it will rise this year by more than 6% due to the lack of housing supply. This is indicated by a study carried out by UVE Valoraciones, according to a prediction model that forecasts prices based on the number of offers and the CPI. “The more the offer figures decrease, the more the rental prices rise two quarters later. And vice versa: the more the offer figures increase, the more the rental prices drop six months later,” they point out from the appraiser.
To understand the evolution of rental prices it is necessary to know how the offer has behaved. In the fourth quarter of 2014, the supply of rental housing stood at 154,157 available units. This figure decreased in the following years until it reached a minimum in the last quarter of 2017, of 72,634, which represents less than half of the offers of homes available for rent in three years.
Between the fourth quarter of 2017 and the first of 2020, they stabilized between 72,639 and 95,327, reaching 84,209 offers at the time of confinement. After the confinement, the offer rose rapidly, to a maximum of 141,412 in the last quarter of 2020, due to the and, finally, they gradually decreased until reaching 64,596 in April 2022, marking a new minimum.
What happened to the price?
From 2014 (in October it was 7.3 euros/m2) until January 2016, rental prices remained barely unchanged. From that moment on, rents rose to reach a maximum of 11 euros/m2 in May and August 2019. In November 2019 they fell slightly to 10.8 euros and in March 2020, coinciding with the start of confinement, they rose up to 11.2 euros/m2.
In the first months of the pandemic, until reaching its highest level in September 2020, with 11.5 euros/m2, to then drop to a relative minimum, in October 2021. And since then, they have experienced an upturn again until reach 10.9 euros/m2 in April 2022.
By municipalities
The reality changes depending on the geographical area, and “the economic situation of each municipality has a lot of influence,” they point out from the appraiser. The report, which analyzes the 250 most populous municipalities in Spain, indicates that , with 43.56% compared to a drop of 30.85% in Madrid. Instead, both cities are accompanied by a greater recovery in the average rental price from the minimum of the pandemic, which was 13.79% in Barcelona and 4.83% in Madrid.
, the greatest decreases from the maximum prior to the pandemic occurred in Cuenca (-92.94%), Olot (-91.43%), Salt (-90.48%) and Onda (-90%) and the largest increases in Arganda del Rey (56%), Torre-Pacheco (53.85%), Palencia (42.14%) and Ontinyent (40%). The national average, in the case of offers, suffered a cut of 41.81%.
For their part, the greatest increases in the rental price were experienced in Torre-Pacheco (19.82%), Alcantarilla (18.85%), Ontinyent (17.63%) and Vícar (17.32%). On the other side of the scale, the largest falls from the maximum prior to the pandemic in municipalities occurred in Ibiza (-34.96%), Isla Cristina (-34.02%), Almonte (-31.37%) and Ciempozuelos (-30.17%). For its part, the national average represents a reduction in the rental price of 7.63%.
Facebook Comments
Disqus