Cost or renting increased in April
The average cost of renting a home in Spain increased by 1.4% in April, to stand at 8.04€ p/m² p/month, according to the latest data from fotocasa.
This is the first time since 2011 that the average cost has exceeded 8€.
Even more significant is the annual variation. Compared to April 2016 the price has increased 10.2%, the highest annual increase for 10 years.
“The increase in rental prices is widespread throughout the country, but the strength of the increase is mainly due to the price rising in Catalonia and Madrid, which according to our report of the housing market 2016-2017 accounts for 43% of all activity related to the rental market. They are followed by areas significant to tourism such as the Balearic Islands, the Canary Islands and Valencia.”, explains Beatriz Toribio from fotocasa studies.
Increase in 14 Autonomous Communities
There were increases in April in 14 of Spain’s autonomous communities. The increases ranged from 2.2% in Murcia, to 0.1% in the Basque Country. In Andalucía the price increase was 1%.
At the other extreme, three communities saw the cost of renting fall. The declines ranged from -0.4% in Galicia, to -1.2% in Navarra.
As for price ranking, Catalonia displaces the Basque Country as the most expensive community to rent. The average monthly cost there is 11.96€ p/m². The Basque Country now occupies third place behind Madrid. At the bottom of the table we find the most economical community to rent is Extremadura (4.68€ p/m² p/month), and Castilla la Mancha (4.81€ p/m² p/month). In Andalucía the average monthly cost per square metre currently stands at 6.50€.
April saw rental price increases in 36 provinces with increases ranging from 3.6% in Huelva to 0.1% in Burgos. 12 provinces saw price falls with the declines ranging from -0.1% in Cuenca and Cordoba to -3.2% in Soria.
