How Much Is Rent In Iceland?

If you’re planning on moving to Iceland, you probably have a lot of questions about the country. Especially if you’re considering a move to the country’s capital, Reykjavik.

One of the first things you’ll likely want to know is how much it will cost you to live in Iceland. This is important because you need to have a good idea of the costs before you make any decisions.

The cost of rent in Iceland is quite reasonable, and you can even find cheap apartments if you look around. In the city centre, a one-bedroom apartment will usually be around $1,100 a month. If you’re looking for a cheaper alternative, consider living in a rural area on the outskirts of a larger city like Reykjavik.

Accommodation is another major factor in determining how much you’ll pay to live in Iceland. If you’re an adventurous type, you might enjoy spending time in Iceland on a camping trip. Or if you want to stay in a 5-star hotel, you could pay upwards of $700 a night.

Food is also a big cost. You’ll need to eat out often, and that can add up pretty quickly. But you can also save money by eating at home if you’re careful about your diet.

Transportation is another large cost, and you’ll need to take into account the cost of gasoline. If you don’t want to buy your own car, you’ll need to rely on public transport to get around the island.

Healthcare is another major expense, and you’ll need to pay for doctor visits, prescriptions, and hospitalization fees. There is a national health insurance scheme for residents, but if you’re a visitor, you will need to arrange your own medical coverage.

You’ll also have to make sure that you have sufficient insurance to cover any accidents or illnesses that you might encounter. This can be expensive, and you should definitely take out insurance before you move to Iceland.

Other expenses include utility bills, medical care, and entertainment. You can expect to spend about EUR500 a month for all these costs, and you should budget for them well.

If you are a retiree, you should be prepared to spend more than this amount. According to Investopedia and International Living, a retired couple living in a one-bedroom apartment can expect to spend about $2,600 a month on living expenses. This includes rent, utilities, groceries, dining out, transportation and any help that you might need around the house.

Besides these, you’ll also need to pay for health insurance and other living expenses, such as cleaning supplies, furniture, and clothing. These are all essential to maintaining a high quality of life and to avoid financial stress.

You’ll also need to make sure that you have adequate credit. This is necessary to secure a loan, and the majority of landlords require some kind of credit insurance for you to qualify for their rental contracts.

If you’re not sure how to go about this, it is a good idea to join relevant Facebook groups and communicate with people who have moved to Iceland or are currently living here. This will give you a good overview of what it’s like to live in Iceland and what you need to do to get settled here.