The cost of renting increased 0.55% in June
The national average rental cost in Spain was 629 euros per month in June, according to the latest data released by property portal pisos.com.
The monthly increase, over May 2016, was very slight at 0.55%. The report puts the quarterly increase at 2.78%, while the annual rate was higher at 5.95%, when compared to June 2015.
The report suggests that the increase is partly due to the increasing trend of buy-to-let properties centred around larger cities and coastal areas.
Results by Region
When looking at the country’s regions, we see that Madrid was the most expensive with an average monthly rental cost of 996€. Following was the Basque Country with an average cost of 941€ per month, while the Balearic Islands recorded an average cost per month of 815€.
The lowest rental costs were seen in Extremadura where the average cost was 432€ per month. Slightly higher with 443€ per month was Castilla-La Mancha, while tenants in Galicia will pay an average of 467€ per month in rental costs.
The largest increase in the first six months of the year was seen in the Balearic Islands where rental costs have increased 9.18% since January. The islands also showed the largest increase in the previous year when prices increased 13.55%.
In contrast the largest decline was seen in Galicia where costs fell by 1.34%.
Results by Province
When classifying by province, the highest costs were to be found in Guipuzcoa where average rental costs are 1,001€ per month. Madrid came next with 996€ per month, and Vizcaya where you would expect to pay an average per month of 934€.
At the other end of the table we find Teruel with the lowest average rental costs. Here you would expect to pay 368€ per month, while in Ciudad Real the cost would be 385€ per month, and 386€ per month in Caceres.
The province to see the largest increase over the first six months of this year was Huelva where costs have increased by 10.66%, while the largest fall was seen in Ourense where rental costs have fallen 4.68% since January.
On the annual rate, the largest increase was seen in Barcelona where monthly rental costs have increased 15.34%, while the largest fall by province was Coruna where prices have fallen 5.29%.
Province Capitals
Madrid was the most expensive capital for tenants with an average rental cost per month of 1,301€. Barcelona followed closely with 1,265€ per month, and Donostia, San Sebastian, with 1,141€ per month.
Conversely, Teruel was the cheapest with an average monthly cost of only 369€. Other “cheaper” capitals include Lugo (392€ p/month) and Avila (396€ p/month).
When looking at the largest increases in provincial capitals for the first half of 2016 we see Madrid at the top with an increase of 11.59% so far this year. They were followed by La Palmas where prices have increased by 15.59%. The largest falls were found in Pontevedra where prices have fallen by 8.95% so far in 2016.
