The rental price rises 4.6% in 2020, the smallest increase in six years
The real estate portal highlights that rents behave very irregularly, with falls in Madrid or Barcelona compared to strong increases in northern cities
Rent is one of the real estate aspects that has most noticed the impact of the pandemic. Prices rose in 2020, but they did so at the lowest level in the last six years. Specifically, housing income in Spain closed the year with an annual increase of 4.6%, reaching 10.65 euros per square meter in December, according to the report Housing for rent in Spain in the year 2020 prepared by Fotocasa.
According to their data, in 2015 there was an increase of 4.9%; from 5.8% in 2016; from 18.6% in 2017; 8.8% in 2018 and 5.1% in 2019.
“At the end of 2020, the price of rental housing has begun to show signs of moderation and has left behind the two-digit increases that we saw during some months of 2020. The price returns to the moderation of the beginning of The year-on-year variation at the end of the year is the softest experienced during 2020. However, right now the rental price is behaving very irregularly depending on the area and moves at different speeds: while in Madrid and Barcelona the price drops are already a reality there are other areas where the price is still rising strongly, such as cities in the north of Spain. During 2021 we will still see irregular behavior in rental prices depending on the area, “he explains Ana’s Lopez, Director of Communication of Fotocasa.
By region, the average price of rental housing increased in 13 of the 17 autonomous communities. The registered increase of over 10% is located in Navarra with 18.8%, followed by Extremadura (8.9%), Castilla-La Mancha (8.2%), Murcia region (8%), Asturias (7 , 8%), Castilla y LeÃ³n (7.1%), Galicia (6.7%), La Rioja (6.3%), Cantabria (5.1%), Andalusia (3.1%), Valencian Community (3.1%), Aragon (2.1%) and PaÃs Vasco (0.9%).
On the other hand, four communities, which until three years ago had annual increases of two digits, decrease the annual rental price in 2020. The decreases are recorded in the Balearic Islands (-7.7%), Madrid (-5.1 %), The Canary Islands (-3.5%) and Catalonia (-1%).
In 2020 the Community of Madrid is placed in first place with a price of 14.10 euros / mÂ² per month, moving Catalonia to the second position for the third consecutive year with a price of 14.00 euros / mÂ² per month , followed by the Basque Country (13.18 euros / mÂ² per month), the Balearic Islands (11.25 euros / mÂ² per month) and Navarra (10.00 euros / mÂ² per month).
As for the national average (10.65 euros / mÂ² per month), there are four that exceed this average. Madrid exceeds it by 32%, Catalonia by 31%, the Basque Country by 24% and the Balearic Islands by 6%. The rest of the communities have a price lower than the national average, which in December 2020 is 10.65 euros / mÂ² per month.