{"id":3238,"date":"2020-08-28T12:51:40","date_gmt":"2020-08-28T10:51:40","guid":{"rendered":"https:\/\/www.marbellaforsale.com\/blog\/?p=3238"},"modified":"2020-08-28T12:57:30","modified_gmt":"2020-08-28T10:57:30","slug":"price-of-rental-housing-fell-in-july","status":"publish","type":"post","link":"https:\/\/www.marbellaforsale.com\/blog\/price-of-rental-housing-fell-in-july\/","title":{"rendered":"Price of Rental Housing Fell in July"},"content":{"rendered":"
\"The

The cost of rental property in Malaga fell 1.3%<\/p><\/div>\n

The price of rental property in Spain fell slightly in July<\/strong>, recording a monthly variation of -0.8%. When compared to the same month in the previous year, the variation is +7.9%.<\/p>\n

This change puts the average cost per square metre per month at \u20ac10.73<\/strong>, according to the real estate index from fotocasa<\/a>. The national average for rental costs is a massive 29% below the average in the Community of Madrid where tenants have to face an average of \u20ac15.01 per square metre per month.<\/p>\n

Renting by Autonomous Community<\/h3>\n

Nine communities presented negative variations in July. Castilla-La Mancha, with a decrease of -2.6%, recorded the greatest drop in rental prices, followed by Madrid (-1.9%), Catalonia (1.6%), Navarra (-1.2%), Castilla y Le\u00f3n (-0.7%), Andalusia<\/a> (-0.6%), Aragon (-0.5%), Balearic Islands (-0.4%) and Valencia (-0.3%).<\/p>\n

On the other hand, the price of rental housing increased in the communities of Extremadura (4.2%), Cantabria (3.2%), Asturias (1.8%), La Rioja (1.2%), Region of Murcia (0.7%) and the Canary Islands (0.2%). Galicia and the Basque Country showed no monthly variation.<\/p>\n

Price Ranking<\/h3>\n

Regarding the ranking of Autonomous Communities, Madrid and Catalonia have the most expensive rental property<\/strong> in Spain, with prices of \u20ac15.01 p\/m\u00b2 per month and \u20ac14.40 p\/m\u00b2 per month, respectively. They are followed by the Basque Country with \u20ac13.21 p\/m\u00b2 per month, the Balearic Islands with \u20ac12.50 p\/m\u00b2 per month, Navarra with \u20ac9.76 p\/m\u00b2 per month, the Canary Islands with \u20ac9.63 p\/m\u00b2 per month, Cantabria \u20ac9.12 p\/m\u00b2 per month, Andalusia \u20ac8.66 p\/m\u00b2 per month<\/strong>, Valencia with \u20ac8.64 p\/m\u00b2 per month, Aragon with \u20ac8.41 p\/m\u00b2 per month, Asturias with \u20ac7.80 p\/m\u00b2 per month, Region of Murcia with \u20ac7.32 p\/m\u00b2 per month, Castilla y Le\u00f3n with \u20ac7.20 p\/m\u00b2 per month, Galicia with \u20ac7.09 p\/m\u00b2 per month, La Rioja with \u20ac6.88 p\/m\u00b2 per month, Castilla-La Mancha with \u20ac5.71 p\/m\u00b2 per month and Extremadura with \u20ac5.49 p\/m\u00b2 per month.<\/p>\n

“The price of rental housing shows a small contraction during the month of July: at a monthly level it falls by -0.8% compared to June, although at the interannual level it still increases by 7.9%. This year-on-year increase is more moderate than those registered in previous months which were closer to 10%, but high year-on-year increases are still being recorded. This rise in rental housing prices is due to the high demand for rental property and the scarce supply or supply that is not adapted to the needs of the demand. As long as supply and demand are not more balanced, we will continue to register increases in the rental price<\/em>“, explained Ana\u00efs L\u00f3pez, Communication Director at fotocasa.<\/p>\n

Renting by Province<\/h3>\n

Rental property prices dropped in 26 (53%) of the 49 provinces analysed. The most pronounced monthly decrease was recorded by Cuenca with -6.7%. They are followed by Palencia (-6.5%), Toledo (-5.3%), Albacete (-2.9%), Barcelona (-2%), Madrid (-1.9%), Ja\u00e9n (-1.8%), Seville (-1.5%), Malaga (-1.3%)<\/strong> and Guadalajara (-1.2%). On the other hand, the ten provinces with the highest increases are: Huelva (8.2%), Ourense (4.8%), Badajoz (4.3%), Cantabria (3.2%), Lugo (2.8%), C\u00e1ceres (2.6%), Asturias (1.8%), Zamora (1.6%), La Rioja (1.2%) and Santa Cruz de Tenerife (0.8%).<\/p>\n

Regarding prices, five provinces exceed 10.00 euros per square meter per month. The most expensive province is Barcelona with \u20ac15.48 p\/m\u00b2 per month, followed by Gipuzkoa (\u20ac15.14 p\/m\u00b2 per month), Madrid (\u20ac15.01 p\/m\u00b2 per month), Bizkaia (\u20ac12.64 p\/m\u00b2 per month) and the Balearic Islands (\u20ac12.50 p\/m\u00b2 per month). Meanwhile, the province with the lowest price is C\u00e1ceres with \u20ac5.19 p\/m\u00b2 per month.<\/p>\n

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