Cost of Renting in Spain Rises Again

According to recent data from the National Statistics Institute, the average price of renting a home in Spain grew by 0.4% during the month of October, compared with the same month of 2011.

The rentals increase stands over three points below the overall CPI, which stood at 3.5% in October. Month-on-month, the cost of leasing registered a slight increase of one-tenth.

By region, year-on-year, rents lowered in seven areas in October. These were Murcia (-1.7%), La Rioja (-0.8%), Navarra (-0.6%), Madrid, Valencia and Aragon (all with -0.2%) and Castilla La Mancha (-0.1%).

Rentals rose most in Catalonia, with an increase of 1.3%, followed by the Basque Country (0.9%), Asturias, Castilla y León and Galicia (all with an increase of 0.8%), the Balearic Islands (0.7%), Cantabria (0.5%), followed by Andalucía (0.4%) and Extremadura (0.2%). The rental prices in the Canary Islands registered no change.

El Mundo also reported that decreases in rental prices for specific provinces, most notably in Segovia (-0.6%) and Almeria and Badajoz (all with decreases of -0.3%). On the other end of the scale, an increase of 0.7% was registered in Granada.