The rental price has skyrocketed this summer in Spain and registers an interannual increase of 7.4% according to the data provided today by the Fotocasa portal, which advances that in seven capitals, all of them located in tourist areas, the increase in rents compared to last year it has exceeded 30%.
The most extreme increases have been experienced in Gandía, where renting an apartment in July was 53.2% more expensive than a year ago, and Benidorm, where the increase has reached 43%. Average rents in Spain, meanwhile, reached €11.21/m2 per month in July, according to data from the portal, the highest since its entire historical series.
Rents fell in Spain due to the outbreak of the covid, which paralyzed the market and rose again from November last year, with the recovery of tourism and the rotation market of students who returned to face-to-face classes and the end of teleworking. Since November, rents "have been rising for nine consecutive months and show the biggest increases of their journey since records exist", with month-on-month increases of more than 1% this year, according to María Matos, Director of Studies at Fotocasa.
The largest rental increases compared to last year were registered in the Valencian Community (17.5%), the Balearic Islands (14.5%), Cantabria (14.0%), Murcia (13.9%), the Canary Islands (12 .7%) and Madrid (11.2%). In Catalonia the average increase has been 7.3% with Girona, with 20.3%, leading the ranking of the provinces where prices rise the most.
The rebound in rent has been so strong that it registers increases in 98% of the municipalities that Fotocasa analyzes (101 of the 103 largest in Spain), and in seven cities the increases have exceeded 30% year-on-year, with Gandía at the forefront: in the Valencian city renting a flat in July was 53.2% more expensive than a year ago. Following it, the increases in Benidorm (43.0%), Torrevieja (36.9%), Fuengirola (36.8%), Benalmádena (35.0%), Estepona (34.5%) and Calvià (30.0%) stand out. .8%). This city, highlights the portal, has displaced Barcelona and in July is the most expensive in Spain to rent a flat, with €19.43/m2 per month compared to €18.43/m2 per month in Barcelona capital .
