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Rental prices increased 10.7% over last year

The price of rental property in Spain has fallen by 3% during the third quarter, when compared to the previous quarter.

When compared to the same period in 2015 the price has increased by 10.7%, according to data from idealista.

Fernando Encinar from idealista Research said that the latest data highlights the direction taken by the rental market: “Whilst it is true that the quarterly results show a decline at the national level, the major markets continue to record monthly increases in rents.”

Autonomous Communities

Ten of the country’s autonomous communities recorded increases over the previous quarter. The highest increase was seen in Catalonia where the price increased by 4.1%, when compared to Q2. The price in the Balearic Islands also increased by 4.1%, while in Madrid the increase was 3.9%.

The largest falls were seen in Murcia (-5.9%), La Rioja (-4%), Andalusia (-2.5%) and Castilla La Mancha (-1.5%).

Madrid remains as the most expensive autonomous community. The price per square metre per month is 12.4 €. In Catalonia the price is 12.3 €/m² per month. In the Balearic Islands the monthly cost is 10.5 €/m². The cheapest prices are to be found in Extremadura (4.2 €/m²), Castilla La Mancha (4.5 €/m²) and La Rioja (5 €/m²).

Provinces

26 provinces recorded negative variations on rental costs in the third quarter. The largest decline was in Palencia where the cost of a square metre of rental property fell by 7.5%. In Murcia the decline was 5.9%, while in Girona prices fell by 4.8%.

Barcelona recorded the largest increase with the cost of a square metre of rental property increasing by 6%. In Santa Cruz de Tenerife the increase was 4.5%. The cost increased by 4.1% in the Balearic Islands and by 3.9% in Madrid.

The most expensive province was Barcelona where the price per month was 14.3 €/m². In Madrid the cost is 12.4 €/m², while in Guipúzcoa the price is 11 €/m². Jaen has the lowest prices with a cost per month of 3.8 €/m². Ávila is also at the cheap end with a cost of 3.9 €/m², while in Caceres the price is 4 €/m².

Capitals

Barcelona saw the largest quarterly increase in rental prices during the third quarter with an increase of 7.7%. Valencia also saw a significant increase with prices rising by 6.3%, followed by San Sebastian with a 6% increase. At the other extreme, Cadiz saw the largest quarterly decline with prices falling 4.7%. Lugo, Salamanca and Ciudad Real also saw negative change with variations of -3.3%, -3.2% and -2.9%, respectively.

Barcelona is the most expensive provincial capital. Here, you will find rental property costs 17.4 €/m², per month. Madrid is the next most expensive with its monthly average of 13.8 €/m². In San Sebastian the monthly cost of 12.8 €/m².

The most economical capitals are Lugo and Ourense with monthly rental costs of 4.1 €/m² and 4.2 €/m², respectively.