Cost of renting on the rise in Spain

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THE cost of renting a property in Spain is on the rise, according to a new Government report.

The Ministry of Public Works study on the residential rental market found the amount tenants pay has gone up by a national average of 5.2 per cent over the last year.

Madrid is the most expensive place in the country in which to rent, with an average monthly payment of €819.

Barcelona is the second priciest, at €769 followed by the Balearic Islands (€687), Vizcaya (€652), and Malaga (€615).

The study also found that 23.9 per cent of Spaniards were living in rented accommodation last year, three points up on 2011.

The rental rate among young people is significantly higher: seven out of 10 Spaniards aged under 30 who have moved out of the family home rent a property, and nearly 40 per cent of under-45s.

The typical tenant in Spain is a woman in her twenties living alone in a small, relatively old apartment.

The Public Works Ministry based its findings on figures from the tax administration, the General Council of Notaries, property registrar councils and on deposits put down on rented properties. The report therefore only includes legal rentals.

According to the GESTHA Inland Revenue union approximately one million rentals across the country are not declared.

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Written by

Cathy Elelman

Cathy Elelman is the local writer for the Costa de Almeria edition of the Euro Weekly News.

Based in Mojacar for the last 21 years, Cathy is very much part of the local community and is always well and truly up on all the latest news and events going on in this region of Spain.

Her top goals are to do the best job she can informing the local English-speaking community, visitors to the area and the wider world about about the news in Almeria, to learn something new every day, and to embrace very new challenge this fast-changing world brings her way.

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