The price of rental apartments in Spain has risen by 50 per cent since the last quarter of 2013 according to a study by the Bank of Spain published today (August 1).
The report states that this growth occurred unevenly in Spain, as the provincial capitals increased on average between 2013 and 2019 by 40 per cent, while other populations recorded a growth of 10 per cent in the same period of time.
Barcelona, Madrid and Valencia saw the biggest growth in rental prices as well as cities with a high tourist concentration such as Palma, Malaga, Las Palmas de Gran Canaria and Santa Cruz de Tenerife.
The Bank of Spain has also highlighted that the weight of the rental market has increased from 19.4 per cent in 2005 to 23.9 per cent in 2018 and the number of households renting was slightly above 3 million in 2018, compared to 2.4 million in 2008.
Only four communities recorded average rental percentages above that of Spain as a whole, the Balearic Islands with 28.3 per cent of homes, Catalonia with 26.3 per cent, Madrid with 23.6 per cent and the Canary Islands with 19.5 per cent.
This increase in the weight of rent in the market is due in part to the strength of young households with tenants aged between 30 and 44 renting in 2010 at 19.1 per cent while in 2018 they accounted for 29.9 per cent.