Cost of renting in Spain up 2.57% annually
In January 2022, the cost of renting a property in Spain reached an average of €10.07 per square metre. This is a rise of 0.9% when compared to the previous month. Year-on-year, the variation is +2.57%.
According to the Director of studies at pisos.com, Ferran Font, “the rental market is recovering in a positive trend, but the increases are within what is sustainable. Following a few years of adjustments rental costs have resumed their upward path but with only very slight increases. The increase in rental stock has of course had a positive effect on prices for tenants which will always be the case when supply increases in line with demand.”
The investor appetite for buy-to-let is booming at the moment and is beginning to catch up with the number of homeowners who are leasing their homes privately.
The monthly report of piso.com revealed that the most expensive regions to live for renting in January 2022 were Madrid (€12.23/m²), the Balearic Islands (€11.83/m²) and Catalonia (€11.22/m²). The cheapest rents were found in Castilla y León (€4.56/m²), Extremadura (€5.16/m²) and La Rioja (€5.32/m²). In the last month, the most striking increase took place in Murcia (2.71%). The greatest drops in rental costs were seen in the Basque Country (-2.81%). Compared to last year, Catalonia (11.86%) was the one that increased the most and La Rioja (-12.90%) the one that fell the most. Andalucia closed January with an average cost per square metre of 7.35 euros.
Provinces
Looking at the ranking of most expensive provinces for renting a property in Spain in January 2022 the first position went to Barcelona, with 12.25 euros per square meter. It was followed by Madrid (€12.23/m²) and the Balearic Islands (€11.83/m²). On the opposite side, Cuenca closed the month with an average cost of 3.27 euros per square meter. Other cheaper provinces were Ávila (€3.38/m²) and Ciudad Real (€3.52/m²). The province that saw the largest monthly increase was Alicante (2.98%), while the one that saw the largest fall was Álava (-2.92%). From one year to another, the highest increase registered was that of Pontevedra (17.12%). The income that fell the most was that of Ourense (-18.01%).
Regarding provincial capitals, Barcelona was the most expensive for tenants with an average price of 17.62 euros per square meter. It was followed by Donostia-San Sebastián (€15.91/m²) and Madrid (€15.79/m²). On the other hand, Zamora was the cheapest with 5.11 euros per square meter. Other economic provincial capitals included Ciudad Real (€5.81/m²) and Cuenca (€5.92/m²). Soria (3.05%) led the monthly increases, while Guadalajara (-2.96%) was the capital that devalued the most in January. Compared to January 2021, Lugo (19.58%) led the increases. The most striking fall was seen in Ourense (-7.16%).
