House rental prices rise in Almeria

In Almeria capital, the cost of renting homes has hit an all-time high.

According to a recent report by the real estate portal ‘Idealista’, rental prices have surged by 5 precent over the last three months, reaching €8.3 per square meter. This increase represents a significant rise of 9.5 percent compared to last year.

However, there’s a bit of good news in Vera, where rental prices dropped by 1.1 percent in March. Vicar stands out as the most affordable municipality in Almería, with an average price of €7 per square meter and a modest year-on-year increase of 1.4 percent.

Across Andalusia, rental prices have soared by 3.3 percent in the last quarter, averaging at €11 per square meter.

The housing market has been impacted by various rental policies, leading to reduced supply and increased pressure on prices.

Supply and demand

Discrepancies arise with the Government’s rental reference price index, which suggests lower prices compared to the current market rates. This has caused tensions between supply and demand, with a reduction in available supply and higher prices.

Additionally, a study by Fotocasa reveals that Almería residents are spending a larger portion of their salaries on rent. The reduced availability of rental properties means residents can now only rent smaller spaces despite paying more. In Almería capital, families now allocate around a quarter of their salary to rent, highlighting the financial strain caused by rising rental costs.