The cost of rental housing in Spain, closed third quarter with a year-on-year increase of 7.6%. However, compared to the previous quarter, the cost is down 4%. These changes bring the average monthly cost of rental housing at €11.15 p/m².
“Although at a quarterly level the price fell slightly, it must be put into context that this indicator reflects a very specific temporal reality compared to the second quarter of the year, when the rental price reached historical highs. Likewise, the interannual variation shows a very significant increase, and far from the moderation trend that occurred in the summer months. This figure indicates that we are facing a broken rental market, in which the supply cannot absorb the current high demand and that, therefore, the costs will continue at high levels until the end of the year,” explains María Matos, spokesperson for Fotocasa.
In the autonomous communities, we saw eight quarterly increases and 17 annual increases. The three communities to see new high price records are Asturias (€9.25 p/m² per month), the Basque Country (€15.08 p/m² per month) and the Canary Islands (€12.98 p/m² per month).
The order of the quarterly increases is: Asturias (6.8%), Castilla-La Mancha (4.1%), the Basque Country (3.0%), Navarra (1.9%), La Rioja (1.3%), Aragón (1.1%), Canary Islands (1.0%) and Madrid (0.6%).
The communities that recorded quarterly decreases were: Cantabria (-14.6%), Region of Murcia (-8.0%), Andalusia (-3.7%), Extremadura (-3.5%), Catalonia (-2.6%), the Balearic Islands (-2.5%), Galicia (-2.5%), Valencian Community (-2.3%) and Castilla y León (-0.7%).
Regarding the ranking of prices by community, in Madrid you pay the most with an average of 16.80 euros per square meter. This is followed by the communities of the Balearic Islands (€16.73 p/m² per month), Catalonia (€15.53 p/m² per month), the Basque Country (€15.08 p/m² per month), the Canary Islands (€12.98 p/m² per month), Valencian Community (€11.26 p/m² per month), Cantabria (€11.24 p/m² per month), Navarra (€11.00 p/m² per month), Andalusia (€9.43 p/m² per month), Asturias (€9.25 p/m² per month), Aragón (€9.03 p/m² per month), La Rioja (€8.41 p/m² per month), Castilla y León (€8.27 p/m² per month), Galicia (€8.26 p/m² per month), Region of Murcia (€8.09 p/m² per month), Castilla-La Mancha (€6.42 p/m² per month) and Extremadura (6.14 € p/m² per month).
In the provinces, this third quarter of 2023 presented 24 quarterly increases and 50 year-on-year increases. The three provinces with the highest quarterly increases are: Huesca (8.0%), Asturias (6.8%), Teruel (6.1%), Albacete (5.6%), Guadalajara (4.9%), Araba – Álava (4.1%), León (3.4%), Bizkaia (2.9%), Palencia (2.7%) and Valladolid (2.2%). The three provinces presented the largest quarterly decreases are: Huelva (-22.4%), Cantabria (-14.6%) and Almería (-10.9%).
Regarding the price ranking by province, Barcelona, Madrid, Balearic Islands and Gipuzkoa are the provinces that exceed the barrier of €16.00 p/m² per month. Regarding the ranking of prices by province, in Barcelona you pay 17.33 euros per square meter. This is followed by the provinces of Madrid with €16.80 p/m² per month, the Balearic Islands with €16.73 p/m² per month and Gipuzkoa with €16.54 p/m² per month.