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Average price of monthly rent in Malaga and Costa del Sol's major towns soars past 1,000 euros

Average price of monthly rent in Malaga and Costa del Sol's major towns soars past 1,000 euros

Torremolinos, Benalmádena and Fuengirola are among the 25 areas in Spain with the greatest demand for rental property, according to a study by property portal Idealista

Nuria Triguero

Malaga

Wednesday, 17 May 2023

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The average price of monthly rent offered in almost all the major towns on the Costa del Sol - including Malaga city - now exceeds one thousand euros.

The only town that’s yet to reach four figures is Torremolinos, with an average of 966 euros, according to a new study by property portal Idealista.

Benahavís holds the national record for the average price of rent, with 3,456 euros per month, although this is influenced by the type of properties offered in the area which are usually very large luxury villas.

It’s the same trend in Marbella, third in the rankings with 2,704 euros per month, and in Estepona, sixth, with 2,276 euros a month.

There is also a high number of single-family homes in Mijas (55%), which recorded an average rent of 1,496 euros per month, and Alhaurín de la Torre (65%), with 1,332 euros a month.

But the weight of villas in the supply of rental housing is not so strong in Benalmádena, where despite this, the average price for rent is 1,111 euros per month. The same occurs in Rincón de la Victoria, with an average of 1,054 euros a month, and in Malaga city, with 1,005 euros per month (which places it in 32nd position in the national ranking).

The Idealista study linked the rise in prices to a lack of rental housing, which is especially an issue in Fuengirola, Torremolinos and Benalmádena, three areas that are among the 25 with the greatest pressure of demand on supply.

National picture

Rental prices in Spain increased by 7.9% year-on-year in the first quarter of the year, according to the figures, while they continued to rise in April by 8.9% year-on-year.

Data from April shows there are 22 Spanish cities that are at peak rental prices; among them is Malaga. In the province, the price per square metre is already at 12.8 euros, after registering a rise of 21.5% in the last year.

For the first time since this ranking has been compiled, the Madrid town of Torrejón de Ardoz assumed top position for rental demand, accompanied by the Barcelona municipality of L'Hospitalet de Llobregat and the city of Vitoria-Gasteiz.

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