Rental prices have reached record highs practically all over the country, especially in the cities of Madrid and Barcelona, where several districts exceed €2,000 per month, according to the study "Rent in the fastest growing Spanish cities", by Activum Real Estate Consulting.
Although Valencia and Malaga are also experiencing growth, they do not reach 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 and €1,516 respectively.
Districts above €2,000 per month
In seven districts of Madrid, renting a multi-room flat exceeds €2,000. The Salamanca district tops the list with an average of €2,487 for a two-bedroom and €3,896 for a three-bedroom. It 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 €3,390 for a three-bedroom), Retiro (€2,212 for a two-bedroom and €3. 228 for a three-bedroom), Chamartín (€2,243 for a two-bedroom and €2,855 for a three-bedroom), Moncloa (€2,342 for a two-bedroom and €2,198 for a three-bedroom) and Tetuán (€1,771 and €2,374 respectively).
Barcelona is also experiencing a transformation in its rental landscape, with six districts exceeding €2,000 for multi-bedroom properties. Eixample tops the list with an average of €2,615 for two-bedrooms and €2,982 for three-bedrooms. It is followed by Sarrià-Sant Gervasi (€2,162 for two-bedroom and €3,072 for three-bedroom properties), Sant Martí (€2,390 and €2,899 respectively), Les Corts (€2,333 and €2,775), Ciutat Vella (€2,325 for two-bedroom and €2,844 for three-bedroom properties) and Gràcia (€2,222 and €2,418 respectively).
In addition, Barcelona displaces Madrid in rental prices, with an increase of 14% in two-bedroom properties and 8% in three-bedroom properties.
Sustained growth in Malaga and Valencia
The growth of the property market in Malaga in recent years has been the fastest growing in the region. However, in terms of rentals it has yet to overtake Spain's third largest city, Valencia. The southern city reaches €1,361 for two-bedroom properties and €1,516 for three-bedroom properties, while Valencia reaches €1,605 for two-bedroom properties and €1,753 for three-bedroom properties.