Rental Prices Increase by 10.4% in February: How Do Capital Cities Compare?
In February, rental prices in Spain rose by 10.4% compared to the same month last year, although they saw a slight decline of 0.1% from January, reaching an average of €13.54 per square meter per month.
According to the latest data published by Fotocasa, rental prices increased from an annual variation of 7.3% in February 2024 to 10.4% a year later, rising from €12.27 to €13.54 per square meter per month.
“Rental prices continue to rise at double-digit rates, showing a significant increase similar to the market overheating seen in 2007. However, the current cause differs—while the previous surge was driven by speculative investment, today’s rise is due to historically high rental demand coupled with record-low supply, leading to price tension,” explains María Matos, Director of Research and spokesperson for Fotocasa.
She further notes that “this phenomenon affects all of Spain, as rental prices have surpassed previous highs in all autonomous communities except Aragón. The national average rent has now exceeded €1,000 per month, while in highly attractive urban centers, tourist hotspots, and the islands, average rents are approaching €1,500 per month. This puts housing accessibility at serious risk.”
Rental Price Increases Across Capital Cities
Annual rental prices increased in 42 of the 43 capital cities analyzed, with 14 cities experiencing double-digit growth. The steepest increase was in Toledo (27.2%), followed by Lugo (18.6%), Castellón de la Plana (16.9%), Pamplona (14.9%), Zaragoza (14.3%), and Oviedo (14.2%). Other cities with notable increases include Seville (13.8%), Palencia (13.1%), Huelva (13.0%), Zamora (12.8%), Madrid (11.9%), Valladolid (11.5%), Córdoba (10.2%), and Logroño (10.0%).
Most Expensive Cities for Rent (€/m² per month in February)
- Barcelona: €23.00
- Madrid: €22.03
- San Sebastián: €20.70
- Palma de Mallorca: €18.31
- Bilbao: €16.71
- Málaga: €15.78
- Valencia: €15.72
- Girona: €15.17
- Las Palmas de Gran Canaria: €14.89
- Seville: €14.31
- Santa Cruz de Tenerife: €13.94
Following these, cities such as Pamplona (€13.52), Alicante (€13.05), and Tarragona (€12.29) also report high rental prices.
At the opposite end, Jaén remains the most affordable city, with an average rent of €6.92 per square meter per month.
Rental Price Trends by Province
All 47 provinces analyzed experienced an annual rental price increase, with 22 provinces seeing growth above 10%. The largest increases were recorded in:
- Huesca (19.8%)
- Lugo (18.8%)
- Palencia (15.1%)
- Cuenca (14.7%)
- Madrid (14.6%)
- Toledo (13.9%)
- Asturias (13.8%)
- Zaragoza (13.8%)
- Murcia (13.6%)
- Las Palmas (13.3%)
Most Expensive Provinces for Rent (€/m² per month)
- Madrid: €20.96
- Barcelona: €20.58
- Guipúzcoa: €18.47
- Balearic Islands: €18.34
- Vizcaya: €16.28
- Málaga: €15.43
Most Affordable Provinces:
- Jaén (€6.11/m²)
- Ciudad Real (€6.52/m²)
- Badajoz (€6.85/m²)
Rental Trends by Autonomous Community
All autonomous communities experienced an annual rental price increase in February, with the highest surges in:
- Aragón (15.3%)
- Madrid (14.6%)
- Asturias (13.8%)
- Murcia (13.6%)
- La Rioja (12.6%)
- Catalonia (12.5%)
- Navarra (12.4%)
- Canary Islands (11.9%)
- Valencian Community (10.2%)
- Andalusia (10.0%)
Most Expensive Autonomous Communities (€/m² per month)
- Madrid: €20.96
- Catalonia: €18.50
- Balearic Islands: €18.34
- Basque Country: €16.62
- Canary Islands: €14.45
At the other end, the most affordable regions are:
- Castilla-La Mancha (€7.62/m²)
- Extremadura (€6.97/m²)
Conclusion
The Spanish rental market continues to experience significant price increases, with supply shortages driving up costs. While Madrid and Barcelona remain the most expensive cities, other locations, such as Toledo and Lugo, are experiencing the fastest price surges. With housing accessibility becoming increasingly strained, this trend highlights the growing challenges in securing affordable rental accommodation across the country.
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