Alma places great emphasis on the company's customers enjoying housing security, good service and flexibility. We offer long-term leases and a high level of service when it comes to the maintenance of properties. We know that situations and family circumstances can change, so we offer our customers flexibility when they need to upsize or downsize their living arrangements. That way, we play our part in making the Icelandic rental market more professional, family-friendly and reliable.
A long-term lease ensures secure residence and price protection. Among the things Alma offers its customers is a new type of lease that ensures long-term rental security at a fixed rental price, which is only linked to the Consumer Price Index. Agreements are made for one year at a time, but after one year the customer has the unilateral right to extend the agreement for another year. A long-term lease can be extended up to six times or for up to seven years. After that time, a new contract is made.
Will the rent change when the lease is extended?
The agreements are linked to the Consumer Price Index, which means that the amount of the rent changes during the term of the lease according to the changes in the Consumer Price Index. A new agreement is not drawn up when the lease is extended. Instead, an addendum is added to extend the term of the previous agreement so there will be no increase in the original rent. The only changes are the changes to the Consumer Price Index, meaning that the rental price is fixed for up to seven years.
What is the Consumer Price Index?
The Consumer Price Index is the most commonly used measure of inflation, indicating changes in the value or purchasing power of money. Each month, the index measures the change in the price of the goods and services on which the index is based. The base includes an average household’s estimated annual expenditure on goods and services. More information on the Consumer Price Index can be found on Statistics Iceland's website.
Is an extension always possible?
When the lease is about to expire, or about three months before the end of the lease term, we will contact you and offer you a renewal of the lease. As a rule, the right to renew is entirely in the hands of the customer, who is, therefore, able to lease the property for up to seven years at a fixed price.
It is our policy to extend or renew all lease agreements. However, in exceptional cases, an extension will not be possible. Such cases may include:
Can the agreement be terminated?
If your circumstances change and you want to move out of the apartment earlier than planned, you can terminate your lease agreement at any time during the term of the lease. The notice period is determined by the type of agreement in force at each time and is either three or six months.
A notice of termination must be received by us in writing, via an e-mail to email@example.com , or by other means at Alma's office. The notice period is calculated from the beginning of the month and starts on the first day of the following month of the notice of termination. The agreement is non-cancellable on Alma’s behalf during the term of the lease except in the circumstances listed above.
How high is the security deposit that must be put up?
Customers who want a lease with fixed rent for seven years are required to put up a security deposit corresponding to three months of rent. For previous customers who have had a successful business relationship with Alma in the past, deposit payments may be spread over a period of several months. Customers who want a lease with a shorter term, i.e. 12-24 months, must put up a deposit corresponding to two months of rent.
Will shorter-term leases still be available?
Customers will still be offered leases with a shorter rental term, 12-24 months, with a shorter notice period and a two-month security deposit. Such agreements suit those who want a shorter lease and more flexibility.
We know that family circumstances, housing needs and wishes can change over time, and we want to help you move into a new neighborhood, upsize or downsize as necessary. With our wide range of apartments, we will always try to accommodate your needs as supply and conditions allow. Please contact us if you are interested in moving, and together we’ll find solutions that suit your needs.
Unexpected situations can also arise in the household finances, which may affect our obligations. We encourage you to contact us if you have to defer or divide payments. It is important to get in touch before the rent deadline so we can find a successful solution together and avoid additional costs.
Accidents can happen and emergencies occur at the worst possible time. Emergencies are defined as incidents that may pose a threat to health, safety, or housing and require an immediate response. Examples of emergencies include a major leak or blockage resulting in the accumulation of water or an electrical fault that may cause a fire hazard.
Here at Alma, we have a strong team to carry out maintenance work and assist you with everything concerning your lease agreement. We can ensure access to service around the clock, thanks to our successful collaboration with Securitas.
If there is an emergency, please contact us by calling 519 6450 to receive service around the clock. Our office is open weekdays between 9-15. Outside office hours, calls are forwarded to Securitas' emergency services.