Cost of rental housing fell 2.7% in July
The price of rental housing in Spain was €10.44 per square metre in July. This is a variation of -2.7% when compared to July in 2020, according to data from property portal fotocasa. This is the sixth consecutive fall.
“For several months the trend in rental prices in Spain has changed and large price increases have been left behind. This is the sixth consecutive month that the price of rental housing has fallen year-on-year, although the fall in July (-2.7%) is somewhat softer than those registered in previous months. In the coming months we will continue to record similar data at the national level, but in some communities the price drops will be somewhat more pronounced, such as the Balearic Islands, Madrid or Catalonia. Other communities such as La Rioja or Cantabria are far from presenting price adjustments and we will still see how the rental price in these communities will show positive variations in the coming months“, explained María Matos, Director of Studies for Fotocasa.
Autonomous Communities
In July, 13 autonomous communities present positive monthly data. The communities of Extremadura and Cantabria, with an increase of 3.1% and 2.9%, are the regions with the highest price increases. They are followed by Aragon (1.5%), Asturias (1.4%), La Rioja (1.2%), Valencian Community (1.1%), the Balearic Islands (0.9%), Region of Murcia (0.5%), the Basque Country (0.5%), Madrid (0.4%), the Canary Islands (0.3%), Castilla-La Mancha (0.2%) and Catalonia (0.0%). On the other hand, the price of rental housing decreased in the communities of Navarra (-4.4%), Castilla y León (-0.7%), Andalusia (-0.5%) and Galicia (-0.3%).
Regarding the ranking of Autonomous Communities with the most expensive housing prices to rent a home in Spain, in the first places are Madrid and Catalonia, with prices of €13.84 p/m² per month and €13.79 p/m² per month, respectively. They are followed by the Basque Country with €13.15 p/m² per month, the Balearic Islands with €11.53 p/m² per month, Cantabria with €9.81 p/m² per month, Navarra with €9.61 p/m² per month, the Canary Islands with €9.61 p/m² per month, Aragon with €8.54 p/m² per month, Valencian Community with €8.51 p/m² per month, Andalusia €8.47 p/m² per month, Asturias with €8.21 p/m² per month, La Rioja with €7.63 p/m² per month, Region of Murcia with €7.47 p/m² per month, Galicia with €7.32 p/m² per month, Castilla y León with €7.31 p/m² per month, Castilla-La Mancha with €6.01 p/m² per month and Extremadura with €5.72 p/m² per month.
Provinces
The cost of homes for rent in Spain increased in 26 of the 48 provinces analysed (54%). The order of the 10 provinces with the highest monthly increases is: Jaén (4.7%), Lugo (4.3%), Badajoz (4.3%), Huelva (3.4%), Cantabria (2.9%), Burgos (2.3%), Zaragoza (1.5%), Castellón (1.5%), Asturias (1.4%) and Almería (1.3%).
The provinces with the most significant decreases are: Zamora (-6.4%), Navarra (-4.4%), Palencia (-2.9%), Cádiz (-2.8%), Valladolid (-1.9%), Araba – Álava (-1.9%), Tarragona (-1.5%), Ciudad Real (-1.5%), Segovia (-1.1%) and A Coruña (-1.1%).
Regarding prices, seven provinces exceed 10.00 euros per square meter per month for renting a home in Spain. The most expensive province is Gipuzkoa with €15.21 p/m² per month, followed by Barcelona (€14.53 p/m² per month), Madrid (€13.84 p/m² per month), Bizkaia (€12.49 p/m² per month), the Balearic Islands (€11.53 p/m² per month), Araba – Álava (€11.08 p/m² per month and Huelva (€10.06 p/m² per month). On the other hand, the province with the lowest rental costs is Ciudad Real with €5.25 p/m² per month.
