Overview: How Swedish housing associations adjusted fees (2022–2024)
SBAB has mapped changes in fee levels in Sweden’s housing associations by reviewing annual reports from 2022 through 2024. The study reveals that a striking 93 percent of associations raised fees at least once during the period, and 64 percent increased fees in both 2023 and 2024. For associations reporting across multiple years, the total rise averaged 15 percent from 2022 to 2024, with a particularly strong 20 percent increase among those that hiked fees in both 2023 and 2024.
Jennie Leffler, SBAB’s housing market expert, notes that the later adjustments tended to be larger than the earlier ones. “There are multiple possible explanations. The first rounds of adjustment may not have fully covered the initial increases in interest and operating costs. Additionally, some loans were fixed-rate, delaying the pass-through of higher rates, or it could be a combination of both,” she explains.
What drove the fee increases?
Two primary cost drivers are highlighted in the analysis: interest costs and operating expenses. Between 2022 and 2023, the average interest cost for associations surged by about 77 percent, a jump that put pressure on fee levels. From 2023 to 2024, the rate of increase in interest costs moderated to roughly 27 percent. Operating costs also rose, by around 12 percent over the period, driven in part by higher prices for energy, heating, and water. These rising costs were commonly reflected in higher monthly fees faced by residents.
Regional patterns: Greater Stockholm leads the way
The study identifies regional variation, with the strongest increases observed in Greater Stockholm. In this region, fees rose by 8 percent from 2022 to 2023, and by a further 10 percent from 2023 to 2024. This pattern is consistent with the higher debt levels observed in newer or growing associations, which often carry larger financial leverage and thus face greater rate sensitivity.
Older vs. newer associations: debt matters
Another notable finding is that newer housing associations tended to raise fees more than older ones. The higher leverage commonly seen in newer complexes can amplify sensitivity to interest rate shifts and rising operating costs, contributing to larger cumulative increases over the studied period.
Implications for boards and residents
SBAB’s analysis suggests a practical approach for boards of housing associations: plan for smaller, gradual fee increases rather than large, one-off adjustments. A steady pace improves predictability for residents, reduces the risk of sudden financial shocks, and fosters a sense of financial security within communities. “A generally prudent rule of thumb is to anticipate modest, ongoing increases,” says Jennie Leffler. “That helps households plan better and avoids abrupt changes that can be difficult to absorb.”
Key takeaways
- Most Swedish housing associations (93%) raised fees at least once between 2022 and 2024; a majority (64%) did so in both 2023 and 2024.
- Across multi-year data, average fee increases were about 15% (2022–2024), rising to around 20% for those with increases in both 2023 and 2024.
- Interest costs surged dramatically (77% 2022–2023; 27% 2023–2024), while operating costs rose about 12% overall.
- Greater Stockholm saw the largest regional increases (8% and 10% in the two consecutive periods).
- Newer associations, with often higher debt levels, tended to raise fees more than older ones.
Overall, the report highlights the importance of prudent budgeting and transparent communication from boards to residents. By distributing cost changes more evenly over time, housing associations can enhance financial stability for their members while maintaining the quality of housing services.
