The cost of rental housing in Spain had an average monthly price of 10.11 euros per square meter in February 2022. This figure marked a monthly increase of 0.40%. In the year-on-year comparison it rose by 4.56%.
According to Ferran Font, director of studies at piso.com, “the upward trend in rental prices continues to strengthen“.
Font further points out that this rise in prices still does not represent a great break, but the progressive increase of the CPI could continue to push up income: “The cost of living has skyrocketed, and aspects such as the war in Ukraine, which will lead to an even more intense rise in basic consumption such as electricity and fuel, do not help“. In addition, Font admits that “not only will the big capitals will support the upturns, but also, given that the situation is generalized throughout Spain, rents in other medium-sized cities will also rise.”
It is important that tenants deploy all their negotiating skills in case they have to review the monthly payments or are currently looking for a new property to rent. On the investor side purchase-for-rent will continue to be very strong: The attractive profitability of rental allows residential real estate investment to be placed above other types of products subject to greater volatility, so that the money will continue to take refuge in bricks and mortar.
Barcelona is the most expensive Spanish capital
The most expensive autonomous communities to live for renting property in February 2022 were Madrid (€12.26/m²), the Balearic Islands (€12.14/m²) and Catalonia (€11.28/m²), while the cheapest rents were in Castilla y León (€4.61/m²), Extremadura (€5.21/m²) and La Rioja (€5.41/m²). In the last month, the most striking increase took place in the Balearic Islands (2.64%). The greatest adjustment occurred in Murcia (-2.57%). Compared to last year, the Balearic Islands (13.95%) was the one that increased the most and La Rioja (-9.79%) the one that fell the most.
In the classification of provinces by price, in February 2022 the first position went to Madrid, with 12.26 euros per square meter. It was followed by Barcelona (€12.15/m²) and the Balearic Islands (€12.14/m²). On the opposite side, Cuenca closed the month with 3.29 euros per square meter. Other economic provinces were Ávila (€3.48/m²) and Ciudad Real (€3.61/m²). The province that saw the cost of renting increase the most in the last month was Jaén (3.01%), while the one with the largest falls was Málaga (-3.01%). From one year to another, the highest increase registered was that of Pontevedra (18.35%). The price that adjusted the most was that of Ourense (-18.80%).
Regarding provincial capitals, Barcelona was the most expensive for renting with an average price of 17.56 euros per square meter. Le Donostia-San Sebastián (€15.91/m²) and Madrid (€15.38/m²). Zamora was the cheapest with 5.26 euros per square meter. Other economic provincial capitals Cuenca (€5.93/m²) and Ciudad Real (€5.99/m²). Ciudad Real (3.05%) led the monthly increases, while Teruel (-3.02%) was the capital that devalued the most in this period. Compared to February 2021, Lugo (19.04%) led the increases. The most striking cut was recorded by Ourense (-9.55%).