Félagsbústaðir Social Housing
Félagsbústaðir ensures the supply of social rental housing in Reykjavík. Every district of the city has social housing intended for families and individuals below a certain property and income threshold, as well as rental units for the elderly and people with disabilities.
Félagsbústaðir Portfolio
As of September 2020, the Félagsbústaðir Social Housing portfolio consisted of 2,826 rental units. The rental housing owned by Félagsbústaðir is around 5% of residential housing in the city.
Asset portfolio
| Neighborhood | Public rental apartments | Housing for disabled individuals | Housing for homeless people | Serviced apartment | Other housing | Total number of social housing rental units |
|---|---|---|---|---|---|---|
| Árbær | 190 | 45 | 2 | 1 | 238 | |
| Breiðholt | 593 | 30 | 1 | 65 | 1 | 690 |
| Grafarholt-Úlfarsárdalur | 144 | 23 | 167 | |||
| Grafarvogur | 231 | 50 | 26 | 307 | ||
| Háaleiti-Bústaðir | 131 | 32 | 77 | 2 | 242 | |
| Hlíðar | 94 | 46 | 34 | 11 | 185 | |
| Kjalarnes | 4 | 4 | ||||
| Laugardalur | 342 | 64 | 6 | 118 | 8 | 538 |
| Miðborg | 187 | 36 | 27 | 74 | 3 | 327 |
| Vesturbær | 119 | 8 | 1 | 128 | ||
| Total | 2035 | 334 | 37 | 368 | 52 | 2826 |
Number of apartments
In September 2020, Félagsbústaðir Social Housing owned a total of 2,826 rental units. There are 2,035 public social housing units, 334 apartments for disabled people, 37 apartments for homeless individuals with complex needs, 368 apartments for the elderly, and 52 properties classified as other housing.
In addition, Félagsbústaðir manages the rental of 157 apartments owned by other parties. Of those, there are 58 public social housing units, 78 apartments for people with disabilities, and 21 serviced apartments for the elderly.
As shown in the attached table, the number of public social rental apartments varies depending on the city's neighborhoods. In order to distribute them more equally, the increase should be focused on Vesturbær, Hlíðar, Grafarholt, Úlfarsárdalur, and Árbær.
2020–2025 Development Plan
According to an agreement on the issue made by the majority of the City Council and resolutions of the Welfare Council, the number of social housing units is expected to increase by about 600 units from 2018 through 2022. Those units comprise about 500 apartments for public social housing and 100 apartments for disabled people.
A total of 198 units were purchased in the first two years of the period. Félagsbústaðir expects to succeed in securing the 402 additional units required.
The number is expected to grow by 225 units in 2022 through 2025, for an annual average increase of 75 units. It is thus estimated that by the end of 2025 the number of units will be roughly 3,400.
Number of rental units owned by Félagsbústaðir and in the 2020-2025 Development Plan (missing chart)
The majority of purchased apartments are expected to be newly built units, purchased on the basis of the City's conditions for Félagsbústaðir to have the right to purchase 5% of apartments in new construction projects. Following a needs assessment, the majority of purchased apartments are expected to have 2 to 3 rooms (1 or 2 bedrooms).
One of the plan’s main prerequisites is for continued foundation capital provisions and access to favorable debt financing.