{"id":3182,"date":"2020-04-28T13:22:29","date_gmt":"2020-04-28T11:22:29","guid":{"rendered":"https:\/\/www.marbellaforsale.com\/blog\/?p=3182"},"modified":"2020-04-28T13:22:29","modified_gmt":"2020-04-28T11:22:29","slug":"cost-of-renting-rises-despite-lockdown","status":"publish","type":"post","link":"https:\/\/www.marbellaforsale.com\/blog\/cost-of-renting-rises-despite-lockdown\/","title":{"rendered":"Cost of Renting Rises Despite Lockdown"},"content":{"rendered":"
\"Madrid:

Madrid: most expensive for renting in Spain<\/p><\/div>\n

During the first quarter of 2020, the cost of renting a home in Spain has increased by 6.5%<\/strong>, a trend that is expected to continue despite the situation with corona virus.<\/p>\n

The increase is the largest recorded in a first quarter in over 14 years of data, according to the fotocasa<\/a> real estate index.<\/p>\n

The average monthly rental cost nationally has increased 9.9%<\/strong> over the last 12 months, putting the average cost at \u20ac10.82 per square metre, per month. However, this is still a long way from the average in some communities with Barcelona and Madrid having average prices 40% and 35% higher, respectively.<\/p>\n

In general, the price of rental property continues to register quarterly and annual increases in price, although they are more moderate increases than were registered just a year ago, when increases were often in double digits. It is likely that the situation we are currently experiencing with the coronavirus<\/strong> will not cause prices to drop and the upward trend in rental costs will continue in the coming months. The increases will be smoother than those registered in 2018 and 2019 but the rental boom will continue throughout 2020.<\/p>\n

Autonomous Communities<\/h3>\n

88% of the autonomous communities presented positive quarterly figures in March 2020, the same figure as in March 2019. Navarra, with an increase of 16.7%, saw the most significant price increase in this period. Following this were the communities of Murcia (8.5%), Extremadura (8.1%), Catalonia (6.9%), Valencia (6.8%), the Balearic Islands (6.5%), Castilla and Le\u00f3n (6%), Andalusia (4.4%)<\/strong>, Castilla-La Mancha (4.4%), Cantabria (3.6%), Galicia (2.8%), the Canary Islands (2.7%), Madrid (2.3%), Aragon (0.5%) and the Basque Country (0.3%). Meanwhile, La Rioja (-1.7%) and Asturias (-0.3%), are the only communities that recorded price falls in March.<\/p>\n

Ranking the communities by price gives us Madrid in first place, one of only two that exceed the barrier of 15.00 euros per square metre per month, specifically, 15.20 euros. Following Madrid are the communities of Catalonia (\u20ac15.11 p\/m\u00b2 per month), the Basque Country (\u20ac13.10 p\/m\u00b2 per month), the Balearic Islands (\u20ac12.98 p\/m\u00b2 per month), the Canary Islands (\u20ac10.00 p\/m\u00b2) per month), Navarra (\u20ac9.83 p\/m\u00b2 per month), Andalusia (\u20ac8.70 p\/m\u00b2 per month)<\/strong>, Cantabria (\u20ac8.59 p\/m\u00b2 per month), Valencian Community (\u20ac8.58 p\/m\u00b2 per month), Aragon (\u20ac8.22 p\/m\u00b2 per month), Asturias (\u20ac7.27 p\/m\u00b2 per month), Castilla y Le\u00f3n (\u20ac7.02 p\/m\u00b2 per month), Galicia (\u20ac6.94 p\/m\u00b2 per month), Region of Murcia (\u20ac6.77 p\/m\u00b2 per month), La Rioja (\u20ac6.43 p\/m\u00b2 per month), Castilla-La Mancha (\u20ac5.70 p\/m\u00b2 per month) and Extremadura (\u20ac5.32 p\/m\u00b2 per month).<\/p>\n

Price by Province<\/h3>\n

In the first quarter of 2020 the cost of renting a home increased in 87% of the 47 provinces of Spain, while in the same period of 2019 there were increases in 77%.<\/p>\n

In March, five provinces saw rental property prices increase above 10%, while of the six that saw decreases, only one exceeded -1%.<\/p>\n

The ten provinces with the highest quarterly increase in Spain are: Navarra (16.7%), Huelva (16.5%), Lugo (14.6%), \u00c1vila (12.5%), Albacete (10.4% ), Guadalajara (9.6%), Badajoz (9.5%), Zamora (8.7%), Murcia (8.5%) and C\u00e1diz (7.8%). On the other hand, the provinces with decrease are: La Rioja (-1.7%), Bizkaia (-0.9%), A Coru\u00f1a (-0.7%), Segovia (-0.7%), Toledo (-0.3%) and Asturias (-0.3%).<\/p>\n

In terms of rental property<\/a> prices by province, Barcelona and Madrid have both exceeded \u20ac15.00 p\/m\u00b2 per month. Barcelona stands at \u20ac16.27 p\/m\u00b2 per month and Madrid at \u20ac15.20 p\/m\u00b2 per month. These provinces are followed by Gipuzkoa with \u20ac14.93 p\/m\u00b2 per month, the Balearic Islands with \u20ac12.98 p\/m\u00b2 per month, Bizkaia with \u20ac12.51 p\/m\u00b2 per month, Malaga with \u20ac10.33 p\/m\u00b2 per month<\/strong>, \u00c1lava with \u20ac10.15 p\/m\u00b2 per month and Las Palmas with \u20ac10.12 p\/m\u00b2 per month. The two cheapest provinces are C\u00e1ceres with \u20ac4.78 p\/m\u00b2 per month and Ja\u00e9n with \u20ac5.08 p\/m\u00b2 per month.<\/p>\n

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