The price of homes for rent in Spain increased 0.1% when compared to July and increased by 8.6% when compared to the same month in the previous year. This brings the average cost to €10.74 p/m² per month according to data from Fotocasa. This value is -28% below the average for the Community of Madrid, which in August stood at €14.97 p/m² per month.
It’s not all positive news though as ten autonomous communities presented negative monthly variations in August 2020. Although that is positive news as far as tenants are concerned. Cantabria with a decrease of -3.4% saw the most significant fall. They are followed by La Rioja (-2.2%), the Balearic Islands (-1.9%), Navarra (-1.7%), Aragon (-1.5%), Extremadura (-1.3%), Andalusia (-0.8%), Castilla-La Mancha (-0.5%), Valencia (-0.3%) and Madrid (-0.3%).
“As in July, the price of housing for rent shows a small contraction in price in August. Furthermore, the monthly price dropped in more than half the country’s communities. However, at a year-on-year level, the price continues to rise and increases by 8.6%. This year-on-year increase is more moderate than those registered in previous months, some of which were closer to 10%, but high year-on-year increases are still being recorded. Although not all communities are growing year-on-year and Madrid, Catalonia and the Canary Islands are already registering negative year-on-year variations, which shows the long-awaited moderation in prices in these areas that are usually more stressed,” explained Anaïs López, Communication Director at Fotocasa.
The price of homes to rent increased in the communities of the Basque Country (1.7%), Asturias (1%), Castilla y León (0.7%), the Canary Islands (0.4%), Region of Murcia (0.4%), Galicia (0.3%) and Catalonia (0.1%).
Regarding price ranking, the most expensive homes to rent in Spain are in Madrid and Catalonia, with prices of €14.97 p/m² per month and €14.41 p/m² per month, respectively. They are followed by the Basque Country with €13.44 p/m² per month, the Balearic Islands with €12.26 p/m² per month, the Canary Islands with €9.67 p/m² per month, Navarra with €9.59 p/m² per month, Cantabria €8.81 p/m² per month, Valencian Community €8.61 p/m² per month, Andalusia with €8.59 p/m² per month, Aragon with €8.28 p/m² per month, Asturias with €7.88 p/m² per month, Region of Murcia with €7.35 p/m² per month, Castilla y León with €7.25 p/m² per month, Galicia with €7.11 p/m² per month, La Rioja with €6.73 p/m² per month , Castilla-La Mancha with €5.68 p/m² per month and Extremadura with €5.42 p/m² per month.
Provinces of Spain
Property rental prices dropped in 29 (60%) of the 48 provinces analysed. The most pronounced monthly decrease is recorded by Huelva with -10.7%. That was followed by the provinces of Lugo (-7.5%), Cuenca (-7.2%), Cáceres (-3.9%), Ávila (-3.4%), Cantabria (-3.4%), Jaén (-3.3%), Almería (-3.1%), Cádiz (-2.9%) and Toledo (-2.3%).
However, the top ten provincial increases are: León (4.2%), Palencia (4.1%), Albacete (3.3%), Ourense (3%), Guadalajara (2.5%), Tarragona (2%), Pontevedra (1.9%), Gipuzkoa (1.8%), Las Palmas (1.5%) and Valladolid (1.4%).
Regarding prices, six provinces exceed 10.00 euros per square meter per month. The most expensive province is Barcelona with €15.49 p/m² per month, followed by Gipuzkoa (€15.41 p/m² per month), Madrid (€14.97 p/m² per month), Bizkaia (€12.74 p/m² per month), the Balearic Islands (€12.26 p/m² per month) and Las Palmas (€10.03 p/m² per month). On the other hand, the province with the lowest price is Cáceres with €4.99 p/m² per month.