Espoon Asunnot
We are the largest lessor in Espoo. We own nearly 17,000 affordable apartments across the city, housing approximately 35,000 residents of Espoo. In this section, you can explore our strategy, organization, principles of responsibility, procurement, recruitment, and available commercial premises.
About Espoon Asunnot
We are a rental housing company owned by the City of Espoo, and our mission is to provide safe and affordable homes for current and future residents of Espoo.
Espoon Asunnot was established in 1999 through the merger of 12 rental housing companies into a single entity. Initially, we operated under the name Espoonkruunu Oy. In 2012, our name was changed to Espoon Asunnot Oy.
Our story begins at Rihvelinmäki
Let’s journey back to 1955, to Muurala in Espoo (Griffelbacken). There, you’d find a small, idyllic village dominated by old wooden houses and a medieval stone church.
But something new was happening in Muurala. The first apartment building commissioned by the rural municipality of Espoo had just been completed—ushering in a new era. While the old wooden homes still had outhouses and drew water from wells, Rihvelinmäki featured proper kitchens and bathrooms.
The construction of the Rihvelinmäki building was financed with an Arava loan, in keeping with the spirit of the times. The Arava initiative aimed to build homes quickly and cost-effectively—but just as importantly, to provide affordable housing to replace old, worn-out dwellings with modern, functional living.
More than seventy years have passed since then.
Espoo became a city in 1972, and today it is one of Finland’s largest cities. It’s home to over 320,000 people, a metro line runs through its western districts, and several major corporations have set up their headquarters here. In 1999, Espoo incorporated its housing portfolio, and today we are known as Espoon Asunnot Oy.
We own nearly 17,000 apartments across Espoo and are the city’s largest, most responsible, and—by many accounts—best lessor.
Yet our mission remains the same: to provide homes to those who need them most. After all, a home is a fundamental human need and a foundation for a good life.
We offer the best rental terms in Espoo, and our rents are nearly a third lower than on the open market. We don’t raise rents arbitrarily, and with us, you can stay in your home for as long as you like—even for life.
We use our rental income to maintain our apartments, buildings, and yards. Instead of chasing profit, we pursue better housing. By that, we mean comfortable homes and neighborhoods, a low carbon footprint for both living and construction, and well-built homes that stand the test of time.
The yellow-plastered stone building at Rihvelinmäki has stood the test of time, too. It still stands there, fully renovated, in the peaceful and green surroundings of Muurala—at the end of a quiet street, surrounded by tall conifers. The cheerful sounds of children at play echo from its yard.
Service mindset
At the heart of our operations is a customer-first mindset and a genuine desire to provide excellent service. This means we strive to listen to our customers’ needs and respond to them effectively.
The joy of success
We are one strong team where every player matters. We succeed together when our teamwork flows and everyone takes responsibility for the outcome. We play with courage and are not afraid of making mistakes.
Sustainable actions
Responsibility is a shared commitment. It extends to construction, urban development, the environment, our residents, employees, and partners. Every action and decision, even the smallest, makes a difference.
Espoon Asunnot in numbers
Key figures provide a concrete view of our operations: how many apartments we own, how our finances are developing, how well our apartments are utilized, and the level of demand for them. They also highlight the significant role we play as a provider of rental housing in Espoo.
Key figures 2024
(Figures from 2023 in parentheses)
- Number of apartments increased: 16,994 (16,746)
- Revenue rose to: €167.2 million (€158.4 million), an increase of 5.6%
- Operating profit: 14% (13.8%) of revenue
- Equity ratio: 24.5% (25%)
- Balance sheet total: €1,319.8 million (€1,272.2 million)
- Occupancy rate remained high: 98.7% (99%)
- Number of applications increased: 37,471 (36,662)
- Resident turnover grew: 14.6% (12.1%), of which internal transfers: 24.7% (18.0%)
- New housing starts: 323 apartments (four-year average: 302)
- Households that received a rental apartment: 2,474 (2,401)
- Demand for small apartments remained strong: 61.3% of those housed moved into a studio or one-bedroom apartment