SATO Corporation
Press release 14 June 2023 at 9.50 am
Year after year, the summer is the most popular time for people to apply for a rental home, and this does not only mean students, SATO data shows. Economic uncertainty has also brought homeowners to the rental housing market.
The most popular period for rental housing applications has begun, according to data from the customer and property information system of SATO, one of Finland’s largest rental housing providers. The summer’s highest application peak is in July, but the early summer already sees a clear upward trend in the number of apartment applications. As is the case for the rest of the year, employed persons are the largest group of applicants, although in July the share of students among the total grows by more than a third.
“It’s often thought that in the summer it’s mainly students applying for apartments. The summer is, however, a natural time for change for many others too, whether it’s change in family size, a new job or some other change in their life situation. In the summer, people also often have more time to consider their needs and options,” says SATO Chief Commercial Officer Laura Laamanen.
Rental market now also attracting homeowners
In the summer, there is an emphasis on young applicants among people applying for a rental home. Many move into their first own home after graduation or want to live closer to work or studies. Families with children also look for a new home in the summer, as it’s during the summer months that most babies are born.”
At the moment, there are also people hoping to buy a home looking at the rental market. The surge in home loan interest costs and the increase in other housing costs have made some homeowners consider renting a home. In uncertain times, renting a home from a reliable rental housing provider may bring security to everyday life. Unlike when owning a home, there are no unexpected costs as, for example, heating is included in the rent. With SATO, you always know your rent for around one year ahead, so you can anticipate your housing costs over a long period of time.
“Now it’s a good time to set up the search alert and apply for a new home so that you will find the one that’s perfect for you. There are often many others also interested in the same property, so it makes sense to get started early enough,” Laamanen says.
Supply of new homes still high this year
There is a good supply of rental homes available in growth centres, and those looking for a place to rent have plenty of choice right now. Projects started in 2021–22 will still keep the supply of new homes at a high level in the Helsinki Metropolitan Area this year. The industry-wide volume of new construction projects commenced is, however, at a historically low level, and the supply of new rental homes will decrease over the years ahead **. Several newly constructed as well as fully renovated properties have already been or will be completed this year for SATO, too.