In October, rent prices in the Canary Islands rose by 8.8% compared to the same month last year, marking a significant increase but still below the national average of 10.2%. Across Spain, the average rental price reached 13 euros per square metre, according to the latest report from Idealista.
Regional Breakdown of Rent Price Increases
The Community of Madrid experienced the sharpest rise, with rental prices increasing by 16.3% year-on-year. Other regions with notable increases include:
- Cantabria (+13.5%)
- Extremadura (+13.4%)
- Valencia (+12%)
- Asturias (+11.1%)
- Catalonia (+10.8%)
- Galicia (+10.4%)
Regions with more moderate increases below 10% include:
- Balearic Islands (+9.3%)
- Aragon (+8.9%)
- Canary Islands (+8.8%)
- Andalusia (+8.7%)
- Castile and Leon (+8.7%)
- Castile-La Mancha (+7.7%)
- Basque Country (Euskadi) (+7.6%)
- Region of Murcia (+6.9%)
- La Rioja (+6.5%)
- Navarre (+6.4%)
Most and Least Expensive Regions
The Community of Madrid and Catalonia maintain the highest rental prices in Spain, with Madrid reaching 18.8 euros per square metre and Catalonia 17.8 euros. Following closely are the Balearic Islands (17.6 euros), the Basque Country (14.2 euros), and the Canary Islands (14 euros). In contrast, the cheapest regions for rentals are Extremadura (6.9 euros per square metre) and Castilla-La Mancha (7.2 euros).
Short-Term Trends
Over the past three months, rental prices in Spain saw a slight decrease of 0.7%, although there was a minor increase of 0.1% in October alone. Out of the 50 Spanish capitals analysed, 49 reported higher rental prices compared to October last year, with Lérida being the only exception, where rents declined by 0.9%.
Highest Increases Among Capitals
Several Spanish capital cities saw significant rental increases over the past year:
- Ávila (+19.2%), where landlords raised expectations sharply
- Madrid (+15.9%)
- Palma (+15.3%)
- A Coruña (+15%)
On the other end, Melilla (+4.7%) recorded the smallest increase, followed by Ciudad Real (+4.9%), Cádiz (+4.9%), Almería (+5.4%), and Soria (+5.6%).
Main Rental Markets in Spain
In major rental markets, prices showed a strong upward trend, with notable increases in:
- Alicante (+13.9%)
- Malaga (+13.8%)
- Barcelona (+13.5%)
- Valencia (+12.3%)
- Seville (+7.2%)
- Bilbao (+6.5%)
- San Sebastián (+6.4%)
Barcelona remains the most expensive city for renters, with an average of 23.1 euros per square metre, followed by Madrid (20.6 euros) and San Sebastián (17.9 euros). Other high-priced cities include Palma (17.1 euros), Malaga (14.8 euros), and Valencia (14.4 euros). Conversely, Zamora (6.6 euros) and Ciudad Real (6.7 euros) are the capitals with the lowest rental prices.
Provincial Rental Trends
All Spanish provinces reported rental price increases over the past year, with the largest hikes seen in:
- Cáceres (+23.6%)
- Madrid (+16.3%)
- Ávila (+14%)
- Cuenca (+13.9%)
- Cantabria (+13.5%)
- Valencia and Barcelona (both at +13.4%)
Among the provinces, Barcelona is the most expensive for renting, with an average of 19.8 euros per square metre, followed by Madrid (18.8 euros), the Balearic Islands (17.6 euros), and Guipúzcoa (16 euros). Malaga and Las Palmas also rank among the most expensive, with prices of 14.8 and 14.1 euros per square metre, respectively. In contrast, Jaén (5.8 euros), Ciudad Real (6.1 euros), and Zamora (6.2 euros) are the provinces with the lowest rental prices.
The widespread increase in rental prices across Spain highlights the growing demand and limited supply in the housing market, particularly in regions like Madrid, Catalonia, and the Canary Islands. As affordability becomes an increasing concern, rental market pressures are especially pronounced in urban centres and tourist-heavy areas, where prices continue to escalate.
