Rent a house in Spain it is getting more and more expensive. Indicators suggest that the trend has accelerated even during this summer. The market of rental is experiencing a 2022 of widespread price increases that has accelerated in recent weeks. According to the latest price report of the Idealista real estate portalthe average income in Spain reached 11.3 euros/m2 in the month of July, with an increase of 5.6% year-on-year, which represents the highest rise recorded so far this year and also the most notable in the post-Covid period. Rental prices have broken all records in more than half of Spain this year. In 12 capitals, rents have marked maximums in July (Alicante, Valencia, Murcia, Málaga, Santa Cruz de Tenerife, León, Lleida, Logroño, Vitoria, Santander, Zaragoza and Toledo), while in another 23 leases have marked maximums throughout the first semester. Barcelona remains as the capital with the most expensive rents in Spain, reaching an average price of 17.4 euros/m2/month. It is followed by Madrid (15.9 euros/m2/month), San Sebastián (15.5 euros/m2), Bilbao (12.6 euros/m2) and Palma (12.1 euros/m2).
Compared to June, prices grew by an average of 0.7% in Spain, while, compared to the last quarter, they rose by an average of 3.8% throughout the country. In cities such as Barcelona, Girona, Alicante, Huelva, Cuenca, Cáceres and Almería, rents rose at a double-digit rate compared to 2021.
A Coruña, Lugo, Burgos, Segovia, Huesca, Girona, Guadalajara, Cáceres, Córdoba, Jaén, Almería, Huelva and Las Palmas de Gran Canaria, for example, reached record average prices in June, while Teruel, Zamora, Cuenca, Salamanca , Pontevedra, Tarragona and Cádiz did so in May, a month after Ávila and Castellón de la Plana. In Soria, rents have also reached record highs this year; Specifically, in February.
Only 15 capitals are still below the maximum monthly rents that marked during the previous crises. In Oviedo and Ciudad Real, the rent peak remains in 2010 (in February and December of that year, respectively, during the aftermath of the economic and financial crisis), while in the others the record was recorded between 2021 and 2020, under the ‘confinement effect’.
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The housing rental market and the market for sale maintain communicating vessels and influence each other. The current situation is marked by a low supply of new housing developments and remodeled second-hand housing on the market. Remodeled rental homes also reflect rising material costs.
Idealista experts recall that in cities such as Madrid, Barcelona, Palma de Mallorca and Seville, the average prices of May 2020 have not yet been reached, in the midst of the pandemic. “It should be remembered that in the worst moments of the covid, when the market was practically closed, prices skyrocketed. As restrictions were reduced, supply increased and rents fell sharply,” they explain.
Only four capitals are at least 5% away from their respective records. In Ourense and Teruel, rents are 6.4% below, while in Ciudad Real the current distance is 6.3% and in Madrid, 5.1%. In another 13 capitals (Pontevedra, Salamanca, Palma de Mallorca, Cáceres, Granada, Huesca, Segovia, Ávila, Cuenca, Seville, Soria, Bilbao and Zamora), the average rental price is between 2.1% and 4 .8% below maximum.
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In another 14 provincial capitals, incomes are already at very close levels, with distances of less than 1%, among which are Barcelona, Pamplona, Las Palmas de Gran Canaria, A Coruña or Córdoba. Finally, in cities such as San Sebastián, Oviedo, Palencia, Burgos, Girona or Tarragona, the difference between the current rental price and the record price ranges between 1% and 1.5%.
Zamora is the capital with the cheapest rent in the national market, with 5.7 euros/m2; followed by Ourense and Ciudad Real (5.9 euros/m2 in both cases), the only capitals where prices have not exceeded the highs of the economic and financial crisis.