The average price of renting a home in Spain dropped by 0.5% in November. This takes the average price per square metre, per month down to €8.18, according to data from Fotocasa.
As for the year-on-year variation, the cost of renting increased by 0.6%, when compared to November last year. This continues the annual increases seen for the previous 45 months, broken only once in August last year when the annual variation was -2.2%.
A year ago, the average price of renting in Spain increased in all autonomous communities. However, this November it increased in only five on the annual variation, showing that rental prices are stabilising. Also, the year-on-year increase is just over half of one percent, although in some large cities such as Madrid and Valencia we still see increases over 10%.
November’s average price returns us to similar costs as seen in October 2010. Back then, the average monthly rental cost was €8.16 p/m². Since reaching the maximum price in May 2007 (€10.12 p/m² per month) the price of rental housing has accumulated a fall of -19.2%.
Two Communities See Monthly Rise
November saw monthly increases in the cost of renting a property in only two autonomous communities, both only small increases. Madrid saw prices go up by 1.3%, while the Basque Country saw a smaller rise of only 0.5%.
Of the other communities, 15 saw year-on-year falls in rental prices. The community that saw the biggest fall was La Rioja (-5.1%), followed by Navarra (-4.9%), and Extremadura (-4.8%). The slightest falls were seen in Cantabria (-0.2%), Cataluña (-0.5%) and Andalucía and Asturias (-0.7%).
Looking at price ranking across the country, Madrid is the most expensive in which to rent a second-hand home, with an average cost per month of €13.09 p/m². It is followed by Catalonia (€12.02 p/m² per month), Basque Country (€9.80 p/m² per month) and Balearic Islands (€9.57 p/m² per month).
The cheapest places to rent a property in Spain to rent are Extremadura (€4.40 p/m² per month) and Castilla-La Mancha (€4.87 p/m² per month).
Looking briefly at the price variations by province, we see monthly increases in six, with the increases ranging from 1.8% in Vizcaya to 0.1% in Malaga. Toe average cost of renting fell in 44 provinces, with falls ranging from -0.2% in Cantabria to -10.4% in Teruel.