Rental costs up a massive 14.7% in November
The cost of renting a home in Spain increased by 6.5% in November, when compared to the previous month. Looking at the year-on-year increase, the average cost per square metre has risen a massive 14.7%. This brings the average cost per square metre per month to €13.13, pushing the average cost of an 80m² apartment to €1,050 per month.
This interannual increase is the largest detected in the last 74 months (6.2 years, since October 2018). In the last 12 months, the price of housing has gone from €11.45 p/m² in November 2023 to €13.13 p/m² in November 2024.
“The increase in rental costs has continued to be the trend for two consecutive years and has once again set a new maximum price. This sharp increase is due to the fact that the previous year, the increase was milder, but it is still the highest increase since 2018. The problem of imbalance between low supply and high demand pushes the price up without allowing it to moderate. Faced with a market that is increasingly less dynamic, more compact and very difficult to access, the inequalities and vulnerabilities of citizens with lower incomes are exposed, as they are expelled from the market, due to not being able to cope with these prices. Prices will likely continue to rise next year,” explained María Matos, director of Studies and spokesperson for Fotocasa.
Autonomous Communities
If we analyse rental prices compared to those of a year ago, we see that 16 of the 17 communities saw an increase in their year-on-year price in November. The autonomous communities with increases of more than 10% are: Madrid (20.9%), Castilla-La Mancha (18.6%), Asturias (17.5%), Catalonia (13.0%), Region of Murcia (12.9%), La Rioja (12.3%), Valencian Community (11.6%), Galicia (11.4%), Extremadura (11.3%), Aragon (10.9%), Basque Country (10.2%) and Navarra (10.1%).
As for the ranking of communities with the most expensive housing prices to rent a home in Spain, the four with monthly prices higher than €15.00 p/m² per month are: Madrid (€20.72 p/m²), Catalonia (€17.91 p/m²), the Balearic Islands (€17.35 p/m²) and the Basque Country (€16.75 p/m²). They are followed by the Canary Islands (€13.92 p/m²), the Valencian Community (€12.75 p/m²), Navarre (€12.13 p/m²), Cantabria (€11.46 p/m²), Andalusia (€10.86 p/m²), Asturias (€10.80 p/m²), Aragon (€10.07 p/m²), Galicia (€9.49 p/m²), La Rioja (€9.42 p/m²), the Region of Murcia (€9.13 p/m²), Castile and Leon (€9.09 p/m²), Castile-La Mancha (€7.40 p/m²) and Extremadura (€6.70 p/m²).
Provinces
In 46 of the 49 provinces, the year-on-year price of rental housing increased in November 2024, except for Cantabria, Teruel and Araba – Álava. Increases of more than 10% occurred in 22 (45%) provinces.
The provinces with year-on-year increases greater than 10% are: Palencia (25.9%), Huesca (25.2%), Lugo (21.2%), Madrid (20.9%), Asturias (17.5%), Cáceres (17.2%), Zamora (16.2%), Seville (16.1%), Gipuzkoa (15.4%), Toledo (14.5%), Barcelona (14.3%), Segovia (14.0%), A Coruña (13.1%), Murcia (12.9%), La Rioja (12.3%), Santa Cruz de Tenerife (11.9%), Girona (11.5%), Alicante (11.4%), Almería (10.3%), Navarra (10.1%), Valencia (10.0%) and Albacete (10.0%). The provinces with year-on-year decreases are Araba – Álava (-12.1%), Teruel (-1.4%) and Cantabria (-0.6%).
The six most expensive provinces for renting per month are Madrid (€20.72 p/m²), Barcelona (€20.28 p/m²), Gipuzkoa (€19.22 p/m²), the Balearic Islands (€17.35 p/m²), Bizkaia (€16.14 p/m²) and Málaga (€15.01 p/m²). The three cheapest provinces to rent a home are: Jaén (€5.89 p/m²), Ciudad Real (€6.17 p/m²) and Teruel (€6.25 p/m²).
