Renting an 80-square-metre home in Spain costs an average of 1,131 euros a month, according to July data from Fotocasa’s Property Index. The average price stands at 14.14 euros per square metre, in a market where differences between regions remain very pronounced.
Although the report points to a year-on-year fall of 1.6% in July, Fotocasa warns that rents remain at historically high levels and that the recent cooling is still insufficient to offset the steep price rises accumulated in recent years.
“Average rent remains well above the financial capacity of a significant share of households,” says María Matos, head of research and spokesperson for the property portal, who identifies access to housing as the main challenge for the market.
Madrid and the Balearic Islands above 1,500 euros
The differences are particularly striking when comparing Spain’s autonomous communities. Madrid is the most expensive region in Spain: renting an 80-square-metre home costs an average of 1,542 euros a month, at 19.27 euros per square metre.
The Balearic Islands come close behind, on 1,526 euros a month, followed by Catalonia, where a home of that size reaches 1,366 euros a month. The Basque Country is next, on 1,358 euros, and the Canary Islands on 1,287 euros. In total, eight regions now exceed an average of 1,000 euros a month for an 80-square-metre home.
At the other end of the scale is Extremadura, where a property with those characteristics costs an average of 630 euros a month, less than half the price in Madrid. Next is Castilla-La Mancha, on 731 euros a month.
The figures also show very different trends compared with a year earlier. While Madrid records a year-on-year increase of 8.6%, Aragón reaches 13.3% and Castilla-La Mancha 11.7%. Catalonia, by contrast, posts a 16.3% drop, and La Rioja 10.6%, according to data compiled by Fotocasa.
San Sebastián, the most expensive city to rent in
The gap is even clearer when looking at provincial capitals. San Sebastián tops the national ranking, with an average rent of 1,610 euros a month for an 80-square-metre home. Madrid city comes second, on 1,596 euros, and Palma de Mallorca third, on 1,529. They are also the only three capitals analysed where rent exceeds 19 euros per square metre.
Barcelona comes next, on 1,456 euros a month, followed by Valencia on 1,370; Bilbao on 1,322; and Málaga on 1,298 euros. The picture changes completely in the cheapest cities. Jaén is the provincial capital with the lowest rents, at around 600 euros a month for an 80-square-metre home. Cáceres averages 663 euros and Ávila 682.
Ourense, on 689 euros, and Badajoz, on 699, also come in under 700 euros. That means renting an equivalent home in San Sebastián costs more than two and a half times as much as in Jaén.
The snapshot provided by the July data thus shows a market where prices are starting to correct in certain areas, but where the average cost of accessing a rental home remains above 1,100 euros a month, with huge differences depending on where people live.