March 4, 2021

Rentals soar 16.2% despite government regulations

The new law that was drafted by the Government of Pedro Sánchez and approved by decree law in March does not manage to contain the increases in the rental price, which is reaching levels that are difficult for those with a more modest economic capacity. The rent shot up in June by 16.28% compared to the same month of 2018, to 943 euros per month, according to a report prepared by the real estate portal The monthly rise was 1.62%, the quarterly increase of 4.31%, while since the beginning of the year the increase was almost 6%.

But the Government seems not to take into account the data and assesses as "positive" the balance of the first months of the new regulations in force. Last Wednesday, the Secretary General of Housing of the Ministry of Public Works, Helena Beunza, assured that the decree law of urgent measures for the rental market "has neither contracted the offer of flats nor has raised the prices". Back to the report, the rent became more expensive in all the autonomous regions in the last year, being Catalonia the region where the price increased the most, up to 1,194 euros per month, an increase of 21.59%. Andalusia follows, with 806 euros per month (21.39%); Baleares, 1,339 euros per month (20.74%); Madrid, 1,671 euros per month (19.78%); and Canary Islands, with 918 euros per month (16.94%). The smallest increases occurred in Cantabria (2.7%), Aragón (2.05%), País Vasco (0.99%), Murcia (0.86%) and Galicia (0.66%).

By regions, Madrid, the Balearic Islands and Catalonia are the most expensive to live in rent, while the most affordable houses are Murcia (627 euros per month), Asturias (601 euros per month) Galicia (565 euros per month), Castilla -La Mancha (555 euros per month) and Extremadura (466 euros per month). Madrid and the Balearic Islands are the most expensive autonomous communities, but the floors in these regions are wider: 144 m2 and 176 m2, respectively. On the other hand, the smallest houses are in Aragón (99 m2), Canarias (97 m2) and Asturias (86 m2).

Regarding the price for cities, Madrid was the most expensive for tenants, with an average rental income of 1,969 euros per month. They were followed by Barcelona (1,899 euros / month) and San Sebastián (1,436 euros / month). At the other extreme, Teruel was the cheapest provincial capital. with 421 euros of monthly rent. Other economic cities were Zamora (428 euros / month) and Lugo (466 euros / month). Palma de Mallorca also carried out year-on-year increases, with an advance of 20.62%, to 1,357 euros.

By number of rooms, one-bedroom apartments were rented for an average of 759 euros per month. As the floors are wider, the price increases, so that the two rooms have a monthly rent of 926 euros, the three rise to 1,029 euros and the largest, four rooms, have a price of 1,412 euros per month.

The spokesman of the real estate portal in charge of the study, Ferran Font, points out that "it is urgent to return to reasonable price levels", since "we are playing the emancipation of an entire generation". To moderate the market, Font proposes a public-private dialogue to create a rental housing park "within reach of all pockets, while employment and wages must improve to the point of facilitating savings and providing greater solvency. » The aim is to reach a viable solution because "it is no longer just a question of protecting vulnerable citizens, but of not endangering that part of the population that sees how the percentage of their salary destined to rent does not stop to increase ».

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