Key findings from SBAB’s 2022–2024 review
SBAB has mapped how fee levels changed in Sweden’s housing associations (bostadsrättsföreningar) by examining annual reports. The analysis shows that a large majority of associations increased fees during the period and that the increases tended to be larger in the 2023–2024 window. Specifically, 93 percent of associations raised fees at least once between 2022 and 2024, while 64 percent lifted the fee in both 2023 and 2024. For associations with data across multiple years, the overall rise averaged 15 percent from 2022 to 2024. Among those that increased in both 2023 and 2024, the average rise was 20 percent.
“The increases were larger between 2023 and 2024 than between 2022 and 2023,” notes Jennie Leffler, SBAB’s housing market expert. She suggests several possible explanations, including the idea that the first adjustments did not fully cover the initially higher interest and operating costs, or that some loans were still fixed-rate and not yet fully impacted by the rate rise, or a combination of both factors.
Year-over-year shifts: 2022–2023 vs 2023–2024
When looking at the period as a whole, housing associations with multiple-year data saw average fee increases of about 15 percent across 2022–2024. Within that group, those that increased fees in both 2023 and 2024 experienced a steeper average rise of around 20 percent. Importantly, the leap from 2023 to 2024 was, on average, greater than the 2022 to 2023 change, underscoring a shifting cost environment for many associations and their members.
This pattern aligns with the broader debt and cost pressures seen in the sector, where tightening financial conditions began to feed through more decisively in the mid-2020s. For residents, it translates into a more noticeable step-up in monthly charges if their association boarded through both last year and the year before.
Regional patterns and structural factors
The study highlights regional variation, with the strongest fee increases observed in Storstockholm (Greater Stockholm). There, fees rose by 8 percent from 2022 to 2023 and by a further 10 percent from 2023 to 2024. The trend appears more pronounced in newer associations, which tend to carry higher debt loads than older ones. Higher leverage in newer buildings may partly explain why these associations have faced greater fee increases as financing costs have evolved.
Cost drivers: debt service and operating expenses
SBAB’s analysis also reveals meaningful growth in the two main cost categories driving fee changes. Interest costs climbed by an average of 77 percent between 2022 and 2023, with a further approximate 27 percent rise between 2023 and 2024. On the operating side, costs increased by roughly 12 percent over the whole period, driven in part by higher prices for heat and water. Together, these components explain much of the upward movement in monthly fees and the need for prudent budgeting by boards and residents alike.
Implications for residents and boards
For residents, the message is clear: prepare for gradual, ongoing increases rather than large, one-off jumps. For boards, the SBAB findings emphasize the value of transparent, predictable budgeting and a proactive approach to financing and energy efficiency. A steady, smaller cadence of adjustments can reduce financial stress for households and help maintain long-term housing stability.
Practical recommendations from SBAB
Jennie Leffler advocates planning for reasonable, incremental fee changes to improve predictability and neighborhood security. The aim is to balance the need to cover rising debt service and operating costs with the residents’ ability to manage monthly payments. Thoughtful forecasting, transparent communication, and cost-control measures—such as energy efficiency upgrades—can help mitigate abrupt fee spikes and preserve confidence in housing investments.
