Up to 11 autonomous communities reached their maximum rental price during June, according to the data made public by Fotocasa in reference to the first half of the year. These autonomies are the Balearic Islands, the Canary Islands, Cantabria, Castilla y León, Catalonia, the Valencian Community, Extremadura, Galicia, Madrid, the Basque Country and Murcia.
Two other communities also reached their historical maximum in May (Andalucía and Navarra), while La Rioja did so in June 2022 and Asturias, in August of that same year. Only Castilla-La Mancha and Aragón have not peaked during this course, but they did so during 2007 and 2008, respectively.
It leads the Balearic Islands ranking, where the price per square meter stood at 17.16 euros per square meter in June. It is followed by Madrid (16.70 euros), Catalonia (15.94 euros), the Basque Country (14.64 euros, Cantabria (13.16 euros) and the Canary Islands (12.85 euros). All of them hit all-time highs in June. .
At the bottom of the table are Extremadura with 6.36 euros per square meter -although at all-time highs- and Castilla-La Mancha, with 6.17 euros.
For María Matos, director of studies at Fotocasa, “leasing is experiencing an alarming situation of price crisis with communities above 40% and up to 60% of the price shown during the 2007 bubble.” She also adds that “the reasons for this increase are due, to a certain extent, to the fact that rental demand has grown so strongly and rapidly that the market is not having time to absorb it.”
Up to 38 cities have reached the maximum rental price during 2023 and 23 of them have done so in June. Only Ciudad Real, Zaragoza and Guadalajara maintain their maximums since 2008.
The capital with the most expensive prices to rent is Barcelona, which reaches 20.50 euros per square meter per month. They are closely followed by San Sebastián (19.08), Madrid (18.35), Palma de Mallorca (16.15), Bilbao (15.11) and Malaga (14.03).
On the other hand, the cheapest are Ciudad Real (5.65), Zamora (6.26) and Palencia (6.95).
