The price of renting a home in Spain rose 8.54% last year, compared to 18.35% in 2018, according to an annual report compiled by online property portal, Pisos.com. The average home being rented out in December had a surface area of 124 square metres and a monthly rental price of 966 euros. Prices increased by just 2.44% in the second half of the year.
According to Ferrán Font of Pisos.com, there's "a slower growth trend in rents" after a period of strong growth which has seen demand spreading out from the largest cities to outlying areas.
"Many of our clients are real estate agencies and tell us that, if previously it took two days for a flat to rent, now it is taking from a week to ten days," added Font.
The three most expensive provinces to rent in are Madrid (1,744 euros a month on average) followed by Barcelona (1,531 euros a month) and the Balearics (1,394 euros a month). The cheapest are Teruel in Aragón (387 euros a month), Lugo in Galicia (424 euros) and Ciudad Real (424 euros). Catalonia was the region with the biggest increases in rental prices last year at 13.22%.
Malaga and Costa increase
In Malaga province, including the Costa del Sol, rental prices grew by 14.44% in 2019. Malaga stands out with the fifth highest average monthly rent of any province, on 1,236 euros a month, although Malaga city is lower on 1,011 euros, suggesting areas outside on the Costa are even more expensive to rent in.
The cheapest Andalusian province to rent in was inland Jaén on 448 euros a month. The average for the Andalucía region as a whole was 827 euros a month.