According to the bi-annual rental price report prepared by piso.com, the average rental property in Spain has an average surface area of 112 m² with an average monthly rate of 705 euros. This figure represents a monthly increase of 0.57%, a quarterly increase of 4.44%, a semi-annual increase of 6.02% and year-on-year growth of 12.08%.
Miguel Ángel Alemany, general director of pisos.com, points out that “the residential rental market is demonstrating its strength within the real estate sector, offering high returns to homeowners who decide to rent their homes.” The growth experienced in the rental market for some time is giving the sector much to talk about, pointing to the tourist rental boom as the main factor.
The report indicates that the most expensive regions to live in for tenants in June 2017 were Madrid (1,165 €/month), Basque Country (1,017 €/month) and the Balearic Islands (985 €/month). The cheapest rents were seen in Extremadura (426 €/month), Castilla-La Mancha (481 €/month) and Galicia (501 €/month).
Since January, the most significant increase occurred in the Balearic Islands where rental costs increased by 19.83%. The only negative variation was seen in Extremadura where average rent prices fell by 2.05%. On the annual variation, the Balearic Islands increased the most with a 20.86% rise. Again, Extremadura (-1.47%) was the only region that fell when compared to June 2016.
When looking at the country by province, we see the most expensive rental property is in Guipúzcoa, with 1,224 euros per month. Madrid was next with an average rent of 1,165 €/month, slightly ahead of Barcelona (999 €/month). Teruel is the cheapest province for rental property with an average cost of 386 €/month. Cáceres followed with an average rent of 392 €/month.
Girona was the province with the highest annual increase (22.55%). Soria saw the most significant year-on-year fall with average rents falling by 4.88%.