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Toivo Group Plc implemented rent increases in its lease agreements and estimates its Q4/2022 occupancy rate to be approximately 98%

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Press release 17 January 2023 at 1.35 p.m.


During 2022, the discussion about occupancy rates in the rental housing market has been accompanied by speculations about rent increases in lease agreements in 2023. Investors in the real estate industry are considering the effects of inflation on apartment rents. In general, possible rent increases take effect from the beginning of the year. The occupancy rates of listed housing investment companies reporting occupancy rates have varied between 91.9 and 97 per cent in 2022.


The occupancy rate of Toivo Group Plc (“the Company” or “Toivo”) in Q4/2022 is estimated to be 98%. We see a strong occupancy rate as an indication of the strength of our strategy in the changing housing market. The company implemented rent increases in its lease agreements at the turn of 2022–2023.


On average, Toivo’s apartments meet the following criteria:

  1. Relatively new residential properties
  2. The average size of the apartments is approximately 42 m2
  3. 98 per cent of our properties are located in the Helsinki metropolitan area, Turku or Tampere
  4. The average apartment rent is approximately EUR 850


Toivo competes with other housing providers for the best tenants. Some of the available apartments in the market are several decades old, and they do not fulfil the criteria of modern residential construction or living standards.


Based on Toivo’s experiences, changes in the equipment and condition of the apartments are not fully reflected in the rents. We believe that new apartments with modern equipment will become more popular in the future. New apartments can have an advantage in the rental business if they are offered for rent at an attractive price. The average price level of Toivo’s housing stock and the high occupancy rate have a clear causal relation.


Toivo currently has about 1,900 apartment projects in its project development portfolio. Our goal is to start the projects during 2023–2025. Toivo estimates a growing need and demand for the apartments in its projects based on the favourable occupancy rate and the feedback received from customers.


Toivo Group Plc


Further information
Markus Myllymäki
Toivo Group Plc
Tel. +358 40 847 6206


About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of project development and long-term ownership of apartments. The Company’s business model is unique as Toivo’s business combines the value chain of real estate business from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of properties with its own team, from raw land development to tenancy agreement negotiations and property maintenance. This way Toivo is able to generate additional value to its customers, shareholders and stakeholders.

Toivo’s strategy is to develop properties in accordance with the Toivo concept. The properties aim for a strong development margin and a stable and attractive return, and in this way enable long-term ownership and the generation of higher additional value to Toivo’s customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo’s team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience in the real estate business.

Toivo’s revenue in 2021 was EUR 13.6 million and its operating profit was EUR 15.8 million.