An elevator has an elevator car and a counterweight suspended by hoisting ropes, which hoisting ropes are driven by a drive machine via a traction sheave, which elevator further includes a compensation rope in the lower shaft area between the car and the counterweight, which compensation rope runs around a compensation sheave arrangement in the shaft bottom, which elevator has a compensation device for the compensation of rope elongation. The compensation device includes a diverting pulley for the compensation rope connected to the counterweight, whereby the compensation rope is arranged to run over the diverting pulley, a tension weight connected with the free end of the compensation rope, a rope clamp arranged on the compensation rope and a clamp support for connecting the rope clamp to the counterweight. A compensation device is provided for the rope elongation which necessitates less vertical space in the elevator shaft.