- Barcelona manages to overtake Madrid in rental prices, with two-bedroom flats being 14% more expensive and three-bedroom flats 8% more expensive: in Barcelona city renting a two-bedroom flat costs 2,306€ and 2,722€ for three-bedroom flats, in Madrid city 2,026€ for two-bedroom flats and 2,492€ for three-bedroom flats.
- Prices in Valencia and Malaga: in Valencia renting a two-bedroom property costs an average of €1,605 and €1,753 for a three-bedroom property, while Malaga city has average prices of €1,361 for a two-bedroom property and €1,516 for a three-bedroom property.
Rental prices are at record highs almost everywhere in Spain, but in the cities of Madrid and Barcelona prices are already over €2,000 for two-bedroom properties and €2,400 for three-bedroom properties. Activum Real Estate Consulting has analysed the prices of two- and three-bedroom rental properties in each district of the Spanish cities with the highest historical rental growth in recent years in its study. "Renting in Spain's fastest growing real estate cities".
The average price of two-bedroom properties in Madrid is €2,026 and €2,492 for two-bedroom properties. In Barcelona, prices are €2,372 for two-bedroom properties and €2,722 for three-bedroom properties. The cities of Valencia and Malaga are also growing, but are not reaching the levels of the two large capitals: Valencia has an average of €1,605 for two-bedroom flats and €1,753 for three-bedroom flats; in Malaga prices are €1,361 for two-bedroom flats and €1,516 for three-bedroom flats.
In terms of rental supply in Madrid, there are 1,830 two-bedroom flats and 1,197 three-bedroom flats. In Barcelona there are 1,776 two-bedroom flats and 1,145 three-bedroom flats. In Malaga there are 245 two-bedroom flats available and 318 three-bedroom flats, in Valencia there are 570 three-bedroom flats and 520 two-bedroom flats.
The districts in Madrid that already exceed €2,000 in rents for three-bedroom homes
Seven are the districts where renting a three-bedroom flat exceeds €2,000. The Salamanca district is the most expensive district with an average of €2,487 for a two-bedroom and €3,896 for a three-bedroom. A priori, it could be said that the capital is in line with the last report on average annual income per inhabitant, which placed Recoletos and Castellana as the two neighbourhoods with the second highest incomes in Spain with €37,067 and €36,660, respectively (Recoletos and Castellana were only surpassed by El Viso, which now belongs to Chamartín, with €40,815). But the price of rent exceeds the average income of the neighbourhood: if the average income of the district is €37,000, this translates into around €2,400 per month, and in this neighbourhood the price of renting a two or three-bedroom home is higher than this income.
The Salamanca neighbourhood is followed by Chamberí (€2,579 on average for a two-bedroom and €3,572 for a three-bedroom), Centro (€2,572 for a two-bedroom and €3,572 for a three-bedroom), Retiro (€2,212 for a two-bedroom and €3.228 in the two-bedroom and €3,228 in the three-bedroom), Chamartín (€2,243 in the two-bedroom and €2,855 in the three-bedroom), Moncloa (€2,342 in the two-bedroom and €2,198 in the three-bedroom) and Tetuán (€1,771 in the two-bedroom and €2,374 in the three-bedroom).
Six districts exceed €2,000 in rent for two- and three-bedroom homes in Barcelona
In Barcelona six districts exceed €2,000 on average: Eixample (€2,615 on average for a two-bedroom and €2,982 for a three-bedroom), Sarrià-Sant Gervasi (€2,162 for a two-bedroom and €3,072 for a three-bedroom), Sant Martí (€2,390 for a two-bedroom and €2.899 in the two-bedroom and €2,775 in the three-bedroom), Les Corts (€2,333 in the two-bedroom and €2,775 in the three-bedroom), Ciutat Vella (€2,325 in the two-bedroom and €2,844 in the three-bedroom) and Gràcia (€2,222 in the two-bedroom and €2,418 in the three-bedroom).
Source: Activum.co.uk a 11/2023. In order to prepare this study we have analysed the homes published in Idealista.
Renting in Malaga and Valencia
Malaga's property market growth in recent years has been the fastest in the region. However, in terms of rents it has not yet managed to overtake the third largest Spanish city, although it reaches €1,361 for two-bedroom properties and €1,516 for three-bedroom properties, while Valencia reaches €1,605 for two-bedroom properties and €1,516 for three-bedroom properties.
Source: Activum.co.uk a 11/2023. In order to prepare this study we have analysed the dwellings published in Idealista
