Rental costs increased in all communities
The average price of renting a house in Spain increased by 1.6% in November to stand at 8.13 euros/m² per month, according to data released by fotocasa. The figures are similar to the beginning of the year when increases were between 1.5 and 2%.
On the monthly basis, rental prices increased in six communities and decreased in ten. The highest increase was seen in Valencia (+1.6%). This was followed by Catalonia (0.9%), Galicia (0.5%), Castilla-La Mancha (0.3%), Cantabria (0.2%), and Andalucía (0.1%).
“Rental prices continue to grow at a very strong year-on-year rate (10%), which will continue into 2018. The increases are widespread throughout the country, but in the large cities the index is beginning to register falls in year-on-year prices suggesting a ceiling has been reached.” explained Beatriz Toribio, director of studies at fotocasa.
The average price from October returns us to data from November 2010, when the rental price stood at 8.10 euros/m² per month. Since reaching the maximum price in May 2007 (10.12 euros/m² per month) the price of housing has accumulated a fall of -19.6%.
On a year-on-year basis, the price of rental housing increased by 10%, staying within the trend established over recent months. This is the fourth month of the year in which rental prices have increased 10% or more. Additionally, at the inter-annual level rental prices have risen for 33 consecutive months.
Prices up in all Communities
All autonomous communities saw year-on-year rental price increases in November. The increases ranged from 0.4% in Navarra to 12.9% in Catalonia.
In terms of price ranking, Catalonia is the most expensive community for renting a home with an average cost per month of 12.39 euros/m². Madrid is next with an average of 11.46 euros/m² per month. The Basque Country comes in third with an average cost per month of 10.88 euros/m². In Andalucía the price of renting increased by 4.8%, year-on-year.
The most economical communities in which to rent a property are Extremadura (4.77 euros/m² per month) and Castilla-La Mancha (5 euros/m² per month).
Looking at rental prices by province, 22 saw a monthly increase in rental prices, when compared to October. Increases ranged from 0.2% in Lugo to 12% in Castellón. However, rental prices fell in 26 provinces with decreases ranging from -9.4% in Teruel to -0.1% in Murcia.
