Spain Rental Crisis: Average Tenant Spends Nearly Half of Salary on Rent



In Spain, the rental nightmare is real as the average tenant spends nearly half of their salary on rent. Discover the challenges faced by tenants in different provinces as they struggle to afford housing in an increasingly unaffordable market.

Renting in Spain is becoming increasingly unaffordable for many residents, with tenants now spending an average of 43% of their gross salary on rent in 2023. This marks the highest percentage in the last five years, highlighting the growing financial burden faced by renters across the country. However, regional disparities are significant, with some provinces seeing tenants allocate almost two-thirds of their income towards rent.


Spain Rental Crisis: Average Tenant Spends Nearly Half of Salary on Rent

Barcelona stands out as the most expensive province, with tenants shelling out a staggering 65% of their salaries on rent. The Balearic Islands and Madrid follow closely behind, with tenants in these regions dedicating 63% and 62% of their earnings to rental payments, respectively. In Malaga, renters, including a significant expat population, are spending nearly half of their income (49%) on housing.

The cost of rental housing in Spain saw a 5.7% annual increase in 2023, reaching €11.66 per square meter per month. This surge in rental prices has put a strain on tenants, especially when compared to the average gross salary in Spain, which stood at €26,245 per year (€2,187 per month). The top ten most expensive provinces for renters include Guipúzcoa, Las Palmas, Vizcaya, Valencia, Santa Cruz de Tenerife, Malaga, and Gerona.

On the other hand, some provinces have lower rental costs relative to gross salaries, such as Ciudad Real, Jaén, Cáceres, Ourense, Albacete, and Badajoz. In Malaga, the average rent at the end of 2023 was €13.92 per square meter per month, with a gross salary of €27,418 per year (€2,285 per month). Despite these disparities, rental prices across the country are at historical highs, surpassing the 30% target set by rental control bodies.

InfoJobs, a leading job portal that published 2.5 million vacancies in 2023, has attributed the rise in rental costs to inflation, which has eroded the purchasing power of workers. This trend underscores the challenges faced by renters in Spain, as they struggle to balance housing costs with their living expenses.

The escalating cost of renting in Spain is putting a strain on tenants, particularly in regions where rental prices outpace income growth. As the housing market continues to evolve, policymakers and stakeholders must address the affordability crisis to ensure that all residents have access to safe and affordable housing options.

Spain Rental Crisis: Average Tenant Spends Nearly Half of Salary on Rent

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


The Shocking Truth: Rents in Spain Have Doubled in These Areas

Discover the regions, cities, towns, and neighborhoods in Spain where rents have more than doubled in the past decade. Find out why prices have skyrocketed.

Discover the regions, cities, towns, and neighborhoods in Spain where rents have more than doubled in the past decade. Find out why prices have skyrocketed.

Read more

UK Housing Market: Surging Interest in Scottish Real Estate Despite Taxes

Despite the high tax burden, demand for Scottish property remains strong. Find out why investors are still flocking to the market.

Despite the high tax burden, demand for Scottish property remains strong. Find out why investors are still flocking to the market.

Read more

Homeowners at Risk: Banks Listing Houses for Sale Amid Mortgage Crisis

Explore the urgency faced by homeowners as banks prepare to sell houses due to mortgage struggles, highlighting the ongoing housing market challenges.

Explore the urgency faced by homeowners as banks prepare to sell houses due to mortgage struggles, highlighting the ongoing housing market challenges.

Read more

Netherlands Home Prices Surge 7.5% in April, Exceeding July 2022 Peak

Existing owner-occupied home prices in the Netherlands rose by 7.5% in April, surpassing the previous peak set in July 2022. Find out more from Statistics Netherlands and the Land Registry.

Existing owner-occupied home prices in the Netherlands rose by 7.5% in April, surpassing the previous peak set in July 2022. Find out more from Statistics Netherlands and the Land Registry.

Read more

Young Canadians Fleeing Expensive Cities for Affordable Suburbs

Discover why young people in Canada are ditching expensive cities like Toronto for more affordable suburbs and cities. Read more here.

Discover why young people in Canada are ditching expensive cities like Toronto for more affordable suburbs and cities. Read more here.

Read more

Salcombe, Devon Reigns as UK's Most Expensive Seaside House Price Hotspot

Explore the opulent retreat of Salcombe, Devon, dominating the list of Britain's priciest coastal towns with its luxurious properties and breathtaking views.

Explore the opulent retreat of Salcombe, Devon, dominating the list of Britain\'s priciest coastal towns with its luxurious properties and breathtaking views.

Read more

Australian Renters Seek Larger Properties Despite Rising Costs

Discover why Australian renters are still drawn to bigger homes despite soaring rents. Find out how to navigate the challenging rental market and secure your dream property today. Act now!

Discover why Australian renters are still drawn to bigger homes despite soaring rents. Find out how to navigate the challenging rental market and secure your dream property today. Act now!

Read more

House Prices Drop 1.3% in Portugal's Major Cities

INE reports correction in house prices in Lisbon and Porto, along with 12 other municipalities, at the end of 2023.

INE reports correction in house prices in Lisbon and Porto, along with 12 other municipalities, at the end of 2023.

Read more

Ireland Real Estate Prices Rise for Seventh Consecutive Month

Ireland's real estate market sees prices increase for the seventh month in a row, driven by a shortage of second-hand homes.

Ireland\'s real estate market sees prices increase for the seventh month in a row, driven by a shortage of second-hand homes.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.