Lumo Koti reports drop in revenue and rental income in early 2024

Finnish rental housing company Lumo Koti, formerly known as Kojamo, saw its revenue and net rental income decline in the first part of the year, according to a brief report by national broadcaster Yle, citing STT.

Revenue fell by over 3% to just under €111 million, while net rental income dropped 4.7% to below €60 million. CEO Reima Rytsölä attributed the decrease primarily to the sale of a portfolio of around 2,000 apartments in July 2023.

Rytsölä noted no significant changes in the rental market during the period, though he observed that oversupply and market stabilisation continue, particularly in the Helsinki metropolitan area.