Cost of renting on the rise in Spain

THE cost of renting a property in Spain is on the rise, according to a new Government report.

The Ministry of Public Works study on the residential rental market found the amount tenants pay has gone up by a national average of 5.2 per cent over the last year.

Madrid is the most expensive place in the country in which to rent, with an average monthly payment of €819.

Barcelona is the second priciest, at €769 followed by the Balearic Islands (€687), Vizcaya (€652), and Malaga (€615).

The study also found that 23.9 per cent of Spaniards were living in rented accommodation last year, three points up on 2011.

The rental rate among young people is significantly higher: seven out of 10 Spaniards aged under 30 who have moved out of the family home rent a property, and nearly 40 per cent of under-45s.

The typical tenant in Spain is a woman in her twenties living alone in a small, relatively old apartment.

The Public Works Ministry based its findings on figures from the tax administration, the General Council of Notaries, property registrar councils and on deposits put down on rented properties. The report therefore only includes legal rentals.

According to the GESTHA Inland Revenue union approximately one million rentals across the country are not declared.