Rental housing

The financial occupancy rate has remained at an excellent level, standing at 98.4 (98.2) per cent for the review period. During the review period, 123 (28) privately-financed rental apartments were constructed by VVO: 65 apartments in Jyväskylä and 58 apartments in Suurpelto, Espoo.

At the end of the review period, 301 (258) apartments were vacant due to renovations. Overall turnover increased slightly, to 6.7 (6.1) per cent. Turnover excluding internal exchanges was 5.5 (5.1) per cent. The average rent per square metre in apartments where rent can be freely determined (the Market product group) – a total of 26,218 (23,593) apartments – was EUR 13.17 (12.79) at the end of the period, and EUR 12.91 (12.48) for the full period. The corresponding figures for apartments leased at a cost-price rent (the Cost Principle product group), comprising a total of 14,055 (16,281) apartments, were EUR 12.41 (11.97) at the end of the period and EUR 12.27 (11.77) on average during the period.

The length of customer relationships increased, with the average period of tenancy being 5.9 (5.8) years. Long customer relationships are based on systematic apartment maintenance, active resident activities and a versatile range of residents' benefits, some of which are tied to the length of the period of tenancy. During the review period, VVO introduced a new residents' benefit for tenants with over three years of occupancy. This free home mover's benefit package is designed to help residents when they move within VVO.

Demand for housing has remained high. At the end of the period, there were 20,284 (22,843) active applications (applications are active for 3 months). The average number of active applications per rental agreement termination was 20.9 (26.9). The number of new rental housing applications received during the review period was 17,709 (18,929). The electronic rental agreement process, which we deployed last autumn, enjoyed a very positive response among our customers.

Each year, VVO accords recognition to a VVO house for exemplary community spirit and management of the shared living environment. During the review period, the 2014 VVO House of the Year award went to a group of houses comprising Hippoksentie 31–33 in Vasaramäki, Turku.