time how quickly the market moves and how tenants act to secure a roof over their heads," says Anette Syversen, Country Manager for Qasa Norway.
The demand on Qasa remains persistently high:
The median time from a property being listed to the first application being received was less than 7 hours.
The median time from listing to a signed contract was 14 days.
The number of active rental seekers on Qasa increased by 67% during January.
"Qasa follows the entire rental journey. What we are seeing confirms the long-term trend observed by FINN: When supply is low, competition for every single home becomes intense. Competition for properties on Qasa is now measured in hours," says Anette Syversen.
The majority opt for deposit-free solutions
Tough competition and high price levels are driving the adoption of more flexible financial tools. A full 53% of all contracts signed via Qasa in 2025 utilised a deposit-free option.
"We interpret this as a sign that many tenants do not have large cash reserves available. When supply is low and prices rise, flexible solutions become a necessity just to enter the market," Syversen explains.
According to her, these figures underscore who is hit hardest as the supply of rental housing continues to dwindle.
The Student Index: Norway’s vital rental alliance
This development aligns with findings from the Student Index, developed by FINN in collaboration with the National Union of Students in Norway (NSO), Eiendom Norge, Utleiemegleren, and Eiendomsverdi. The index shows that the rental market in major cities is inaccessible to students without part-time jobs, as neither student housing nor private rentals are available at prices covered by basic student support alone.
For two consecutive years, the alliance behind the Student Index has highlighted this as a serious issue for tenants.
"When student support isn't enough without extra income, it’s not just a student problem. It reveals a fundamental issue in the rental market that affects far more than just students," says Vigen Stabell.
A challenging outlook for 2026
Following a year that ended with record-low volumes, 2026 looks to be another demanding year for anyone searching for a home. FINN Real Estate and Qasa are therefore encouraging those who have the opportunity to consider renting out their property.
"If you have a spare room, a studio, or a home standing empty, it can make a significant difference in a market where so many are searching for a place to live," says Anette Syversen.
She notes that the 2026 rental market will likely continue to be characterised by limited availability and high applicant numbers.
"Secure and efficient digital solutions are no longer just an advantage — they have become a basic requirement for both tenants and landlords," Anette Syversen concludes.
About Qasa
Qasa is the largest marketplace for secure and flexible rentals in the Nordics. The platform connects tens of thousands of tenants and landlords across Sweden, Finland, and Norway every year. Qasa also provides analytics and reports to support a more flexible and sustainable rental market. Qasa is 100% owned by Vend Marketplaces.