Rental prices in Spain continue to rise
Average rental prices in Spain continue to rise. In August, they rose 10% year-on-year. According to the Spanish property portal, this was the third month in a row with double-digit increases. The increase in rents in August is the third highest after a 10.5% increase in May and 10.2% in April. Average rental rates in Spain fell 0.1% from July to August.
But rental costs are still well below their peak in 2007. The monthly average is currently €8.08 per square metre. In May 2007, it was €10.12 per square metre, making today's prices a further 20.3% cheaper.
In August, monthly rents increased in 10 regions of Spain, and have increased in 16 regions over the year. The highest rates were in Catalonia (18.2%), the Canary Islands (11.3%), Madrid (11.2%) and the Balearic Islands (10.4%).
The regions with the lowest rental rates are: Extremadura (2.6%), Aragon (2.7%), La Rioja (2.9%), Asturias (3%), Castile (3.3%) and Murcia (3.5%).
The highest rental rates are in Catalonia, which is the most expensive region to rent at €12.13 per month. Next are Madrid (€11.66) and the Basque Country (€10.8). The most affordable areas to rent are Extremadura (€4.78) and Castilla-La Mancha (€5.03).
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