The rental price is the highest quarterly increase in the last 10 years
- In the first quarter the price increased by 5.9% and 9.5% year-on-year
- The average rental price in March is € 7.93 / m2 per month
- The price rises in 14 autonomous communities on a quarterly basis and all year-on-year
- Barcelona is the most expensive municipality to rent a house in March
The average price of housing for rent in Spain increased by 5.9% in the first quarter of the year and puts the price in March 2017 at € 7.93 / m2 per month, according to the latest data from the Real Estate Index photo house This quarterly increase in the price of rental housing continues with the trend that has reigned in 2016, with widespread increases in the price of rental housing.
“Rental prices are rising strongly because demand is much higher than supply, especially in areas with greater economic, tourist and demographic activity. Month by month we see how in communities like Catalonia, Madrid or the Balearic Islands the distance with respect to the maximum prices reached in 2007 and 2008 is shortened and, in some cities of these zones, the price of the square meter has already reached the maximum previous to the Crisis, as is the case in Barcelona, ”explains Beatriz Toribio responsible for studies of fotocasa.
In fact, the increase registered in this first quarter of the year is the most pronounced in the history of the Real Estate Index since the first quarter of 2007, when the price increased by 4.9%. Since then, the quarterly rental price had only fallen, with some exceptions in specific quarters in 2011 and 2014. In 2015 the quarterly rental price started to rise, with increases of 2.8% and 1.5% in The first and second quarters respectively, a trend that continued during 2016, with the exception of the third quarter of 2016, when prices fell -2%.
On a year-on-year basis, the rental price increased 9.5%, the most dramatic increase ever recorded in the entire history of the Real Estate Index, which dates back to January 2006.
In addition, in the first quarter of the year the rental price increases in 14 autonomous communities on a quarterly basis and all year-on-year.
“Despite the reopening of the credit are still many Spanish who are forced to rent before the impossibility of being able to afford the purchase of a home because of their economic and labor situation. And in addition, in fotocasa appreciate that there has been a change of mentality in our country in favor of the rent that is also being noticed in the market, “adds Toribio.
Since reaching the maximum price in May 2007 (€ 10.12 / m2 per month) the price of housing has accumulated a drop of -21.7%. In this sense, only three autonomous communities registered falls above -30% since reaching the maximum price five years ago. Thus, Aragón is the community that has seen the lowest rent (-38.7%), followed by Castilla-La Mancha (-34.1%) and Cantabria (-31.3%).
By Autonomous Communities, in the first quarter of the year there were 14 increases in the rental price, with increases ranging from 5.4% in Catalonia to 0.4% in Castile and Leon.