Monthly rental cost up 9% since last summer
In the first six months of 2024, Spain has seen continuous growth in the costs of rental housing. The second quarter closed with an increase of 2.3%, and a year-on-year increase of 9%. This brings the average price per square metre, per month, to 12.65 euros.
“Rental prices continue to rise sharply and at a significant rate, mainly due to the imbalance between supply and demand. Currently, demand is intense with growth projections and the available supply is gradually shrinking. The problem is getting bigger and bigger. To stop this tightening, more rental housing is needed through promotion, promoting the rehabilitation and transfer of housing, reinforcing legal security and regulatory certainty and creating a territorial policy of decentralization of opportunities so that demand is not only concentrated in the large urban centers,” explained María Mator, spokeperson for Fotocasa.
Autonomous Communities
The second quarter of 2024 saw the cost of renting a home in Spain increase in 15 communities, while year-on-year, 17 communities saw prices rise.
The increases seen are: Cantabria (13.8%), Region of Murcia (10.2%), Madrid (7.6%), Asturias (6.6%), Galicia (6.3%), Extremadura (6.0%), Basque Country (4.9%), Catalonia (4.7%), Valencian Community (4.2%), Aragon (3.2%), Balearic Islands (3.1%), Canary Islands (3.1%), Castilla y León (2.8%), Castilla-La Mancha (1.7%) and Andalusia (0.8%).
Regarding the ranking of prices by communities, Madrid and the Balearic Islands occupy the first positions, and exceed the barrier of €18.00 p/m², specifically Madrid was up to €19.71p/m² per month, and the Balearic Islands saw prices rise to €18.09p/m² per month. Both communities reach new highs, exceeding the prices of the historical records. They were followed by the communities of Catalonia with €17.26 p/m² per month, the Basque Country with €16.10 p/m² per month, the Canary Islands with €13.87 p/m² per month, Cantabria with €13.74 p/m² per month, Valencian Community with €12.43 p/m² per month, Navarra with €11.21 p/m² per month, Andalusia with €10.56 p/m² per month and Asturias with €10.35 p/m² per month.
Provinces
In the provinces, this second quarter of 2024 presented 42 quarterly increases, with 48 interannual increases. The four provinces that saw the largest quarterly increases were: Guadalajara (15.7%), Cantabria (13.8%), Jaén (11.8%) and Murcia (10.2%). On the other hand, the provinces that saw quarterly decreases are: Toledo Teruel (-7.1%), Huesca (-4.4%), Valladolid (-3.9%), La Rioja (-3.7%), Navarra (-3.3%), Gipuzkoa (-0.7%) and Burgos (-0.6%).
Regarding the ranking of prices by province, Madrid and Barcelona occupy the first positions and exceed the barrier of €19.00 p/m² per month. Specifically, Madrid increased to €19.71 p/m² per month and Barcelona to €19.49 p/m² per month. Both provinces reached new maximums, exceeding the previous historical highs. The most economical provinces are Ciudad Real with €6.09 p/m² per month, Teruel with €6.13 p/m² per month, Jaén with €6.17 p/m² per month, Palencia with €6.86 p/m² per month, Cáceres with €6.88 p/m² per month and Badajoz with €6.95 p/m² per month.
