The cost of renting homes in Spain rose by 4.7 percent over the last three months, according to a report from idealista, the southern European real estate marketplace. The year over year increase stands at 12.6 percent. By the end of March 2024, renting a home in Spain averaged 12.7 euros per square meter.
Cáceres, the capital with the sharpest rise
Forty three capitals posted higher rents than three months earlier. Cáceres leads the winter climb with a 7.1 percent increase. Zamora, Lugo, and Guadalajara follow with gains of 6.8 percent and 5.8 percent respectively.
Among the more dynamic markets, Madrid recorded the largest growth at 5.5 percent. Seville rents rose 3.6 percent, and Malaga 2.1 percent. Prices in San Sebastian, Bilbao, Palma, Valencia, Barcelona and Alicante all climbed but stayed under 2 percent, with San Sebastian up 1.8 percent, Bilbao 1.6 percent, Palma 1.5 percent, Valencia 1.3 percent, Barcelona 1.1 percent, and Alicante 0.7 percent.
The biggest declines appeared in Castellon de la Plana with a 2.4 percent drop, followed by Teruel at 1.4 percent, Vitoria at 1 percent, Soria at 0.9 percent, Ciudad Real at 0.7 percent, Albacete at 0.5 percent, and Santa Cruz de Tenerife at 0.1 percent. Cádiz saw no movement during the winter.
A total of 27 capitals posted new price highs in March, including Madrid, Seville, Malaga, Valencia, Bilbao, and Alicante. Other cities with unprecedented prices were A Coruña, Almeria, Avila, Badajoz, Cáceres, Girona, Granada, Guadalajara, Huelva, Las Palmas, Leon, Lleida, Lugo, Murcia, Palencia, Pamplona, Salamanca, Toledo, Valladolid, Zamora and Zaragoza.
Barcelona remains the most expensive city for renting a home at 20.7 euros per square meter per month, followed by Madrid at 18.9 euros per square meter, and San Sebastian at 17.1 euros per square meter. Palma ranks fourth at 15.6 euros per square meter, while Malaga and Bilbao tie for fifth at 13.8 euros per square meter. At the lower end, Zamora and Ciudad Real stand at 6.6 euros per square meter, with Jaén at 6.9 euros, Lugo, Ourense and Teruel at 7 euros per square meter.
Cantabria leads the quarterly price increase with a 9.6 percent rise
Forty five provinces saw price increases in the last quarter. Cantabria posted the biggest gain, rising 9.6 percent. Pontevedra rose 8.5 percent, Cáceres 8.4 percent, Huelva 7.9 percent, Guadalajara 6.6 percent, Cuenca 6.3 percent, and Lugo 6 percent. In Madrid prices grew 5.5 percent while Barcelona province increased 2.1 percent. The largest drop occurred in Lleida at 5.2 percent, followed by Álava at 1.1 percent.
The province price ranking is led by Barcelona at 17.8 euros per square meter per month, Madrid at 17.1, the Balearic Islands at 16.7, and Guipúzcoa at 15.5. Jaén remains the most affordable province at 5.7, followed by Zamora at 5.9, Ciudad Real at 6.1, Avila and Teruel at 6.3 each.
Extremadura remains the cheapest community
Prices rose in all communities over the winter. The biggest jump was Cantabria at 9.6 percent, followed by Madrid at 5.5 percent, Galicia at 5.4 percent, Extremadura at 4.6 percent, and the Balearic and Canary Islands at 3.9 percent each. Catalonia grew 2.9 percent, while Euskadi saw the smallest increase at 1 percent.
Madrid again has the highest average rents with 17.1 euros per square meter, followed by the Balearic Islands at 16.7 and Catalonia at 16.5. The lowest prices appear in Extremadura at 6.6, Castilla La Mancha at 6.9, and Murcia at 7.7 euros per square meter. Overall, Extremadura remains one of the most affordable regions.
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