Rents have increased throughout the Valencian Community, with prices rising by +3.7% in their monthly variation and by 16.6% in their year-on-year variation, placing their price at 10.05 €/m2 per month in November, according to data from the Fotocasa Real Estate Index. This year-on-year increase (16.6%) is the fourth highest value detected in 2022.
In most of the municipalities analysed, the price of rental properties has increased compared to the previous year. The town of Santa Pola is the one with the highest increase in November with 33%. It is followed by the cities of Benidorm (31.8%), Alicante / Alacant (31.4%), El Campello (30.8%), Gandía (26.7%), Torrevieja (22.5%), Valencia city (22.4%), Elche / Elx (20.2%), Alcoy / Alcoi (10.3%), Castellón de la Plana / Castelló de la Plana (4.3%).
In terms of price per square metre in November, the three cities with the highest prices are Benidorm (13.07 m2 per month), Canet d’En Berenguer (12.65 m2 per month) and Valencia city (12.45 m2 per month). On the other hand, the municipality with the cheapest price to rent is Alcoy / Alcoi with 5.66 euros per square metre.
«The price of renting continues to rise sharply. Rises are occurring in all the autonomous communities and several of them are once again showing record high prices, breaking records in terms of cost per square metre. The situation is also complicated in the main provincial capitals, as they are highly sought-after areas, where the supply of rental housing is scarce and where very significant rises are occurring. This context confirms that regulations aimed at controlling the price of rents are not effective, and, contrary to what they are intended to do, they contract the supply of rental housing.
As a result, the imbalance between supply and demand is so large that the upward price trend will continue in this market for the coming year», comments María Matos, Director of Research and spokesperson for Fotocasa.
If we analyse rental prices with respect to those of a year ago, we see that all regions saw year-on-year price increases in November. In five regions, rent prices exceeded double digits and in particular in the Valencia, Balearic and Canary Islands they exceeded 15% year-on-year. The order of the areas of Spain with year-on-year increases is as follows: Comunitat Valenciana (16.6%), Balearic Islands (16.5%), Canary Islands (15.4%), Madrid (14.0%), Cantabria (10.1%), Navarra (8.4%), Extremadura (8.0%), Galicia (7.9%), Castilla y León (7, 3%), Region of Murcia (5.6%), Andalusia (5.5%), Asturias (5.4%), Catalonia (5.3%), Basque Country (5.1%), Aragon (3.1%), La Rioja (2.9%) and Castile-La Mancha (1.0%).
In November 2022, three communities exceed the maximum rental prices per square metre per month. The areas of Spain with the highest prices in the entire historical series are the Basque Country (13.95 €/m2 per month), Valencia (10.05 €/m2 per month) and Andalusia (9.02 €/m2 per month).
As for the ranking of Autonomous Communities (CC.AA.) with the most expensive house prices to rent a property in Spain, in the first places are Madrid and Catalonia, with prices of 15.36 €/m2 per month and 14.69 €/m2 per month, respectively. They are followed by six more communities with prices above 10.00 €/m2 per month and they are: Basque Country with 13.95 €/m2 per month, Balearic Islands with 13.95 €/m2 per month, Canary Islands with 11.16 €/m2 per month, Navarre with 10.58 €/m2 per month, Comunitat Valenciana with 10.05 €/m2 per month and Cantabria with 10.05 €/m2 per month. On the other hand, the region with the cheapest square metre is Castilla-La Mancha with 5.92 euros.