Rental prices hit historic highs in January due to a 30% reduction in the availability of rental properties.
Author: Esther García López
Source: fianzas.com

Rises Will Continue

Despite the new highs reached, rent prices have not peaked. “They will continue to rise,” experts forecast. María Matos, for instance, predicts “ongoing increases in rental prices.”

Ferran Font, Director of Studies at pisos.com, also warns that “we do not foresee a downward trend in rental prices, quite the opposite.”

In January, rental prices increased in 16 autonomous communities compared to the same month in 2022, with 5 regions experiencing increases of over 10%.

Baleares led the increases with 21%, followed by Canarias (19.8%), Comunitat Valenciana (16.5%), Cantabria (14.3%), and Madrid (12.9%). The only region to see a decrease was Castilla-La Mancha, with a drop of 0.2%.

Additionally, seven regions set new highs in January, with Madrid at the top with the highest rent at €15.63 per square meter, followed by Catalonia (€15.18/m2), Baleares (€14.46/m2), Canarias (€11.51/m2), Comunitat Valenciana (€10.30/m2), Andalucía (€9.38/m2), and Galicia (€8.08/m2).

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Rent Prices Increase by 27% in Málaga Province

In January, rents rose in all provinces year-on-year, except for four: Lleida, León, Palencia, and Toledo. In 17 provinces, the increase exceeded 10%.

The highest increase was in Málaga, with a rise of 27%, followed by Alicante (21.2%), Illes Balears (21%), Las Palmas (20.5%), and Santa Cruz de Tenerife (19.1%).

Regarding prices, 14 provinces have rental costs exceeding €10 per square meter per month. The three most expensive provinces are Barcelona, with €16.42 per square meter; Madrid, with €15.63; and Gipuzkoa, with €15.56.

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Rents Rise in All Capitals

Rental prices increased in all capitals in January, with 15 experiencing double-digit rises, while only 9 saw increases of less than 5%.

The capitals with the highest rents are Barcelona, at €19.73 per square meter per month, followed by Madrid (€16.98/m2) and Palma de Mallorca (€14.44/m2).

They are followed by Málaga (€13.52/m2), Valencia (€12.68/m2), Las Palmas de Gran Canaria (€12.36/m2), Sevilla (€11.12/m2), Santander (€10.13/m2), A Coruña (€9.59/m2), Burgos (€8.50/m2), Almería (€8.31/m2), and Zamora (€6.25/m2).

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Usera, Vallecas, and Tetuán: Madrid Districts with the Highest Rent Increases

Most Madrid districts saw rent increases in January compared to the same month in 2022, with the highest increases in Usera (21.3%), Villa de Vallecas (17.7%), and Tetuán (14.8%). Vicálvaro was the only district to experience a decrease, with a drop of 0.1%.

Regarding price per square meter, nine districts have prices above €15 per square meter. The most expensive is Centro, at €20.65 per square meter per month, followed by Barrio de Salamanca (€20.10/m2) and Chamberí (€20.02/m2).

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Full Increase in Barcelona, Rises in All Ten Districts

The ten districts of Barcelona all saw year-on-year increases in rental prices. The highest increases were in Sant Martí, with 24.7%, followed by Sants-Montjuïc (22.5%) and Horta-Guinardó (21.3%).

In terms of price per square meter, Ciutat Vella and Sant Martí reached €21.45, followed by Sant Martí (€20.93/m2), Gràcia (€20.39/m2), and Eixample (€20.13/m2).