Asuntomarkkinakatsaus 1/2025: Vuokra-asuntojen markkinat (Varke)

The Asuntomarkkinakatsaus 1/2025: Vuokra‑asuntojen markkinat is a state‑funded study produced by the Valtion tukema asuntorakentamisen keskus (the Finnish State‑Supported Housing Construction Centre). Authored by housing‑market expert Hannu Ahola, the report analyses the supply, demand, and market dynamics of publicly subsidised rental apartments across Finland, with a particular focus on the Vantaa region’s waiting list (9,298 applicants) and the addition of 62 new subsidised flats in 2024.

The publishing body, Valtion tukema asuntorakentamisen keskus, operates under the Ministry of Finance and coordinates national policies for affordable housing. Its role includes monitoring the performance of state‑supported rental stock, ensuring compliance with allocation rules, and providing data for policy adjustments. The report, completed and made public in 2025, reflects the Centre’s mandate to promote sustainable, affordable housing solutions.

• Total state‑supported rental apartments in Finland (as of 31 December 2023): 404 000.
• Composition: 241 000 ordinary rentals (60 %), 106 000 for special groups (26 %), 56 000 housing‑co‑ownership units (14 %).
• Approximately 36 % of ordinary rentals are located in the capital region, with 56 % of the national population residing in cities of over 100 000 inhabitants.
• New construction in 2024 added 3 680 ordinary subsidised rentals, a 7 % increase year‑on‑year.

• Valid applications for ordinary subsidised rentals in spring 2025: 105 000, up by 300 from the previous year.
• 40 % of applications target the Helsinki‑Uusimaa area; Helsinki’s applications fell 10 % while Turku, Oulu, and Espoo saw increases of 22 %, 11 %, and 9 % respectively.
• 15 % of applications were classified as “highly urgent.”
• Demographically, 19 % of applicants were under 25 years, and 62 % were single‑person households.

• In 2024, 50 168 households received ordinary subsidised rentals (4.3 % rise), with notable gains in Turku (+18 %), Helsinki (+17 %), and Espoo (+16 %).
• Helsinki’s allocation increased by 253 units, bringing its total of vacant subsidised flats to 1 600.
• Overall vacancy of state‑supported rentals in spring 2025: 9 900 units, 1 160 more than the previous year.

The VAR‑index categorises municipal market tightness:

• Kireä (40‑50): 0 municipalities.
• Melko kireä (30‑39.9): 7 municipalities.
• Tasapainoinen (20‑29.9): 51 municipalities (down from 61).
• Lievä ylitarjonta (10‑19.9) / Ylitarjonta (0‑9.9): 177 municipalities, indicating broad excess supply. Overall, 60 municipalities experienced tightening, while 102 saw weakening or stabilising conditions.

• Average rent increase for state‑supported units in early 2025: 4.0 % nationally, compared with 4.6 % in 2024.
• Largest rent hikes in 2025: Turku (+6.2 %), Helsinki (+4.9 %), Tampere (+4.8 %).
• Despite higher rents, subsidised units remain 18‑28 % cheaper than market rates in the Helsinki region, and over 10 % cheaper in cities such as Tampere, Turku, Kuopio, Jyväskylä, and Oulu.

The report underscores the importance of expanding subsidised rental stock to meet growing demand while maintaining affordability. The modest 7 % increase in new construction, coupled with a rising vacancy rate, suggests a potential oversupply risk if demand does not keep pace. However, the continued high proportion of units in densely populated areas supports sustainable urban density and reduces the need for extensive commuting.

• The waiting list in Vantaa (9 298 applicants) and limited new units (62 in 2024) highlight a mismatch between demand and supply in high‑pressure regions.
• Municipalities with tightening markets may require targeted incentives to accelerate construction of subsidised rentals.
• Continuous monitoring of VAR‑index trends will be essential to balance supply, prevent excessive vacancy, and ensure the long‑term sustainability of Finland’s affordable housing sector.