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Average Rental Costs Fell in April

Rental price falls good for tenants
Rental price falls good for tenants

Rental price falls good for tenants

In Spain, the price of rental housing decreased by -0.5% on the monthly variation and by -5.6% interannually. This places the current average cost at €10.40 p/m² per month in April, according to data from Fotocasa. This last value (-5.6%) is the third decrease registered since February 2021 (-1.7%).

The rental market moves at different speeds; For the third consecutive month, the interannual data shows very significant falls coinciding with the historically stressed communities such as Madrid, Barcelona or the Balearic Islands, and if we zoom in on the provincial capitals, we see the steepest falls in the last six years. This trend will probably continue over time. It is also true that we see monthly increases in certain cities, it could be due to the fact that maximum prices have not yet been reached in those areas and the gradual reactivation of the market,” explained María Matos, Director of Studies at Fotocasa.

Autonomous Communities

In Spain, eight autonomous communities presented negative monthly data in April 2021. The communities of Madrid, Andalusia and Navarra, with a decrease of -0.7% each, recorded the smallest price drops. They are followed by Valencia (-0.6%), the Canary Islands (-0.4%), Extremadura (-0.4%), Aragon (-0.2%) and the Basque Country (-0.2%).

On the other hand, the price of housing increased monthly in the communities of Región de Murcia (1.6%), Cantabria (1.1%), the Balearic Islands (0.8%), La Rioja (0.7%), Castilla y León (0.5%), Castilla-La Mancha (0.5%), Asturias (0.4%), Catalonia (0.1%) and Galicia (0.1%).

Ranking of the Autonomous Communities by price with the most expensive housing prices to rent a home in Spain, in the first places are Madrid and Catalonia, with prices of €13.81 p/m² per month and €13.80 p/m² per month, respectively. They are followed by the Basque Country with €13.10 p/m² per month, the Balearic Islands with €11.33 p/m² per month, Navarra with €10.13 p/m² per month, the Canary Islands with €9.37 p/m² per month, Cantabria €8.88 p/m² per month, Andalusia €8.48 p/m² per month, Aragon with €8.31 p/m² per month, Valencian Community with €8.18 p/m² per month, Asturias with €7.91 p/m² per month, Castilla y León with €7.36 p/m² per month, Galicia with €7.25 p/m² per month, La Rioja with €7.14 p/m² per month, Region of Murcia with €7.08 p/m² per month , Castilla-La Mancha with €5.95 p/m² per month and Extremadura with €5.32 p/m² per month.

Provinces of Spain

Rental prices increased in 24 provinces. The order of the 10 provinces with the highest monthly increases is: Huesca (4.7%), Araba – Álava (4.5%), Palencia (4.1%), Lleida (3.6%), Jaén (2.4%), León (1.7%), Huelva (1.7%), Murcia (1.6%), Cádiz (1.5%) and Pontevedra (1.5%).

On the other hand, the top ten decreases are: Burgos (-3.3%), Guadalajara (-3.0%), Las Palmas (-1.7%), Girona (-1.7%), Almería (-1.5%), Lugo (-1.4%), Ourense (-0.9%), Zamora (-0.7%), Madrid (-0.7%) and Navarra (-0.7 %).

Regarding prices, seven provinces exceed 10.00 euros per square meter per month. The most expensive province is Gipuzkoa with €14.74 p/m² per month, followed by Barcelona (€14.56 p/m² per month), Madrid (€13.80 p/m² per month), Bizkaia (€12.57 p/m² per month), the Balearic Islands (€11.33 p/m² per month), Araba – Álava (€10.45 p/m² per month) and Navarra (€10.13 p/m² per month. On the other hand, the province with the lowest price is Cáceres with €5.14 p/m² per month.