Rental prices for homes in January historically high in Spain

by Lorraine Williamson

The average price of rental properties in Spain increased by 10.8% in January compared to the same month in 2023. You now pay an average of €12.4 per square metre. That is the highest home rental price in Spain in the historical series.

In 2023, property home rental prices in Spain have increased. This increase is continuing. The rent was 1.8% higher in January than in December. On a quarterly basis, rental properties became 4.5% more expensive, according to the latest data from the real estate portal Idealista.

Rents rose last month in 16 of Spain’s 17 autonomous regions. Navarre is the only exception with a decrease (-0.1%). Extremadura saw the largest increase (+2.3%). This is followed by Catalonia (+2%), Galicia (+2%), the Madrid region (+2%), Cantabria (+1.9%), the Canary Islands (+1.5%), the Basque Country (+1.1%) and Andalucia (+1.1%).

Increase below 1 percent

In a number of regions, the increase remained below 1%. This was in the region of Valencia (+0.9%), Castilla-La Mancha (+0.9%), La Rioja (+0.8%), the Balearic Islands (+0.6%), Murcia (+0.4%), Castilla and León (+0.3%), Aragon (+0.2%) and Asturias (+0.1%).

Most expensive and cheapest regions to rent property

The regions with the highest rent per square metre are the Madrid region (€16.5) and Catalonia (€16.4). This is followed by the Balearic Islands (€16.2), the Basque Country (€13.4) and the Canary Islands (€13). Extremadura (€6.4) and Castilla-La Mancha (€6.7) are the cheapest regions.

Most Expensive and Cheapest Provinces to Rent Property

Segovia showed the largest increase compared to December (+4.2%). This is followed by Pontevedra (+4%), Lugo (+3.3%), Cuenca (+3.3%) and Cáceres (+2.7%). In the provinces of Soria (-2.3%), Zamora (-1.9%), Jaén (-1.3%), Valladolid (-1.3%) and Salamanca (-1.2%), rents fell.

Barcelona remains the most expensive province at €17.8 per square metre. In second place is Madrid (€16.5). This is followed by the Balearic Islands (€16.2), Gipuzkoa, with €15.6 and Málaga, with €13.8.

In the province of Jaén you rent the cheapest (€5.5), then come Zamora (€5.7), Cáceres and Ciudad Real (both €6.1).

Upward trend in home rental prices in major cities

Rents also rose in almost all major cities. In San Sebastian, the increase was +2.1%, in Palma (+2%), Madrid (+1.8%), Seville (+1.6%), Barcelona (+1.3%), Bilbao (+1.1%), Málaga (+0.9%)

and in Valencia (+0.8%). Alicante (-0.5%) is theand in Valencia (+0.8%). Alicante (-0.5%) is the only one of the major cities in the survey where rents fell in the month of January.

Also read: Acute housing shortage in Spain

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