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.

Over the past decade, the cost of renting an apartment in Spain has seen a significant increase. According to the latest Real Estate Index from property website Fotocasa, the average price to rent an apartment in Spain has almost doubled from €553 per month to €984. This represents a staggering 78 percent increase in rent prices over the past 10 years and a 24 percent increase in the last 5 years.

The data from Fotocasa also reveals that certain regions and cities in Spain have experienced even more dramatic increases in rent prices. The Balearic Islands, Valencia, the Canary Islands, and Madrid have all seen rental increases of over 100 percent since 2014. For example, in the Balearic Islands, the price of rental housing has gone from €7.03 per square meter per month in April 2014 to €18.14 per square meter per month in April 2024.

Among the cities and towns in Spain where rent prices have increased the most, Estepona in the province of Málaga takes the top spot with a 190 percent increase in rent prices since April 2014. Other towns such as Gandía, Mijas, and Benalmádena have also seen significant increases in rent prices over the past decade.

Despite these dramatic increases in rent prices, the most expensive place to rent an 80 square meter home in Spain is Calvià, where the average monthly rent is €1,767. This is even higher than the average rent in Barcelona, which stands at €1,744 per month.

Surprisingly, the most expensive neighborhood to rent in Spain is not a traditionally wealthy area, but rather Barceloneta in Barcelona. Despite its small apartments and issues with damp and overtourism, Barceloneta commands an average rent of €26.7 per square meter, making it the most expensive neighborhood in the country.

The rising rent prices in Spain, particularly in certain regions and cities, highlight the challenges faced by renters in finding affordable housing. As prices continue to climb, it is essential for policymakers to address the issue of housing affordability to ensure that all residents have access to suitable and affordable accommodation.