The rental price in 2022 grows at double digits in most large cities
The average rental price in Spain has increased by 8.4% year-on-year at the end of 2022 Barcelona (25.7%), Valencia (20.9%), Malaga (20.7%), and Madrid (11.2 %) are the great examples
The more the coalition government of PSOE and Podemos has intervened during 2022 to control the rental market, the more legal uncertainty it has created and has caused an exorbitant increase in prices due to the reduction in supply and skyrocketing demand.
The rental price of homes in Spain has increased by 8.4% over the last 12 months, according to the latest report published by idealista, the real estate marketplace in southern Europe. At the end of December 2022, renting a home in our country cost 11.4 euros per square meter, a figure 2% higher than that registered at the end of the third quarter. The prices are higher than those registered a year ago in most markets analyzed.
Francisco Iñareta, the spokesperson for idealista, said, “ the main problem that rentals had in 2022 is the axis on which their evolution will be based in 2023: the lack of available supply. The growing demand force is joined by a dwindling supply that cannot be replaced. The insecurity that owners feel in the face of evictions and occupations, and the measures that are taken or announced by the Government, far from encouraging the appearance of a new product on the market, are causing a drastic reduction in the rental real estate stock. The equation is simple: fewer homes and more demanders result in price pressure.
“The trend will probably continue during the next 12 months, although the price level reached in some markets and the decrease in the purchasing power of the tenants could cool the bleeding of the offer and the escalation in prices,” the spokesperson specifies. of idealistic.
Up to 10 capitals have double-digit increases
48 capitals have higher rental prices than a year ago. Barcelona is the capital in which the rental price has grown the most during these 12 months, with an increase of 25.7%. With increases of over 20% were Alicante (23.4%), Valencia (20.9%) and Malaga (20.7%). They are followed by increases in Girona (19.2%), Ourense (15.9%), Teruel (13.8%), Palma (11.9%), Jaén (11.4%) and Madrid (11.2%). %).
The only three decreases have been registered in Palencia (-4%), Córdoba (-0.3%) and Zamora (-0.1%).
Barcelona is the most expensive capital to rent a home, with 19.3 euros/m2, followed by San Sebastián (16.3 euros/m2) and Madrid (16.2 euros/m2). Bilbao (13.3 euros/m2) is in fourth place, and Palma (12.9 euros/m2) is in fifth place. In the lower part of the table, we find Zamora (5.6 euros/m2), Ciudad Real (6.1 euros/m2), Ávila and Lugo (6.2 euros/m2, respectively), Cáceres (6.3 euros/ m2) and Palencia (6.4 euros/m2).
48 provinces increase their rental income
48 provinces have seen their prices increase in the last year. The greatest increase has been registered in Girona, where prices have increased by 25.7%. The increases registered in Malaga (21.4%), Alicante (18.8%), Barcelona (16.5%), Valencia (15.4%), Jaén (14.7%), the Balearic Islands ( 14.5%), Ourense (14.4%) and Santa Cruz de Tenerife (14.2%). The only two falls have been in Palencia (-3%) and Córdoba (-1.2%).
The ranking of the most expensive provinces is led by Barcelona (16.5 euros/m2 per month), Madrid (14.9 euros/m2), Guipúzcoa (14.7 euros/m2) and the Balearic Islands (13.8 euros/m2). Jaén is the cheapest province to rent a home, with 5.2 euros/m2, followed by Zamora (5.4 euros/m2), Ciudad Real (5.5 euros/m2), Cuenca and Ávila, with 5.6 euros/m2 per month in both cases.
The Valencian Community, Catalonia and the Balearic Islands lead the rises
Rents increased in all communities during 2022. The greatest increase occurred in the Valencian Community (15.8%), Catalonia (14.7%), the Balearic Islands (14.5%) and the Canary Islands (14.2%). Also with single-digit increases were Andalucía (9.8%), Madrid (9.6%), Cantabria (7.7%) and Murcia (7.1%). The smallest increase, on the other hand, was registered in Navarra (3%), Castilla-La Mancha (4.3%) and Castilla y León (4.3%).
Catalonia is the community with the most expensive rents, reaching 15.6 euros/m2, followed by Madrid (14.9 euros/m2), the Balearic Islands (13.8 euros/m2) and Euskadi (12.8 euros/ m2). On the opposite side of the table, we find Extremadura (5.8 euros/m2), Castilla La Mancha (6.1 euros/m2) and Murcia (7 euros/m2), the cheapest communities.