Rising trend: Spanish rental prices surge by 4.7% in last quarter

Rising trend: Spanish rental prices surge by 4.7% in last quarter.

Rising trend: Spanish rental prices surge by 4.7% in last quarter. Image: Esteban Martinena Guerrer / Shutterstock.com.

According to a report from idealista, a real estate marketplace in southern Europe, housing rental prices in Spain have increased by 4.7 per cent in the last three months.

This means a year-on-year rise of 12.6 per cent.

As of March 2024, the average cost of renting a home in the country stood at €12.7 per square metre.

Francisco Iñareta, spokesperson for idealista, expressed concern over the continuous quarterly increases in rental prices, highlighting the ongoing challenge for individuals seeking rental accommodation.

He pointed to a shrinking housing supply as a major obstacle, worsened by regulatory measures that further limit availability.

He also mentioned the negative impact of past interventions in the rental market, such as the “Renta Antigua” experiment, which significantly reduced the rental housing stock.

Among Spain’s capitals, 43 have seen higher rental prices in the past three months.

Cáceres witnessed the highest growth at 7.1 per cent, followed by Zamora (6.8 per cent), Lugo, and Guadalajara (both at 5.8 per cent).

In dynamic markets, Madrid recorded the most significant growth with a 5.5 per cent increase, followed by Seville (3.6 per cent) and Malaga (2.1 per cent).

However, some cities experienced more modest increases, including San Sebastián (1.8 per cent), Bilbao (1.6 per cent), and Barcelona (1.1 per cent).

On the other hand, some capitals saw price decreases, with Castellón de la Plana (-2.4 per cent) and Teruel (-1.4 per cent) experiencing the most significant drops.

Barcelona remains the most expensive capital for renting a home, with an average cost of €20.7 per square metre, followed by Madrid (€18.9 per square metre) and San Sebastián (€17.1 per square metre).

Conversely, Zamora (€6.6 per square metre), Ciudad Real (€6.6 per square metre), and Jaén (€6.9 per square metre) have the lowest rental prices.

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Anna Ellis

Originally from Derbyshire, Anna has lived in the middle of nowhere on the Costa Blanca for 19 years. She is passionate about her animal family including four dogs and four horses, musicals and cooking.