University residence, shared flat or studio: the options for a student in Reykjavik, rents, neighbourhoods and the steps before signing.
As a student in Reykjavik, you will have a choice of three options: a room or a studio in the University of Iceland's student residences, a room in a shared flat on the private market, or an apartment for yourself. The residence is the simplest solution, but places are limited and the university does not guarantee housing. For many, a shared flat is therefore the most realistic route: a studio or one-bedroom apartment generally rents for between 220,000 and 300,000 Icelandic krónur (ISK) per month, or about €1,500 to €2,000, a budget that is hard to sustain on your own.
The market is easing a little. According to the bank Íslandsbanki, drawing on data from the Housing and Construction Authority (HMS), rents in the capital region had risen by 5.7% over one year in June 2026, and had even dipped slightly over one year in January and May 2026, a first since May 2023. Prices remain high, however, and the supply of rooms circulates a lot outside official channels.
The university's student housing service manages a set of residences called Stúdentagarðar. You can apply all year round, and the university advises doing so right after submitting your study application. It warns, however, that on-campus supply is limited, that it neither provides nor guarantees housing, and that many students live off campus. Apply early, but at the same time prepare a search on the private market.
This is the most common option among students who do not get a place in a residence. A two-bedroom apartment generally rents for between 300,000 and 450,000 ISK per month depending on the neighbourhood: shared between two, that is 150,000 to 225,000 ISK each, excluding electricity. A single room with a private individual can work out cheaper, but this type of rental often escapes the statistics: according to Íslandsbanki, the HMS lease register covers only about 30,000 of the roughly 50,000 estimated tenant households, as room rentals and rentals between relatives are probably not recorded there. A good share of rooms is therefore found by word of mouth and in online groups.
On your own, expect at least 220,000 ISK per month on the outskirts, and from 270,000 to 350,000 ISK in the central 101 and 107 districts. On a student budget, this is often out of reach without a substantial scholarship or family help.
In Reykjavik, neighbourhoods are designated by their postcode. For a student, the main criterion is the journey to the university:
The University of Iceland also suggests widening the search to neighbouring municipalities such as Seltjarnarnes, Kópavogur, Garðabær and Hafnarfjörður, often more affordable, from where the campus is about 30 minutes by bus.
According to an analysis by the Icelandic tenants' association published by Iceland Monitor in September 2026, new leases registered with HMS in August were concluded at an average of 4,290 ISK per m² per month, while online listings showed 4,691 ISK per m², 9.3% more. For an 80 m² apartment, the gap exceeds 32,000 ISK per month. In other words, the advertised rent is not always the rent signed: compare prices per m² before committing.
On top of this rent come the deposit, generally one to three months' rent, and electricity, often paid by the tenant. Heating, which is geothermal, costs little. For a room in a shared flat, therefore, plan on arrival for the equivalent of two to four months of your share of the rent.
According to the French Embassy in Iceland, the academic year runs from early September to the end of December for the first semester, then from early January to mid-May for the second. Lease endings are concentrated in May: Íslandsbanki notes that in May 2026, registered lease terminations more than doubled compared with April, mainly because of student housing coming to an end at that time. It is a good moment to spot rooms becoming available before the start of term.
For a stay of more than three months, a French national must apply for a residence permit and a kennitala, the national register number, from Registers Iceland, the French Embassy points out. In practice, this number is needed to open a bank account and sign a lasting lease: start the procedure as soon as you arrive.
Demand a written lease. The University of Iceland points out that renting is governed by the Rent Act (No. 36/1994) and that a model contract exists in English. Check what the rent covers (heating, electricity, internet) and the term of the lease.
The scarcity of rooms attracts fake listings. The University of Iceland gives a few simple rules:
If you arrive without housing, the university advises booking temporary accommodation for a few days and continuing the search on the spot.
Viewing quickly, reading a lease in Icelandic and spotting rooms that do not go through listings is hard from a distance. A Remoters home finder based in Reykjavik can search for you for a shared flat or a studio according to your budget and your university, view homes, prepare your application and review the lease before signing. The first conversation and the quote are free.
Short answers to the questions our readers ask, written to stand on their own.
Sources cited in this article
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