Rents are rising

The rental market has experienced a significant rise in price in recent years. The reasons for this are varied. On the one hand, strong immigration has boosted the demand for rents and a large part of the properties that used to be rented with difficulty are now being rented as normal. This effect has pushed property prices in central areas to unprecedented levels.

The supply is scarce, the laws introduced in the last few years are very guaranteeing for tenants, even in the case of non-payment, which means that owners are not very interested in renting out their properties unless they have an urgent economic need to do so.

Against this backdrop, the average price between July and September stood at 14.14 euros (+7.8%). Of the 4 autonomous regions, Gipuzkoa recorded the highest increase (10.1%) compared to Bizkaia (7.9%) with a cost per metre of 14.35 euros, and Alava (7.4%). In Navarre an average of 12.2%, specifically in Iruña-Pamplona, the average rental price has risen by 28% in 5 years, and by 42% in Tudela.

The rise in rents is not exclusive to the foral territories. It is estimated that the trend will continue to rise.

Experts believe that is late for some of the measures taken, and that the creation of tensioned zones will not lead to a reduction in the price of rented housing, as long as there is still a strong demand.