The rental price in July in the Canary Islands once again marks the highest peak in the entire country, which places it at €12.65/m2 after experiencing an interannual increase of 9%. This translates into a rental home in Spain of 80 square meters costing 1,012 euros per month, according to the latest data from the Fotocasa Real Estate Index.
This increase means that the Archipelago is 10% above the average for Spain, which in the past month of June was 1,012 euros. In the Canary Island capitals, the average rental price for an 80 square meter apartment reaches 1,166 euros in Las Palmas de Gran Canaria. For its part, in Santa Cruz de Tenerife it reaches 1,048 euros.
In addition, in another six autonomous communities, rental prices exceed 1,000 euros on average, with Madrid, the Balearic Islands and Catalonia occupying the top positions.
"For the first time in history, the rental price already exceeds the tacit barrier of one thousand euros per month. After two consecutive years of very significant increases and having presented the most abrupt acceleration in its history, the rental price is higher than ever," comments María Matos, Director of Studies and spokesperson for Fotocasa.
According to her, the main reason is "the contraction of available supply that has suffered in recent years, of around 30% and the intense demand that increases as it is the main housing solution to access housing. This means that a tenant has never had to face such a high price for renting a home." In addition, the spokesperson concludes that "if we take into account that the average salary in Spain is around 2,099 euros, the salary effort to pay the rent would be 48%."
Rental prices in the rest of Spain
If the prices of the autonomous communities are analyzed in detail, it can be seen that six of them also exceed 1,000 euros per month, as is the case with the Spanish national average. In the first position is the Community of Madrid, where renting an 80 square meter apartment costs, on average, 1,577 euros per month, becoming the autonomous community with the highest rental price in Spain, with a price per square meter of 19.71 euros.
If the focus is on the Spanish provincial capitals, it can be seen that Barcelona is the most expensive city in Spain to rent a home. In fact, renting an 80 square meter home costs an average of 1,775 euros per month, followed by Madrid (€1,682 per month). In fact, Barcelona and Madrid are the only cities that exceed €20/m2. In third position, San Sebastián, where renting a home has an average price of 1,559 euros per month, since the price per square meter is €19.49/m2.
The second place is held by the Balearic Community, where on average an apartment costs 1,447 euros per month, with an average price per square meter of €18.09. In third place is the Community of Catalonia with an average price of 1,381 euros per month for an 80-meter home, which translates into €17.26/m2.
At the other extreme, with more affordable prices is Extremadura, the most economical community in Spain to rent an 80 square meter home with an average price of 554 euros per month (€6.92/m2), followed by Castilla-La Mancha, where renting a typical home costs an average of 566 euros each month (€7.07/m2).
Likewise, Jaén is the provincial capital with the most affordable price. Specifically, an 80 square meter home costs 573 euros per month (€7.16/m2), followed by Cáceres, where the average rent for a home is 582 euros (€7.27/m2) and in Ourense the average price is 588 euros per month (€7.35/m2).
