September 9 () –
The average price of renting a room in Spain is 488 euros per month, i.e. 57.3% more than 5 years ago (since 2019) and 89.4% more than 9 years ago (2015), according to the study of shared housing in Spain in 2024, based on rental housing prices for the month of August of the last 9 years of the Fotocasa Real Estate Index.
In just one year, average room prices have increased by 9.8%, from €445 per month in August 2023 to €488 per month in the same month in 2024.
“The price of shared accommodation has increased significantly over the years and the most notable thing is the speed at which it is increasing, with the average price of a room almost reaching 500 euros. The main reason for this huge increase is the imbalance between supply and demand for housing, which is causing prices to rise,” explained María Matos, Director of Studies and spokesperson for Fotocasa.
According to OECD data, Spain is gradually increasing its level of education and there are more and more young university graduates looking for housing in large cities, as Matos mentioned.
Furthermore, the high prices of a complete rental property, exceeding 1,000 euros on average, force tenants to look for shared accommodation in order to be able to meet the resulting expenses, so demand keeps prices on the rise, explained the spokesperson for Fotocasa.
THE LARGEST INCREASE SINCE 2015 HAS BEEN IN NAVARRE, AT 131.9%
Compared to prices nine years ago (2015), the cumulative increase in room prices has soared by over 50% in eleven communities, namely: Navarre (131.9%), Valencian Community (104.3%), Catalonia (97.3%), Canary Islands (91.3%), Galicia (74.1%), Basque Country (73.0%), Madrid (70.2%), Andalusia (66.5%), Region of Murcia (59.3%), Asturias (55.6%) and Castilla-La Mancha (51.7%).
The order of the autonomous communities that have been affected by the increase in room rent in 2024 is: Balearic Islands (21.5%), Basque Country (16.9%), Asturias (14.7%), Valencian Community (14.5%), Galicia (11.4%), Andalusia (10.7%), Madrid (9.8%), Catalonia (8.0%), Castilla-La Mancha (7.9%), Navarra (7.5%), Castilla y León (6.4%), Extremadura (5.6%) and Region of Murcia (4.9%). On the other hand, in two communities the year-on-year price decreases and they are: Canary Islands (-0.1%) and Aragon (-0.7%).
As for the communities, with a price above 500 euros per month in August 2024 are Catalonia, with 611 euros per month; the Balearic Islands, with 576 euros; Madrid, with 552; the Basque Country, with 543 euros; and Navarra, with 512 euros.
They are followed, with a lower price, by the Canary Islands, at 423 euros per month; the Valencian Community, at 420 euros; Andalusia, at 367 euros; Cantabria, at 358 euros; Aragon, at 349 euros; Asturias, at 330 euros; Galicia, at 326 euros; the Region of Murcia, at 311 euros; La Rioja, at 305 euros; Castile and Leon, at 284 euros; Castile-La Mancha, at 269 euros; and Extremadura, at 239 euros.
Add Comment