Q3 saw the cost of renting fall by 5.3%
The price of rental property in Spain showed a decrease at the end of the third quarter, registering a -5.3% change. When compared to the same period of the previous year, prices increased by 7.4%.
These changes bring the average cost of renting a home in Spain to 11.98 euros per square metre, per month.
“The quarterly decrease is a common trend repeated in each of the third quarters of the last 18 years, which gives a slight respite to the rental price, which reached its peak last June 2024. However, the year-on-year rate continues to increase sharply, due to the great imbalance between supply and demand. September, the start of the season for many tenants, brings with it high prices, less available supply and poor condition of the homes, which become the biggest obstacles for applicants. This scenario has resulted in an extremely compact market, with limited turnover and a search process that is getting longer, making it increasingly difficult to access a rental home,” explained María Matos, Director of Studies and spokesperson for Fotocasa.
Autonomous Communities
In the Autonomous Communities, this third quarter of 2024 presented 14 quarterly falls (compared to nine in 3Q-2023) and 17 year-on-year increases. The communities that registered decreases in Q3 are: Cantabria (-15.7%), Catalonia (-8.7%), Murcia Region (-8.2%), the Balearic Islands (-7.1%), Andalusia (-4.9%), Galicia (-4.9%), Extremadura (-3.6%), Valencian Community (-2.7%), Basque Country (-2.5%), Castile and Leon (-2.0%), Aragon (-1.8%), the Canary Islands (-1.5%), Asturias (-0.8%) and Madrid (-0.5%). The three communities with quarterly increases in rental prices are: La Rioja (3.5%), Navarra (2.6%) and Castilla-La Mancha (1.0%).
Regarding the price of property for rent in Spain ranking by communities, Madrid occupies the top spot with an average cost of 19.61 €/m² per month. They are followed by the Balearic Islands (€16.81 p/m² per month), Catalonia (€15.75 p/m² per month), the Basque Country (€15.70 p/m² per month), the Canary Islands (€13.66 p/m² per month), the Valencian Community (€12.09 p/m² per month), Cantabria (€11.58 p/m² per month), Navarra (€11.50 p/m² per month), Asturias (€10.27 p/m² per month), Andalusia (€10.04 p/m² per month), Aragon (€9.61 p/m² per month), Galicia (€9.14 p/m² per month), La Rioja (€8.87 p/m² per month), Castile and Leon (€8.87 p/m² per month), Region of Murcia (€8.75 p/m² per month), Castile-La Mancha (€8.75 p/m² per month), and Extremadura (€6.67 p/m² per month).
Provinces
In the provinces, this third quarter of 2024 presents 40 quarterly falls and 46 year-on-year increases. The ten provinces with the largest quarterly decreases in housing prices during this period are: Huelva (-16.5%), Cantabria (-15.7%), Guadalajara (-9.5%), Murcia (-8.2%), Cádiz (-8.0%), Pontevedra (-7.9%), Araba (-7.6%), Jaén (-7.6%), Soria (-7.5%) and Almería (-7.2%). The provinces with quarterly increases are Palencia (10.9%), Huesca (6.7%), Valladolid (5.4%), Ciudad Real (3.6%), La Rioja (3.5%), Santa Cruz de Tenerife (3.0%), Teruel (2.6%), Navarra (2.6%) and Albacete (1.6%).
As for the price ranking by province, Madrid and Barcelona occupy the top positions and exceed the barrier of €18.00 p/m² at the end of 2018. month. The price in Madrid is €19.61 p/m² per month and for Barcelona €18.17 p/m² per month. The cheapest provinces are Jaén (€5.70 p/m² per month), Teruel (€6.29 p/m² per month), Ciudad Real (€6.31 p/m² per month), Ourense (€6.54 p/m² per month), Badajoz (€6.64 p/m² per month) and Cáceres (€6.71 p/m² per month).
