Rent prices lost 6.1% in October, the biggest fall in 10 years

Learn in which provinces the rent prices have fallen and in which they increased year on year in Spain from the latest analysis by Fotocasa
In Spain, the price of rented housing in October fell by 0.5% compared to the previous month and by 6.1% over the last year, bringing it to 10.09 /m2 per month.

The year-on-year fall in rent prices (-6.1%) was the largest recorded in 10 years, since November 2011 (-6.4%), according to Fotocasa Real Estate Index.
Benidorm, Spain
Benidorm, Spain
"The downward trend in rental market prices continues; this fall is a direct consequence of the transformation of the market after the pandemic, in which the demand for renting has fallen by several percentage points, due to remote work or the return of university students to their home provinces; at the same time the supply of housing that had been paralysed is gradually coming onto the market contributing to the fall in prices," explains María Matos, Director of Studies and Spokesperson for Fotocasa.

"We have been detecting decreases since the beginning of the year, but they are becoming more and more intense, which helps the most stressed areas to improve their accessibility, as is the case with the communities of Madrid and Catalonia; we will probably close the year with this downward trend in prices," adds Matos.

Rents fell in six regions. Madrid is leading, falling by 8%, followed at a distance by Catalonia (-3.6%), Andalusia (-1.2%), the Canary Islands (-1.1%), Aragon (-0.8%) and the Basque Country (-0.1%).

On the contrary, in the remaining regions prices have risen: Cantabria (5.9%), Extremadura (4.4%), Murcia (4.3%). La Rioja (3.4%). Asturias (2.8%), Baleares (2.4%), Galicia (2.3%), Castilla y León (2%), Comunidad Valenciana (1.2%); Navarra (0.8%) and Castilla-La Mancha (0.7%).

In terms of the ranking of autonomous communities with the most expensive house prices in case of renting a property in Spain, Catalonia and the Basque Country are at the top, with prices of 13.77 /m2 per month and 13.37 /m2 per month, respectively, followed by Madrid with 13.35 /m2 per month, Baleares with 11.92 /m2, Navarra with 9.82 /m2, Canarias with 9.56 /m2, Cantabria with 9.20 /m2, Comunidad Valenciana with 8.49 /m2, Andalucía with 8.45 /m2, Aragón 8, 43 /m2, Asturias with 7.97 /m2, Galicia with 7.26 /m2, La Rioja with 7.25 /m2, Castilla y León with 7.23 /m2, Murcia with 7.20 /m2, Castilla-La Mancha with 5.78 /m2 and Extremadura with 5.51 /m2.

And by provinces?

Rental prices fell in 9 of the 47 provinces analysed by Fotocasa. Madrid led the falls (-8%), followed by Albaceta (-5.6%), Seville (-4.7%), Barcelona (-3.6%), Las Palmas (-1.7%), Jaén (-1.7%), Ávila (-1.5%), Ourense (-1.4%) and Santa Cruz de Tenerife (-0.9%).
On the other hand, the highest rises seen in Huelva (17.6%), Castellón (10.9%), Almería (10.7%), Badajoz (8.7%), Segovia (8.5%), Lleida (7.4%), León (6.6%), Cantabria (5.9%), Lugo (5.2%) and A Coruña (4.5%).

Only five provinces exceeded the average cost of €10/sq m per month. The most expensive province was Guipúzcoa with 15.63 per m2, followed by Barcelona with 14.67 per m2, Madrid with 13.35 per m2, Vizcaya with 12.70 /m2 and the Balearic Islands with 11.92 /m2. The province with the lowest price was Cáceres with 5.08 /m2 per month.

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Annual changes in Spanish rent price trends

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