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Cost of Renting Up in October

Moving to a new rental costs 2.4% more
Moving to a new rental costs 2.4% more

Rental costs increased 2.4% in October

In October, the price of rental housing in Spain increased 2.4% when compared to September. On a year-on-year basis the increase was 3.6%, bringing the average price per square metre per month to €9.81.

Across the autonomous communities the most expensive rental property is found in Madrid and Catalonia, with average prices of €14.82 p/m² per month and €13.84 p/m² per month, respectively.

They are followed by the Basque Country with €12.71 p/m² per month, Balearic Islands with €12.49 p/m² per month, Canary Islands with €9.89 p/m² per month, Navarra with €8.56 p/m² per month, Cantabria €8.32 p/m² per month, Aragon at €8.11 p/m² per month, Andalusia at €8.02 p/m² per month, Valencian Community with €7.96 p/m² per month, Asturias with €7.24 p/m² per month, Galicia with €6.60 p/m² per month, Castilla y León with €6.59 p/m² per month, La Rioja with €6.50 p/m² per month, Region of Murcia with €6.27 p/m² per month, Castilla-La Mancha with €5.33 p/m² per month and Extremadura with €4.83 p/m² per month.

In October, 15 autonomous communities presented positive monthly variations. Navarra showed the largest rise with an increase of 8.2%. The biggest fall was seen in Catalonia with a decrease of -0.4%.

“The market continues to show clear signs of price stabilization and moderation. Proof of this is that in October we didn’t see any community with interannual increases above 10% and even some communities, such as Extremadura, recorded slight interannual declines,” explained Ismael Kardoudi, director of Studies and Training at Fotocasa.

Rises in 38 provinces

The price of rental property increased in 38 of the 47 provinces analyzed by Fotocasa. The most pronounced monthly increase was recorded by Navarra with 8.2%, followed by Cuenca (7.4%), Huesca (4.9%), Ávila (4%), Jaén (3.9%) and Burgos (3.8%), among others.

On the other hand, the provinces that experienced the greatest monthly declines were Castellón (-2.7%), Girona (-1.7%), Cáceres (-1.4%), Valladolid (-1.4%) and Salamanca (-1.1%), among others.

As for prices, only six provinces exceed 10 euros per square metre, such as Barcelona, the most expensive province with €15.54 p/m² per month, followed by Madrid (€14.82 p/m² per month) , Gipuzkoa (€14.45 p/m² per month), the Balearic Islands (€12.49 p/m² per month), Bizkaia (€12.18 p/m² per month) and Las Palmas (€10.09 p/m² per month) .