13/08/2014 – El Economista
The average rent has gone from 810 euros in 2007 to 542 euros in 2014
The price of rented homes in Spain has fallen by an average of 267 euros since it reached its maximum price in May 2007, according to the latest analysis by the property portal fotocasa.es.
On that date, renting a home cost an average of 810 euros for an 80 square metre flat and in July 2014 the average rent was around 542 euros. This reduction in the price of rent, of 267 euros, is equivalent to a fall of 33,1% in seven years.
By autonomous regions, Aragon is where the largest fall in the price of rent is recorded. Specifically, it has dropped to 502 euros in six years, compared with the 868 euros which it cost before.
This means that, since then, the price has dropped 42,2%. There have also been significant reductions in rental prices in Cantabria (37,9%) and Valencia (37,7%).
On the other hand, Castille-Leon is the region which has seen the smallest decline in rental prices in these last few years. The average reduction in the region has been 83 euros (15,6%), since reaching the maximum price in 2008.
On that date, renting an 80 square metre home cost 532 euros and in July 2014 the average rent was 449 euros. Next on the list are the Basque Country (17%) and Extremadura (18,7%).
Original article: El Economista
Translation: Aura REE