To avoid destroying the land, the architects, Rintala Eggertsson and TYIN tegnestue, opted for multiple tiny cabins instead of a single mega-development.
Artists can apply to have their stay funded, but visitors can rent the entire community for around $3,500 a week.
Artists are expected to share some of their work once their stay is over.
The island comes with "hosts," or people who prepare meals, heat the sauna, and provide other services.
Hosts are included in the price from June to August, but cost extra the rest of the year.
The sleeping cabins have either single or double beds.
Visitors can rent individual beds in the summer, but, for the rest of the year, the community is only available to rent as a whole.
The most distinctive structure is a cabin elevated by a tall column, which has unprecedented views of the Northern Lights.
The structure is called the Njalla, a reference to traditional storage huts that were built on top of poles or tree stumps to keep away from animals.
"The island itself is alive with birds, wind, waves, and tall grass," one guest wrote on TripAdvisor. "Just taking a walk felt cinematic."
Source: TripAdvisor
"A stay here is highly recommended to all artists," wrote another, "and also anyone else looking for peace and quiet."
Source: TripAdvisor
