Home rentals in Spain have overtaken pre-crisis levels

Communal areas of apartment blocks, buildings and communities are strictly out of bounds during Spain’s lockdown. Photo: Shutterstock

HOUSE rents in Spain have overtaken pre-crisis levels, a Bank of Spain report found.

Entitled Recent evolution of the housing market in Spain the report also pointed out that the proportion of those renting homes remains low.

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Nevertheless, this is gradually rising and while 14.2 per cent of the population lived in rented properties in 2009, this grew to 17 per cent in 2017.

The 16 to 29 age group is the worst-affected by higher rents, the Bank of Spain survey found.

Average earnings between 2008 and 2016 fell by 15 per cent for the 20-24 age group and 9 per cent for those between 25 and 29.

Neither were employment figures encouraging, although 2013’s jobless rate of 42.4 per cent for the 16-29 age group had fallen to 29.3 per cent.

But with soaring rents, their precarious employment prospects were closing the door for many young people, the Bank of Spain warned.


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