Las Palmas, Valencia And Tenerife Lead The Fall In Rental Prices In July

The rental price continues with the adjustment started in early 2020 . Although the coronavirus pandemic has accelerated this process, especially in large cities, the truth is that the residential rental market had been showing signs of exhaustion for some time after adding five years of price increases .

Now, the latest X-ray produced by the real estate portal apartments.com places the average rental price in Spain at 9.67 euros per square meter at the end of July, which represents a decrease of 1.48% compared to the same month of the year. previous. However, the result is 0.42% higher than the previous month.

And how have rental prices behaved by provinces? The analysis of the real estate portal reveals that Las Palmas de Gran Canaria, Valencia and Santa Cruz de Tenerife have starred in the biggest drop in prices in the seventh month of the year. Specifically, rents have fallen by 14.82% in the interannual rate in Las Palmas, while they have fallen by 11.90% in the province of Valencia, and by 11.22% in Santa Cruz de Tenerife.

On the contrary, the provinces of Guadalajara, Huesca and Palencia have registered the highest year-on-year increases in rental prices. Rents have risen by 16.67% in the city of La Mancha in July, while they have risen by 15.44% in Huesca and about 15% in Palencia.

The rental market has also gained momentum in the provinces of Lugo, Zamora and Almería. In all three cases, renting a home is now 10% more expensive than just a year ago. In a monthly rate, the provinces that registered the highest price increase were Cantabria (3.57%), Guadalajara (3.10%) and Lleida (3.07%). On the opposite side are León (-3.10%), Ourense (-3.09%) and Albacete (-3.08%) .

Rental prices rose in 25 Spanish provinces in July compared to the previous month, while the figure drops to 17 provinces when compared to the same period in 2020.

Madrid and Barcelona
As for large cities, which have traditionally led the rankings of price increases, experts confirm that renting is getting cheaper. In Madrid, the prices of rental homes have fallen by 4.20%, while in Barcelona they have fallen by 6.82%, in line with the rest of the provinces of Catalonia.

“The adjustment that, for some time, has been dragging the main provincial capitals, is putting them at the same price level as other first-line municipalities and with a high population density, but which do not have this condition of main administrative focus” , says Ferran Font, director of studies at piso.com.

The spokesperson for the real estate portal explains that the behavior that is taking place in these locations has accelerated with the coronavirus pandemic, which has made the “progressive and desirable alignment between income and salaries accelerate.” This phenomenon has gained momentum thanks to teleworking and online training , which have decongested cities and increased the offer available in the residential market.

Despite the fact that renting in big cities is getting cheaper and cheaper, the truth is that the requirements that landlords ask of their tenants have tightened considerably after the pandemic. In general, owners now require several months of deposit – not just one as stipulated by law – and other additional guarantees , such as a second owner in the rental contract. “In the event that the applicant has a temporary job, guarantees and bank deposits come into play as tools to provide security for the monthly payment,” they explain from piso.com.

The most expensive areas
The monthly report of the real estate portal also names the most expensive areas to live for rent. Regarding regions, the list is led by Madrid (12.38 euros / m²), followed by the Balearic Islands (11.27 € / m²) and Catalonia (10.72 € / m²). On the contrary, the cheapest communities are Castilla y León (4.63 euros / m²), Extremadura (5.37 euros ?? / m²) and Castilla-La Mancha (5.41 euros ?? / m²).

In the classification of provinces by income, the first position is also occupied by Madrid, with 12.38 euros per square meter. They were followed by Barcelona (€ 11.62 / m²) and Guipúzcoa (€ 11.58 / m²). The red lantern on the list is Cuenca, which closed the July ranking with 3.59 euros / m².

The latest monthly report from piso.com also crowns Ávila and Toledo as especially cheap provinces to live in. In the city of Castilla y León the square meter is 3.69 euros ?? and in the town of La Mancha at 3.73 euros / m².

As for the provincial capitals, the city of Donostia-San Sebastián is confirmed as the most expensive city for tenants. Specifically, the square meter has reached 16.05 euros in the Basque city. They are followed by price Barcelona (15.79 euros / m²) and Madrid (15.15 euros / m²). On the contrary, Zamora was the cheapest provincial capital with 5.76 euros per square meter . Along with it, other provincial capitals such as Lugo (5.82 euros / m²) and Cáceres (5.85 euros / m²) stand out.

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