MADRID – Renting in Spain is not as common as in many other European countries. The Spanish government wants to introduce a new housing law. The most important measure of which is the regulation of rental prices.
A negative report from the General Council for the Judiciary, which sees legal loopholes in the new law, is delaying its introduction.
Spain still has a lower rental rate than the European Union average. The rate here is 24%, whereas in Europe it is 30%. However, the number of rental properties in Spain has increased over the last twenty years: according to a study by the Spanish National Institute of Statistics (INE), the percentage has risen from almost 14% to 18% since 2004.
Rent index should explain differences
The average rent in Spain is €674 per month and there are plans to introduce a rent subsidy of €250 per month for young people (el bono joven). This proposal is expected to be approved in the coming days.
Spanish rental prices are not uniform and there are great contrasts. The rent of a house in Madrid cannot be compared to the rent of a house in Lugo. To better understand the large differences, the Ministry of Transport, Mobility and Urban Agenda has developed a housing rent index based on the 2018 tax returns.
The cheapest provinces
The cheapest province is Castellón with an average rental price of €360 per month. Lugo, with €363, Ciudad Real with €367, and Ávila and Zamora, both with €380, also have relatively low average rents.
The most expensive areas
Madrid and Gipuzkoa are the areas where it is most expensive to rent per square metre. In the Madrid region, the average is €780 per month, against €730 in the Basque province. Then comes Barcelona with €694 per month, followed by Vizcaya with €652 and the Balearic Islands with €624.
What are the most expensive cities?
The same index of the Ministry of Transport, Mobility and Urban Agenda also shows the average rent in cities with more than 100,000 inhabitants. The index shows that six cities in the Community of Madrid are in the top 100 most expensive cities to rent. These are: Madrid, Alcobendas, Alcorcón, Torrejón de Ardoz, Móstoles and Alcalá de Henares. The Spanish capital is in the lead, with an average price of €848 per month compared to €803 per month in Barcelona. This makes it the second most expensive city for Spanish rental prices.
Click here to read more about the housing law.