Overview of SBAB’s findings
SBAB has mapped changes in fee levels in Swedish housing associations based on their annual reports for 2022–2024. The study finds that 93 percent of associations raised the fee at least once during the period, while 64 percent lifted the fee in both 2023 and 2024.
Key numbers across multi-year cohorts
In associations with data for multiple years, total fees rose by an average of 15 percent between 2022 and 2024. Among the subset that increased in both 2023 and 2024, the average rise was 20 percent.
What explains the bigger jump from 2023 to 2024?
Housing market expert Jennie Leffler from SBAB notes that the increases between 2023 and 2024 were larger than those between 2022 and 2023. Possible explanations include that the initial adjustments did not fully cover the early rise in interest costs and operating expenses; some association loans remained fixed-rate and not immediately affected by rate hikes; or a combination of both.
Regional patterns
Regionally, the strongest increases occurred in Storstockholm, where fees rose by 8 percent from 2022 to 2023 and by 10 percent from 2023 to 2024. Newer associations also tend to raise fees more than older ones, possibly because they carry higher leverage.
Costs vs. fees: the cost drivers
Meanwhile, the associations’ interest costs grew by an average of 77 percent from 2022 to 2023, and by around 27 percent from 2023 to 2024. Operating costs rose by a total of 12 percent during the period, driven by higher prices for heating and water.
Practical takeaways for boards and residents
The study offers a pragmatic message for all housing associations: plan for smaller, gradual fee increases over time. This makes changes more predictable and reduces the need for large one-off adjustments, which in turn provides greater financial security for residents.
Conclusion
SBAB’s analysis highlights how rising debt levels and energy costs are shaping fee levels in Swedish housing associations. For residents and boards, proactive budgeting, reserve-building, and transparent communication can help manage the impact of these shifts.
