Rental prices are skyrocketing in more than a third of Spain

by Lorraine Williamson
rent properties

MADRID – The national average rent in Spain rose by 1.2% in April compared to the previous month and 1.1% year-on-year to €10.90 per square metre. A historic price record was reached in 18 provincial capitals. 

This is evident from data collected by the real estate platform Idealista. Rents peak in more than a third of the country and set a historic price record in 18 provincial capitals. Below Vitoria, where tenants pay an average of €10.40 euros per square metre. The price here has been above €10/m2 for six months. 

Also in Girona and Cádiz, the average rents advertised per place on the real estate portal reach €10/m2. Then come the following;

  • Valencia (€9.80)
  • Santander (€9.00)
  • Segovia (€8.90)
  • Tarragona (€8.70)
  • Salamanca (€8.30)
  • Alicante (€8.00). 

Another ten provincial capitals can be added, although the price per square metre is less than €8.00. These are as follows;

  • Huesca (€7.70)
  • Guadalajara (€7.50)
  • Logroño (€7.30)
  • Pontevedra (€7.20)
  • Castellón de la Plana (€6.80)
  • Cuenca (€6.80)
  • Jaén (€6.20)
  • Ávila (€6.20)
  • Zamora (€6.00)
  • Zaragoza (€5.80). 

The radiography prepared by the real estate portal also reveals that a further six capitals have been very close to the historical maxima of the past six months. Notably, rents in Zaragoza, Murcia, A Coruña, Cáceres, Burgos and Badajoz are only 1% below their respective records. 

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Lower rents than before in other cities 

The pandemic slowed down the expansion of the rental market and even drove prices down to double digits in some cities such as Madrid or Barcelona. As for the Spanish capital, Idealista awards it as the city where rents are furthest from their historic heights. 

Currently, Madrid is asking an average of €15.20/m2 per month to rent a home. This is compared to the maximum of €16.80 reached in May 2020. Furthermore, the figure for April is 9.4% lower than that of May. 

Rents are also up to 5% below the maximum in six other Spanish capitals: Barcelona, ​​​​Palma de Mallorca, Seville, San Sebastián, Ciudad Real, and Ourense. 

As for Barcelona, ​​the average rent is €16.50/m2 per month, compared to the €17.60 it reached 23 months ago. 

In Palma, the average rent is currently €11.70/m2 per month. This is also less than the €12.40/m2 reached in May 2020. Furthermore, in San Sebastián, rents are 5.7% lower than the record recorded in November 2020 

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