Balearic Islands Maintain Highest Rental Prices in Spain, with 19.5% Year-on-Year Increase

In September, the Balearic Islands remained the autonomous community with the highest rental price, with 15.45 euros per square meter for a standard apartment, above the national average of €10.93/m², according to the real estate portal. pisos.com

The price has risen 19.5% in September on the islands compared to the same month last year, Although it has decreased compared to August, 2.8%, the largest monthly decrease in the country.

In September 2023, Palma recorded an average price of €16.05/m², making it the fourth most expensive provincial capital. The Balearic capital was the second where rent has increased the most in the last year, 22.8%.

At the national level, rental housing in Spain had an average price of €10.93/m² in September 2023, with a monthly decrease of -0.2% and an interannual increase of 7.2%.

The director of Estudios de piso.com, Ferran Fontexplains that rental prices “continue to break all records, encouraged by the cooling of sales, which retains many buyers in the rental market, who prefer to wait for a correction in interest rates and, therefore, somewhat cheaper mortgages.” EFE