Cost of Living in Reykjavik
Tiny, cozy capital; offers unparalleled safety and nature access, but with some of the world's highest prices.
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£2,981
Average cost per month
Distribution of Expenses
Northern Lights & geothermal pools
Volcanic island & midnight sun
High cost; strong social safety
Cost of living breakdown for Reykjavik
Living costs in Reykjavik can vary. You can expect to spend around £2,981 per month for 1 person as of 2026, on common living costs such as housing, food, and transport.
Housing
Standard of Living
Food & Drink
Reykjavik average costs for food and drink.
Salary & Services
Reykjavik average salaries and services.
Average living costs in Reykjavik
| Item | Average price | Price range |
|---|---|---|
| 1 Bedroom Apartment in City CentreRent Per Month | £1,784.71 | £1,627.94 - £2,110.30 |
| 1 Bedroom Apartment Outside of CentreRent Per Month | £1,518.70 | £1,127.50 - £1,808.82 |
| 3 Bedroom Apartment in City CentreRent Per Month | £2,509.74 | £2,230.88 - £3,014.71 |
| 3 Bedroom Apartment Outside of CentreRent Per Month | £2,019.10 | £1,808.82 - £2,110.30 |
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Frequently asked questions
The cost of living in Reykjavik depends on your lifestyle. On average, a single person needs £1,196 per month without rent, while a family of four requires £4,458. Renting a 1-bedroom apartment in the city centre costs an additional £1,785 on average.
Public transport prices vary, but generally, a one-way ticket for local transport in Reykjavik costs £4. If you are commuting regularly, a monthly pass is typically priced at £65.
The average monthly net salary (after tax) in Reykjavik is currently £3,317.
Dining costs depend on your choices. A meal at an inexpensive restaurant in Reykjavik costs approximately £21, while a three-course meal for two people at a mid-range restaurant costs around £90.
The estimated monthly cost of living in Reykjavik for a single person is £1,196, excluding rent.
For a family of four living in Reykjavik, the estimated monthly costs are £4,458, not including rent.
Rent prices in Reykjavik depend on the area. The average monthly rent for a 1-bedroom apartment in the city centre is £1,785, compared to £1,519 outside the centre. For a 3-bedroom apartment, the average is £2,510 in the centre and £2,019 in suburban areas.
Basic utilities in Reykjavik (including electricity, heating, cooling, water, and garbage for an 85m² apartment) cost an average of £64 per month. Internet access typically adds another £62.