The rent increase figures are dizzying. Much more so if current prices are compared to those from a decade ago, a period in which increases that exceed 100% are seen, according to a report from the Fotocasa portal presented this Tuesday.
On average, the cost of an average rental for a home of 80 square meters has risen 78% nationally in ten years. The square meter goes from 6.91 euros per month to 12.30 euros, so a monthly payment jumps from 553 euros to 984 euros. It is the “greatest increase in rental prices in recent years, a very important difficulty in accessing housing,” says the Director of Studies and spokesperson for Fotocasa, María Matos.
Behind the increases hide a supply deficit and reactivated demand. Prices are 33% higher than those recorded during the real estate bubble, back in 2007.
In the analysis by autonomies, the biggest increase is in the Balearic Islands, where prices rise on average by 158%, from 7.03 euros per square meter per month in April 2014 to 18.14 euros ten years later. Thus, the Balearic Islands have gone from paying an average of 562 euros per month for a home of 80 square meters to the 1,451 euros per month they currently pay. The tension in the market is such that the population forced to live in caravans has skyrocketed.
Other significant increases in the price of rental housing in the last decade have occurred in the Valencian Community (139%), the Canary Islands (137%) or Madrid (103%). Just behind is Catalonia, with 99%.
It must be taken into account that there are cities that rise much more than the regional average, such as L’Hospitalet de Llobregat (127%), Badalona and Barcelona capital (both 106%). In Girona capital they rose by 96%, in Lleida 57% and in Tarragona 67%.
In the cities section, none of the cities studied see prices fall in a decade. Those that suffer the greatest increases are Andalusian, specifically in Malaga. Estepona (190%), Mijas (167%) and Benalmádena (159%) lead the ranking. The southern focus is broken by Gandía (185%), Palma de Mallorca (155%) and València (150%). Torremolinos (138%), Benidorm (138%), El Campello (137%) and Calvià (137%) also stand out in the top ten positions. In Madrid prices rise by 94%.
Just because prices rise more does not mean that they are the most expensive cities. Based on the price per square meter, renting a home of 80 square meters is more expensive in Calvià, with 1,767 euros, somewhat above the 1,744 in the city of Barcelona, 1,608 in L’Hospitalet and 1,593 in Madrid. Sant Cugat, with 1,590 euros, completes the top five places.
On the opposite side, the cheapest rents are in Don Benito, with 387 euros on average, Puertollano, with 422 euros, Linares and Úbeda (both 462 euros) and Ponferrada, with 487 euros.